Unanswered Tax Questions

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Tax Forms

1099 to Owners For both Vacation Rentals and Long Term rentals

I am a property manager that deals with both vacation rentals and long term rentals. I am trying to find out the proper way to file the 1099-Misc form to the owners. Do I file the gross amount of money collected for the property and file that under "Rent" on the 1099 or do I put the amount that i actually pay the owner out (Minus property management fees, Airbnb fees, maintenance ....etc) . Thank you

Asked Friday, January 26, 2024 by Brit P.
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Deductions and Write-Offs

Aspiring Content Creator Wants to Write off Laptop Purchase

Hi! Thank you for your time. I’m a full time (40hrs a week) W2 employee in NJ. As a side hustle, I want to start creating content for social media. My laptop, which I am allowed to use by my employer when I WFH during my W2 job, is very old and I’m thinking about upgrading. My employer will not pay for it, will not reimburse me. I use my laptop when I WFH for about 16hrs a week. If I start my side hustle, can I write off my laptop, would it have to partially be written off? Since I use it when I WFH it won’t be used 100% for my side hustle but it will be used to edit pictures and videos for said side hustle. Can I still write it off even if I don’t make money on my side hustle yet? How would that work?

Asked Thursday, January 25, 2024 by Sara C.
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Small Business

Dissolving Delaware LLC with Vehicle Asset & Seeking CPA for Retail and Real Estate Ventures

Hello. I am considering dissolving a Delaware-registered LLC, currently while residing in Texas. This LLC owns a vehicle valued at approximately $135,000, which was purchased outright with cash contributed to the company's capital. The vehicle has been used for personal purposes, and since the company hasn't initiated any commercial activities, no tax deductions have been claimed for this asset. Additionally, I'm looking for a CPA who can manage the financial aspects of my existing retail sales company, specializing in automotive wheels, and a future real estate investment business. I need a professional with expertise in both retail operations and real estate investments. For the dissolution of the LLC, I would appreciate insights on: Tax implications of dissolving a Delaware LLC in Texas, especially when it owns a high-value asset like a vehicle bought with contributed capital. Required steps for transferring the vehicle's ownership from the LLC to an individual. Any potential sales tax or other tax liabilities, beyond the costs related to the dissolution and asset transfer. I welcome advice on the LLC dissolution and interest from CPAs with relevant experience in the retail and real estate sectors. Thank you in advance.

Asked Wednesday, January 24, 2024 by Andrey P.
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Home Ownership

What are the tax implications of being a Private Mortgage lender for my daughter and son in law?

My daughter and my son-in-law are embarking on a first-time home purchase. They approached me about my willingness and ability to be a private mortgage lender for part of their mortgage. I am 70 years old this year, continue to work part-time as well as have been receiving Social Security as of last year. I have retirement money in Roth accounts and a SEP IRA accounts. Preliminary Questions: 1. Can I withdraw unlimited money from my Roth? Sep IRA? Is there a maximum amount that I can withdraw? 2. What are the tax implications of withdrawing any amount? 3. Would the money that is paid back to me be considered income? 4. Can I reinvest this money into my retirement accounts?

Asked Wednesday, January 24, 2024 by June T.
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Tax Forms

When do I need to send a 1099?

I work for a partnership LLC. What form, if any, do I need send to the other LLCs that I contracted and paid more than $600 to in 2023?

Asked Wednesday, January 24, 2024 by Sarah G.
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Miscellaneous

Old $25 series e bond from 1957

Just located an Old $25 series e bond from 1957, that my mom had from my grandfather. If I cash the bond will there be a tax penalty accessed from the irs?

Asked Wednesday, January 24, 2024 by Stephen M.
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Self Directed IRA

Retirement Bonus/IRA

I retired on 12/31/2022. I received two payments in 2023 from my prior employer (Bonus in March of 2023 and Deferred Tax Distribution (Non qualified plan) in June of 2023. I am 58 and had no other earned income in 2023. Would either of these payments be defined as earned income in 2023 to all for a IRA contribution (including tax deduction)?

Asked Tuesday, January 23, 2024 by Ken K.
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Tax Forms

Question regarding 1099 NEC

How should I handle the tax filing process for a consultant who provides services to a company, has been invoiced in their books, but does not report taxes personally?

Asked Tuesday, January 23, 2024 by Anjali J.
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Personal Taxes

I need to find a CPA in Nevada that understands Virigina Capital Gain Tax.

I have to pay capital gain taxes to the state of Virginia due to a small inheritance and I don't know how to go about it. I gave some away to charity and only made $20194.00 last year between work and social security so I know I'm OK on the Federal side of things.

Asked Tuesday, January 23, 2024 by Michael J.
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Nonresident Tax Issues

illegal immigrant tax

I am looking for a CPA in Illinois to help an illegal immigrant pay taxes. We live near Springfield but are willing to drive to get a CPA to help.

Asked Tuesday, January 23, 2024 by Cynthia S.
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