User Submitted Tax Questions
Read Questions Asked by Users and the Answers Provided by CPAs.
View All Tax QuestionsMarried 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?
Asked onFriday, March 03, 2023 by JasmineCPAs - Sign in to Answer
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?
Asked onFriday, March 03, 2023 by LeslieCPAs - Sign in to Answer
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.
Asked onFriday, March 03, 2023 by AdrianCPAs - Sign in to Answer
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.
Asked onFriday, March 03, 2023 by JASONCPAs - Sign in to Answer
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?
Asked onFriday, March 03, 2023 by JenniferCPAs - Sign in to Answer
Withholdings
How much should my employer have deducted from my paycheck, if my taxable income was, $48,000? Married, filing jointly, claiming 0.
Asked onFriday, March 03, 2023 by DonaldCPAs - Sign in to Answer
Inheritance from out of the country
I received an inheritance from cousin in Canada. I am 67 y/o. Do I have to pay tax ?
Asked onFriday, March 03, 2023 by ToniCPAs - Sign in to Answer
Inheritance from out of the country
I received an inheritance from cousin in Canada. I am 67 y/o. Do I have to pay tax ?
Asked onFriday, March 03, 2023 by ToniCPAs - Sign in to Answer
Inheritance from out of the country
I received an inheritance from cousin in Canada. I am 67 y/o. Do I have to pay tax ?
Asked onFriday, March 03, 2023 by ToniCPAs - Sign in to Answer
Can your girlfriend's child be claimed for earned income credit
My boyfriend has claimed my daughter for the last four years but this year he received a notice that he is being audited. He don't have the proof that he is related to my daughter. Can I file and claim her instead and how does he go about dropping her as a dependent?
Asked onThursday, March 02, 2023 by SheilaCPAs - Sign in to Answer