Unanswered Tax Questions

Investment and Finance

Transfer an IRA to Child

My parents have an IRA worth about $600,000. I am 54 and my parents are in their 80's. They want to gift me half of the IRA now. In addition to the standard taxes that they will incur for the IRA withdrawal, Will they incur additional taxes beyond the standard tax rate (gift tax)? Is there a way to gift this without incurring a high tax rate?

Personal Taxes

Social Security and Medicate Tax for Remote Work with a Foreign Employer

I am a US tax resident and I work in the US remotely for a Chinese company. They have no US presence and payroll and pay me into my Chinese bank account. Do I owe social security and medicate tax? How do I report this income and owed SS/medicate taxes? Does this is make me self-employed for tax purpose (where I would pay self-employment tax in lieu of SS/medicate)?

Deductions and Write-Offs

If I reimburse an employee in 2023 for an expense in 2022 which tax year does it belong to?

If an employee say, bought and installed a new door in a property for work in December of 2022 but I reimbursed it in January of 2023 after the next tax year started, which year do I claim the money is a business expense during? If I want to claim it during 2022 how do I do that?

Investment and Finance

I have withdrawn a my retirement to buy a house I have not been able to secure purchase. How can I hold this money without paying tax

Tax Filing Tips

Tax lien

Hi, if I am married filing a separate tax return: can a lien on my tax return effect my husbands?

Personal Taxes

Backdoor IRA

I have a question pertaining to my 2021 tax return. Utilizing a "backdoor IRA" strategy, I opened a traditional IRA account and contributed after-tax funds. (To complicate matters a bit further, I made contributions for 2020 and 2021.) I then transferred the funds to a Roth IRA. When I filed my 2021 tax return, I paid taxes on the amount that I transferred. However, I think this may have been a mistake, as the funds had already been taxed. Should I have payed taxes on the transferred funds?

Miscellaneous

buying and transferring crypto currency

I was wondering if it legal to take money from people and buy bitcoin with it, then send that person the bitcoin and take a small fee? is this okay to do? is it taxable as my income? it seems harmless but I don't know crypto laws and tax regulations on this. I dont want to do it if it's illegal. I just want to make sure it's okay to do or not.

Where is My State Tax Refund?

My taxes never showed up at my bank

Yes my taxes were supposed to be accredited to my direct deposit at my bank but my bank never received it I don't know what to do.

Personal Taxes

Can i claim my child if i collect ssdi

I am a west Virginian citizen. I collect a ssdi check am I capable to claim my child on my income taxes

Deductions and Write-Offs

Depreciation on live/work building

Hello - we bought a live/work building in 2020. It’s a dance studio with a tiny apartment. For 2020 and 2021, we depreciated the building as 75% commercial dance studio and 25% residential rental property, as I paid rent to our company to live in the apartment. Starting in June 2022, I am no longer paying rent to the company in exchange for handling our rental business. I am not sure how to handle this in terms of a depreciation schedule starting June 2022. Do I need to dispose of the rental property asset, and place a new asset into derive, in order to claim depreciation on all 12 months for the apartment portion?