Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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Gamling winning on sch 1
Listing gambling winnings on sch 1 line 8b! On which line do I list my losses from gambling?thank you.Diane
Asked Monday, February 27, 2023 by Diane H.Sign in to Answer
Schedule E
Schedule E questions! Hi everyone! I have a condo I bought in 2016 and started renting at the end of 2021. For the depreciation part on the schedule E, is my understanding correct that I would divide by 27.5 based on my building value from the 2016 assessment?( since the assessment is higher now) As an example if my building assessment in 2016 was 44,300 Would this equate to $1610.9 depreciation for 27.5 years? Or am I understanding wrong. Thank you!
Asked Monday, February 27, 2023 by DANIELLE C.Sign in to Answer
RMD
After Gov. Takes out taxes on my RMD, and sends the rest to me, IS THAT AMOUNT TAXABLE ON MY INCOME TAXES?
Asked Monday, February 27, 2023 by James H.Sign in to Answer
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