Unanswered Tax Questions

Retirement

IRA withdraw affecting social security benefits

I’m retired, not working, currently in 12% tax bracket. How much money can I withdraw from my traditional IRA without jeopardizing my social security benefits? I want to use money for home purchase. Thanks!

Miscellaneous

If i have not worked since September 2021 and only have social security as my only income do i have to file taxes?

Personal Taxes

How much would the taxes be on my land sale?

My dad, two brothers, and I jointly sold some land. My portion is approximately 25K. I'd like to know how much I will owe in taxes for this sale. The land was sold in SC and I live in TX. I assume there will be federal tax but will there also be any state taxes?

Tax Forms

Form 5695

I got solar panels installed and connected last year November 2022 I just did the form 5695 2023 it says I don’t qualify for any rebate this year, but carry over next year, I paid $31,000 , did I do something wrong, I thought I would get the rebate this year?

Deductions and Write-Offs

Repairs on rental home

My wife & I own a house that we rent to our grandson & his family. Can we deduct repairs/improvements that we have made to our house.

Tax Filing Tips

Report Revenue and Expenses as Individuals or under the LLC

We purchased a property in 2022 (The mortgage and the Deed are in our names). We are transferring the Deed to the LLC this year (2023). When filing taxes for 2022: - Can we report revenues and expenses using the LLC (this means the LLC gives both of us Sch K-1 we can use for? - Do we have to report rental revenues and expenses directly on our tax returns as if we didn't have the LLC since the property is still not transferred to the LLC?

Family Issues

Right to see husbands income if he sees mine

My soon to be ex husband wants to file taxes together and wants my financial information but is refusing for me to see his and I do not have access to his account where he files. Is this legal? What can I do?

Personal Taxes

will i owe taxes on sale of personal antique collection?

Hello. We live in Apple Valley, California. We have an antique collection in an auction in England and we think the proceeds may be around $30-$40K. We want to know if we will be taxed on those proceeds or is there a way to avoid being taxed. If not, what percentage will we be taxed? Any help here would be greatly appreciated. Thank you.

Personal Taxes

Can a laptop be added to an educational expense if bought for college?

What are the restrictions for when trying to put buying a laptop for having in-class at college? Say the laptop was $930, would it even be worth it to put on my tax return? How would this affect my overall return? What would the IRS need if I were to be audited for this in order to prove it? Thanks!

Home Ownership

Capital Gains Tax on new home build

We moved into our new home build May 9 2021. The construction loan did not convert to a mortgage until June 2021. When does the 2 year capital gains exemption start? When we moved in and started living in it or when the construction loan closed to a mortgage?