Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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1099-nec only income
My only income last year was $1400 on a 1099-NEC. I am single with no dependents. How do I file?
Asked Wednesday, March 01, 2023 by Tiffany M.Sign in to Answer
Tax form
I have already filed my taxes and a tax form came late and I didn’t know it was coming in and have already filed. What do I do in this situation
Asked Wednesday, March 01, 2023 by James S.Sign in to Answer
Inherited Home
I inherited my aunts home when she passed away back in November 2021. Before she passed there was a transfer death deed signed and filed with the county. I sold the property in June of 2022. What do I need in order to file my taxes this year. I was told that a comparison market analysis would work, but just wanted to make sure I have everything before I go in.
Asked Tuesday, February 28, 2023 by Janet M.Sign in to Answer
Ev tax credit
I bought a 2022 tesla model y on 2/19/2022 do I qualify for the ev tax credit?
Asked Tuesday, February 28, 2023 by Alycia B.Sign in to Answer
Capital Gains Tax
I owned my home for less than two years. I know I’ll have to pay capital gains tax on that profit, but can I still deduct things like home improvements and real estate agent commissions from that profit even though I didn’t own it for two years?
Asked Tuesday, February 28, 2023 by Nicole A.Sign in to Answer
Contest winning: question
I won a $10,000 contest in 2022, but only received a portion of it, $3,250 of it (prizes only, not cash) while still in the year 2022. My question: do I pay taxes on the full $10,000, or only the $3,250, since I didn't receive the full prize value yet? Thank you
Asked Tuesday, February 28, 2023 by Jeff K.Sign in to Answer
LLC formation
I am w-2 employee. My wife is a stay at home mom. We want to form an LLC for an Amazon FBA business. Should we file this under just my wife's name or both of our names. What are the benefits and drawbacks of either having a single member LLC or multi member LLC if we do it together?
Asked Monday, February 27, 2023 by Tim V.Sign in to Answer
Gamling winning on sch 1
Listing gambling winnings on sch 1 line 8b! On which line do I list my losses from gambling?thank you.Diane
Asked Monday, February 27, 2023 by Diane H.Sign in to Answer
Schedule E
Schedule E questions! Hi everyone! I have a condo I bought in 2016 and started renting at the end of 2021. For the depreciation part on the schedule E, is my understanding correct that I would divide by 27.5 based on my building value from the 2016 assessment?( since the assessment is higher now) As an example if my building assessment in 2016 was 44,300 Would this equate to $1610.9 depreciation for 27.5 years? Or am I understanding wrong. Thank you!
Asked Monday, February 27, 2023 by DANIELLE C.Sign in to Answer
RMD
After Gov. Takes out taxes on my RMD, and sends the rest to me, IS THAT AMOUNT TAXABLE ON MY INCOME TAXES?
Asked Monday, February 27, 2023 by James H.Sign in to Answer