User Submitted Tax Questions
Read Questions Asked by Users and the Answers Provided by CPAs.
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I inherited my aunts home when she passed away back in November 2021. Before she passed there was a transfer death deed signed and filed with the county. I sold the property in June of 2022. What do I need in order to file my taxes this year. I was told that a comparison market analysis would work, but just wanted to make sure I have everything before I go in.
Asked onTuesday, February 28, 2023 by JanetCPAs - Sign in to Answer
Ev tax credit
I bought a 2022 tesla model y on 2/19/2022 do I qualify for the ev tax credit?
Asked onTuesday, February 28, 2023 by AlyciaCPAs - Sign in to Answer
Capital Gains Tax
I owned my home for less than two years. I know I’ll have to pay capital gains tax on that profit, but can I still deduct things like home improvements and real estate agent commissions from that profit even though I didn’t own it for two years?
Asked onTuesday, February 28, 2023 by NicoleCPAs - Sign in to Answer
Contest winning: question
I won a $10,000 contest in 2022, but only received a portion of it, $3,250 of it (prizes only, not cash) while still in the year 2022. My question: do I pay taxes on the full $10,000, or only the $3,250, since I didn't receive the full prize value yet? Thank you
Asked onTuesday, February 28, 2023 by JeffCPAs - Sign in to Answer
LLC formation
I am w-2 employee. My wife is a stay at home mom. We want to form an LLC for an Amazon FBA business. Should we file this under just my wife's name or both of our names. What are the benefits and drawbacks of either having a single member LLC or multi member LLC if we do it together?
Asked onMonday, February 27, 2023 by TimCPAs - Sign in to Answer
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 onMonday, February 27, 2023 by DianeCPAs - 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 onMonday, February 27, 2023 by DANIELLECPAs - 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 onMonday, February 27, 2023 by JamesCPAs - 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 onMonday, February 27, 2023 by TeriCPAs - 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 onMonday, February 27, 2023 by YANCPAs - Sign in to Answer