Unanswered Tax Questions

Nonresident Tax Issues

Nonresidential or Partial-Year?

I lived in Maryland the entirety of 2022, but I had lived in Pennsylvania previously. My employer did not complete everything for the transfer in time, so on my W2 I have PA and MD income. I was confused as whether to put a nonresidential income, since I did not live in PA, or a partial-year resident, since according to the W2, I "lived" in PA.

Deductions and Write-Offs

Bad Debt Qualified Deduction?

Hello, I sold a business as owner financed which then went sideways after 6 months or so due to inactivity. The buyer admitted he was at fault, couldn't repay under any reasonable circumstance, and I received the business back. The business has clearly lost valuation, though still profitable. The remaining debt could be reasonably estimated at 80k after factoring their payments and the lowered business valuation upon return. All equipment/inventory was fully deducted long prior to the sale. I don't know if the entire remaining balance of the payment terms would be considered bad debt, or if only the months he did not pay prior to defaulting? Perhaps the lost valuation is considered bad debt? I think this situation is slightly uncommon, so I haven't been able figure this out on my own. Thank you

Personal Taxes

1099c

I got this from from bank and there no way I can pay back 24 389.93 back what should I do

Personal Taxes

Transcript meaning

Home Ownership

Tax Implications of Holding Title to a House as Tenants in Common

Hello, my wife and I are buying a house and looking to hold title as tenants in common, as we have a prenup that states that we don't have community property. The question is whether we'd still qualify for the $500K capital gains tax exemption should we sell and not be on title as husband and wife community property. If not, do we lose that exemption entirely? thank you!

Personal Taxes

Married But Filing Separately

I am recently married in June of 2022. Prior to June of 2022 I made a 401K withdrawal due to being out of work. I became employed in October 2022. I filed my taxes including married but filing separately, my 401K withdrawal, and my income from my new job. My husband has also filed married but separate with his CPA. I have provided his CPA my W2 and they have filed, but now I wonder if I should have also found the paperwork in regards to my 401K withdrawal prior to our marriage? We weren't married at the time but I live in a community income state, Arizona. Will my 401K withdrawal not being listed on his tax return be an issue even though we weren't married at the time?

Investment and Finance

Tax on joint CD

I have durable POA. My father wants to change a matured CD to a new bank. He is not capable of managing his finances. Should I open it in both our names? What are the tax implications for me on interest earned if we do this?

Home Ownership

Long-term capital gains taxes on investment property

What are the long term capital gains taxes when selling an investment property? Property owned more than a year. Property still has a mortgage. Property is in Texas. Example: Home currently worth: $200k Home initial cost: $100k Owed on home: $50k No depreciation ever taken on taxes.

Tax Filing Tips

Sales Tax filing and payment

I own a small business and currently use an app on my pos system that files and pays my sales and use tax every month. I have recently started an online store for my business but the app that I use in my physical location that pays and files will not attach to my app. I was wondering if I could continue using the app for my physical location and file a second filing for my online business each month or am I going to have to do everything by hand and only file once per month.

Small Business

Member selling vehicle to multi-member LLC tax implications

If one of the members of my multi-member LLC sells their personal vehicle to the LLC to be used as a business vehicle what tax implications are there? Does the LLC now have to pay back the member for the vehicle? Is this set up as a loan back pay? How does this affect other members?