User Submitted Tax Questions
Read Questions Asked by Users and the Answers Provided by CPAs.
View All Tax QuestionsHow 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 onFriday, February 24, 2023 by KevinCPAs - Sign in to Answer
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 onFriday, February 24, 2023 by RickieCPAs - Sign in to Answer
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 onFriday, February 24, 2023 by StephenCPAs - Sign in to Answer
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 onThursday, February 23, 2023 by GiresseCPAs - Sign in to Answer
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 onThursday, February 23, 2023 by MeganCPAs - Sign in to Answer
will i owe taxes on sale of personal antique collection?
Hello. We live in Apple Valley, California. We have an antique collection in an auction in England and we think the proceeds may be around $30-$40K. We want to know if we will be taxed on those proceeds or is there a way to avoid being taxed. If not, what percentage will we be taxed? Any help here would be greatly appreciated. Thank you.
Asked onThursday, February 23, 2023 by RichardCPAs - Sign in to Answer
Can a laptop be added to an educational expense if bought for college?
What are the restrictions for when trying to put buying a laptop for having in-class at college? Say the laptop was $930, would it even be worth it to put on my tax return? How would this affect my overall return? What would the IRS need if I were to be audited for this in order to prove it? Thanks!
Asked onThursday, February 23, 2023 by AnjoCPAs - Sign in to Answer
Capital Gains Tax on new home build
We moved into our new home build May 9 2021. The construction loan did not convert to a mortgage until June 2021. When does the 2 year capital gains exemption start? When we moved in and started living in it or when the construction loan closed to a mortgage?
Asked onThursday, February 23, 2023 by DeniseCPAs - Sign in to Answer
write off for child working for you
can i write off for the work my child does to help me? i.e. I pay for my childs car insurance, cell phone, and gave him my pervious vehicle, in exchange he takes photos of listings, puts up signs etc. for my real estate business, how can this he deducted?
Asked onThursday, February 23, 2023 by MicheleCPAs - Sign in to Answer
I want to close my LLC
I opend a LLC in California where I live and I want to close it because I want to work in a salon because I’m a esthetician but it won’t cover my license so I wanted to open a s corperation this business was never used and never made any purchases for it will it effect me if I close it? I have not made taxes on it yet
Asked onThursday, February 23, 2023 by MarissaCPAs - Sign in to Answer