Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsEv tax credit
Asked onTuesday, February 28, 2023 by AlyciaI bought a 2022 tesla model y on 2/19/2022 do I qualify for the ev tax credit?
Capital Gains Tax
Asked onTuesday, February 28, 2023 by NicoleI 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?
Contest winning: question
Asked onTuesday, February 28, 2023 by JeffI 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
LLC formation
Asked onMonday, February 27, 2023 by TimI 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?
Gamling winning on sch 1
Asked onMonday, February 27, 2023 by DianeListing gambling winnings on sch 1 line 8b! On which line do I list my losses from gambling?thank you.Diane
Schedule E
Asked onMonday, February 27, 2023 by DANIELLESchedule 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!
RMD
Asked onMonday, February 27, 2023 by JamesAfter Gov. Takes out taxes on my RMD, and sends the rest to me, IS THAT AMOUNT TAXABLE ON MY INCOME TAXES?
Two Tax Refunds
Asked onMonday, February 27, 2023 by TeriIs it logical for an individual to receive a joint tax return and then an individual return three days later?
Capital Gains Tax On Sale of A Home
Asked onMonday, February 27, 2023 by YANA 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?
Claiming Child on Tax Return
Asked onSunday, February 26, 2023 by KristynMy 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.