Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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Selling home before two years of ownership
Hi, My question is what taxes and fees will I owe if I sell my home in the state of TN before living there for two years? Assuming capital gains tax will not be owed. Thank you so much.
Asked Wednesday, February 22, 2023 by Jamie F.Sign in to Answer
What do i do if my empmoyer didnt withold taxes from my checks
When I applied for the job I currently haveI filled out a w4 along with my employment application, So as I have with every other job I have ever had I started looking for my w2 around mid January. Well when it became the 3rd week of February and I still did not have it, I asked my employer about it, and that is when she informed me that they do not take taxes out on any of their employees. Is tht legal for her to do without telling me? Had I been told I could have prepared by taking money out of each check myself. I am a single parent barely making ends meet as it is, I can't afford to owe money to the government, not to mention that my credit died a month ago and I was counting on a tax return for a down payment on transportation. I have no idea where to go from here. How do I even file my taxes without a w2 or 1099? Plus I am paid with a hand written check from a business account so I have never gotten a check stub either.
Asked Wednesday, February 22, 2023 by April H.Sign in to Answer
Would too much vacation pay on a paycheque cost you more tax?
My work recently accidentally paid me out all my vacation pay which I didn’t request. I ended up with a 3,000 pay when I usually receive about 1400 before tax. My paycheque reflects that I paid over 800 in tax. I panicked as this is all my vacation for the 3 weeks I have booked off for my wedding but my team says there is nothing that they can do about it. My plan was to use that money when I wasn’t working which I would pay my usual tax on. They say tax is tax and it would work out to be the same but because this pay is higher and I’m in a new tax bracket I think I am paying more. Am I in the wrong?
Asked Wednesday, February 22, 2023 by Lori B.Sign in to Answer
Capital Gains on home gifted through bargain and sale deed
My parents bought our home in Oregon for cash in 2017. My husband and I have lived in it continuously since then, and in December 2021 my parents transferred the home into our names via a Bargain Sale and Deed, for $0. If we were to move prior to December 2023 would we still be paying capital gains tax on the profit, since we had not owned the home for at least 2 years, although we have lived in the home for 6 years?
Asked Tuesday, February 21, 2023 by Eva C.Sign in to Answer
Sale of business asset with a Sec 754 step up in basis
What is the correct way to report the sale of a business asset that has a section 754 step up in basis on a partnership information return? A building and land were sold. Building With step up. W/o step up Sale Price: 380,000. 380,000 Cost: 581,175. 482,902 Depreciation: 460,008. 438,355 Adjusted Basis: 121,167. 44,547 Gain: 258,833. 335,453 Land. With step up. W/o step up Purchase Price : 95,000. 95,000 Cost. 117,000. 97,000 Loss. (23,000). (2,000) The total step up was 120,090. 20,170 had been depreciated. Do you report the loss of 99,920 as a separate item on that partner’s k1? For example: Gain on sale: 130,000, Loss on step up: 99,920 OR does the partnership make this calculations and report your Gain on Sale as 30,080 on the k1? I apologize if I’m not asking the question clearly.
Asked Tuesday, February 21, 2023 by Molly M.Sign in to Answer
Is Form 706 (my father passed away) necessary in order to get a stepped up basis
My CPA insists that my family needs to file a Form 706 in order to use a stepped-up basis for houses that we inherited (via Transfer-on-Death deeds). Is this true? Or can I just get a licensed appraiser to get the appraised value of the homes at the date of death?
Asked Tuesday, February 21, 2023 by Jimmy C.Sign in to Answer
Deductions
If I know I have less than standard deduction, should I itemize?
Asked Tuesday, February 21, 2023 by Celia P.Sign in to Answer
Firpta
Iam am a buyer I? A house an the seller is from Canada an wants me to do firpta. Should i?
Asked Tuesday, February 21, 2023 by Joe T.Sign in to Answer
Home Sale Gain Exclusion Situation
My wife and I recently got married and we moved into a rental house. We both owned houses and lived in them separately before we got married. Now we are looking to sell them. I pass the home sale gain exclusion criteria for the house I owned and my wife passes the criteria for the house she owned. Based on my understanding, we can sell both houses in the same year and each house can exclude a gain up to $250k (filing jointly). Neither house would be eligible for the $500k joint exclusion because I never lived in her house and she never lived in mine. Is this correct? Thank you.
Asked Tuesday, February 21, 2023 by Eric P.Sign in to Answer
Do I need to file taxes
I am on SS and only make $2309.00/month. I sold Stock and made 1,423.95, in 2022. Do I have to file taxes on this amount?
Asked Tuesday, February 21, 2023 by Anna C.Sign in to Answer