Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsForm 1095A
Asked onTuesday, March 14, 2023 by PeggyMy daughter who is her father's dependent but lives with me during school year who files her1095A on 1040
Determining whether a job assignment in another state is temporary or new tax home
Asked onTuesday, March 14, 2023 by MariaI am self-employed. Current tax home is in Mid-west, but will be involved in production of a tv show in Los Angeles by late summer, so will live in LA for a few months, until a break by the end of November. Will then return to the Mid-west until the new year, at which time production on show will resume for likely 9 months. I am being paid by a production company based in another state. I intend to keep my apartment in the Mid-west, but want to know if I can take meal and lodging deductions for my time in Los Angeles. At this point, I don't know if there will only be one season of the show or if it will be extended for another season. I also have a second job that's based in Midwest and I will fly home from time to time to meet with employer of that job. At this point, knowing where my likely tax home will be will have a big impact on what I can afford to spend on lodging while in LA - if I can deduct it, I will be able to spend more. Given this info, where do you think my tax home will be?
Is early inheritance taxed the same as a gift?
Asked onTuesday, March 14, 2023 by BrandiI want to gift money to my child for a downpayment, and I've seen the Federal limit of $16,000 per year. Could I gift this before April 15th and have it count in the 2022 tax year? Or if this is early inheritance above this amount is it also untaxed?
Treatment of OID
Asked onTuesday, March 14, 2023 by RayFive years ago, I opened a 5 Year Market Linked CD. Each of those 5 years I paid OID in anticipation of appreciation on my investment. After 5 years there was no appreciation, and I recovered my initial investment. 1099R issued as Non-Covered. I plan to provide my cost as my initial investment plus the OID I paid of those five years, thus creating a loss of $9K. I have loss carry overs from prior years so it appears this $9 K will just me added to my loss carry forward. Is this correct and if yes, is there any way I can recover the tax I paid in OID that I paid over the last 5 years?
Inherited stock
Asked onTuesday, March 14, 2023 by IlonaHi, (Asking question for my husband). My husbands dad passed away 11/25/22. My husband is the executor of the Will. The deceaseds stock account was just transferred to my husband. He needs to sell and split with his 3 other siblings. Will we incur a capital gains tax if we sell relatively soon? What are the tax implications of inherited stock?
Investor 1099 INT
Asked onMonday, March 13, 2023 by KristiI work for a CDFI. We have an agreement with an investor that we pay 3% annually on our loan from them. They then donate the interest back to the organization. Do I issue a 1099 INT to the investor?
Revoked vs Dissolve an LLc
Asked onMonday, March 13, 2023 by ChristopherI started a LLC In July of 2021 but haven’t filed it on my personal taxes last year. Well I forgot at the time had Covid multiple times and my head wasn’t right but now it is. So how can I fix my tax situation? Do I amend my taxes from last year and file it this year? Although my LLC is revoked in New Mexico.
Do I need to file
Asked onMonday, March 13, 2023 by NicolaA friend and myself have a partnership LLC. We did not start the business last year and had zero income and expenses. Do we still have to file with IRS and state of Wisconsin and if so what? An accountant is charging us $700...
File joint return with spouse or married file separately?
Asked onMonday, March 13, 2023 by AndyHello, my fiancée and I plan to marry this year. What is the best way to file our taxes after marriage, jointly or married filing separately?. We have payment plans in place, but we both have federal obligations that our individual tax refunds are applied against to help pay for the debts ( back taxes and federal student loans). Can we both file an injured or innocent spouse form to ensure potential future refunds are allocated appropriately to our debts?We would like to file jointly for the tax benefits and to be able to contribute to a Roth IRA.
California Tax Extension 2023 Clarification
Asked onSaturday, March 11, 2023 by LindsayI live in one of the counties considered "affected" by the storms. But I was not personally affected by them. Do I need to have been personally affected by these storms and prove this to qualify for the timing extension? Or do I just need to reside in one of the approved counties? If I do qualify - is the extension date of October 16th just for filing, or also for the payment? [we owe this year and I know a normal extension request does not apply to the actual payment owed] I have been told we just have to live in the county by Turbo Tax customer service [the website I use]. But H&R Block said we had to be personally affected. So I'm getting a third opinion! Thank you!