Unanswered Tax Questions

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Miscellaneous

Impact of living trust on filing of taxes

I created a living trust in 2022 and received 1099’s from the same payers for both the trust and individual. Do I need to file separate returns for the trust and individual?

Asked Saturday, February 25, 2023 by Perry L.
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Small Business

S Corp Salary

With gross receipts of about 500K and net income of about 27K do I need to pay myself a salary? High overhead business with lots of depreciable equipment hence the large difference between gross and net.

Asked Friday, February 24, 2023 by NELLIE M.
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Nonresident Tax Issues

Sale proceeds as beneficiary of irrevocable trust(personal residence) in Calif. I live in Wa. State.

Do i file Calif income return for this sale? Is cost basis value on date owner died?

Asked Friday, February 24, 2023 by Leonard G.
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Retirement

IRA withdraw affecting social security benefits

I’m retired, not working, currently in 12% tax bracket. How much money can I withdraw from my traditional IRA without jeopardizing my social security benefits? I want to use money for home purchase. Thanks!

Asked Friday, February 24, 2023 by Michael L.
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Miscellaneous

If i have not worked since September 2021 and only have social security as my only income do i have to file taxes?

Asked Friday, February 24, 2023 by Paulette V.
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Personal Taxes

How much would the taxes be on my land sale?

My dad, two brothers, and I jointly sold some land. My portion is approximately 25K. I'd like to know how much I will owe in taxes for this sale. The land was sold in SC and I live in TX. I assume there will be federal tax but will there also be any state taxes?

Asked Friday, February 24, 2023 by Kevin P.
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Tax Forms

Form 5695

I got solar panels installed and connected last year November 2022 I just did the form 5695 2023 it says I don’t qualify for any rebate this year, but carry over next year, I paid $31,000 , did I do something wrong, I thought I would get the rebate this year?

Asked Friday, February 24, 2023 by Rickie R.
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Deductions and Write-Offs

Repairs on rental home

My wife & I own a house that we rent to our grandson & his family. Can we deduct repairs/improvements that we have made to our house.

Asked Friday, February 24, 2023 by Stephen R.
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Tax Filing Tips

Report Revenue and Expenses as Individuals or under the LLC

We purchased a property in 2022 (The mortgage and the Deed are in our names). We are transferring the Deed to the LLC this year (2023). When filing taxes for 2022: - Can we report revenues and expenses using the LLC (this means the LLC gives both of us Sch K-1 we can use for? - Do we have to report rental revenues and expenses directly on our tax returns as if we didn't have the LLC since the property is still not transferred to the LLC?

Asked Thursday, February 23, 2023 by Giresse P.
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Family Issues

Right to see husbands income if he sees mine

My soon to be ex husband wants to file taxes together and wants my financial information but is refusing for me to see his and I do not have access to his account where he files. Is this legal? What can I do?

Asked Thursday, February 23, 2023 by Megan L.
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