Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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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
Early IRA distribution
I only worked part of the year, my salary was low, only $22,000 so I took from my IRA. When I did my taxes on a paper 1040 I owed $850 but online they are saying I owe $2100 with a penalty. On the paper form it doesn't say anything about a penalty? Thanks
Asked Tuesday, February 21, 2023 by Kris K.Sign in to Answer
Car lease or no lease
We are thinking of leasing a company truck. The lease payment will be 850 . Is there a maximum dollar amount I can write off each month? Or is it based on the percentage you use the truck for work? Is it a good idea to lease a car for your work.
Asked Tuesday, February 21, 2023 by Amber B.Sign in to Answer
VA Tax Return
Are financial statements required with the VA tax return—i.e. reconciliation of Bal Sheet and P&L? Business produced net loss; gross was <$100k
Asked Tuesday, February 21, 2023 by Deb B.Sign in to Answer
Partnership Self-Employment
Partnership produced a loss for tax year. Form 1065 shows net loss from S/E, and shows gross income in box 14C. Is this the correct way to report, specifically what is shown in box 14C? Accordingly, 50% attributable loss (net) is showing in K1 box 14A and 50% attributable income (gross) is showing in box 14C. This flows from the 1065, but again just wanting to verify that this is correct. Lastly, to confirm—since S/E tax is paid on net, would the boxes 14C be primarily informational then?
Asked Tuesday, February 21, 2023 by Deb B.Sign in to Answer
State Taxes
Hi, my Job sends me to other states to wrk. I am a resident of GA. I work in GA, AL, SC, and NC It shows that each state is taking out taxes, but every year I owe state taxes. Income GA Fed $49823 GA State: $32110.75/ tax of: $1363 AL State: $160 / tax of: $.67 SC State: $14805 / tax of: $912 NC State: $2747 / tax pd: $96 Fed refund : $908 /Ga State owe: $864 (It shows GA state at $41000 and owing $864) Standard deduction Do I file each state separately ?
Asked Tuesday, February 21, 2023 by Nitacha S.Sign in to Answer
best way to structure investment
Not sure if this is the right place to ask, but let's say my friend is loaning me 10000 for stocks/investment purposes. Let's also say that for this investment, it returns about $4,860.00 in the first month, and he's going to get a 30% cut of that, so $(1,458), should I start an LLC for this?
Asked Monday, February 20, 2023 by victor t.Sign in to Answer
Camper rental
How do I enter camper rental income with no 1099
Asked Monday, February 20, 2023 by Nancy T.Sign in to Answer