Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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Two Tax Refunds
Is it logical for an individual to receive a joint tax return and then an individual return three days later?
Asked Monday, February 27, 2023 by Teri D.Sign in to Answer
Capital Gains Tax On Sale of A Home
A house has two co-owners. One resides in the house and the other does not. Upon sale of the house, the sale proceeds are transferred to the owner who did not reside in the house. Would that owner be responsible for the capital gains tax for the entire sale profit amount, or only half?
Asked Monday, February 27, 2023 by YAN T.Sign in to Answer
Claiming Child on Tax Return
My ex in laws both receive SSDI in Florida. My mother in law has a property she rents out in Pennsylvania as extra income. They currently have been taking care of my 9 year old and will collect every bit of money they can. Will they have to file tax returns if SSDI or property is the only income they receive? I would like to claim my child but don’t want to be approved and then they turn around and claim her too.
Asked Sunday, February 26, 2023 by Kristyn W.Sign in to Answer
Form 1099-R
On form under boxes 10 and 11 there is a large unnumbered box that has Insurance : $ typed in do I put that amount anywhere%?
Asked Sunday, February 26, 2023 by Don K.Sign in to Answer
Carry over losses
I have a seasonal business that runs from March until the first week of December. I decided to try to sell the business at the end of 2022. By February 2023 no buyers emerged. So I closed the business permanently. I had no sales in 2023 but incurred expenses. How do I treat these expenses and sales of some assets going forward. I am a single member LLC filing as a pass thru.
Asked Sunday, February 26, 2023 by THOMAS K.Sign in to Answer
Can a written operating agreement allow for business to re-invest in itself without going to partners?
If one were to open a business (partnership) and they wanted the business to run as a separate organism (not connected to the partners- > no pass through taxation to the partners but a recycle of the profits back into the business), would it be possible with the use of an operating agreement or partnership agreement? If not an operating agreement, then how could the partners do this?
Asked Sunday, February 26, 2023 by STGL G.Sign in to Answer
Adoption Credit For Failed Adoption
My wife and I attempted to adopt in 2021. We hired an adoption consultant (3k), who put us in contact with a home study. After we started the home study, we had a major financial expense come up and decided we could no longer afford a child. Are we still able to get a credit for unsuccessful adoption? Even if it was unsuccessful because we stopped trying, not because a birth mother quit? Also, is adoption consultant fees deductible? IRS says only reasonable and necessary fees are allowed. I think it’s reasonable, idk about necessary though because you don’t technically need one. But you also don’t technically need a lawyer, soo.. Thanks
Asked Sunday, February 26, 2023 by Alex K.Sign in to Answer
Self- Employed, but barely worked last year due to family illness
I'm a self-employed realtor who wasn't able to work much at all last year as my wife had a mental health breakdown and it was necessary for me to tend to her and the children. Total income was under 2k. I did, however, incur normal expenses that far exceed that income amount. What do I need to be aware of as I do my taxes?
Asked Sunday, February 26, 2023 by Kyle S.Sign in to Answer
Is it okay for privacy to redact clients name and address on checks and invoices?
In California, When claiming income on my taxes can I redact clients name and address from checks and invoices for client privacy?
Asked Saturday, February 25, 2023 by Rochelle B.Sign in to Answer
Reverse Mortgage
Last year I did a reverse mortgage refinance into another reverse mortgage with a lower interest rate. I just got a 1098 which apparently shows the interest paid on the original reverse mortgage because it is $125000. Can I now deduct the interest paid for the original loan?
Asked Saturday, February 25, 2023 by Christina J.Sign in to Answer