Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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Changed Primary Residence in Under 12 Months. How to Approach?
Hi, my fiancee and I bought our first home in 2021 as a primary (our only) residence. In 2022, we had an unexpected job relocation, which had us selling our first home and purchasing a different home in another state and reinvesting funds to that purchase. I am aware of a 1031 exchange for rental properties, but is there an exemption or something similar that exists for primary residences because of us living there a shorter amount of time?
Asked Wednesday, February 15, 2023 by Matt S.Sign in to Answer
Tax break on IRA distribution
I'm a senior citizens and prepare my own tax return. I didn't qualify to go long form. My IRA distribution rendered large amount owed. What options would I have to lower my AGI? Am I allowed to make payments?
Asked Wednesday, February 15, 2023 by RALPH B.Sign in to Answer
Do I have sales tax nexus, if I run my business abroad?
If I am a U.S. citizen living abroad and I want to start a business of drop shipping in the U.S. to U.S. consumers, do I have a “sales tax nexus”? And am I required to get a resellers permit/sales tax ID and collect taxes?
Asked Wednesday, February 15, 2023 by Brandon Y.Sign in to Answer
Received 1099NEC from company for prerequisite training course
I received a 1099NEC from my company for a training course they paid for that I attended a week before my official hire date. I was wondering if I needed to pay taxes on this or it could be written off as an education or work training expense.
Asked Wednesday, February 15, 2023 by John D.Sign in to Answer
Deduct Mortgage Interest on NY State return
Can I deduct mortgage interest and property taxes on my NY state return if I lived and worked in NY 1/1/2022 to 08/31/2022. Then moved to MA and bought home on 9/01/2022.
Asked Tuesday, February 14, 2023 by Joey B.Sign in to Answer
Real Estate Investment Taxation
Can unused tax deductions from a real estate investment be used to reduce personal taxable income? For example, a gross monthly revenue of $1000 and monthly operating costs of $600 will yield $400 in taxable income. If the entire $600 is deductible, I will be left with $200 of unused tax deductions; can this be used to reduce personal income?
Asked Tuesday, February 14, 2023 by Danial S.Sign in to Answer
Earned income
My husband and I made a little over what you can make to get earned income tax credit and we wanted to know if he can defer filing till next year so we can get it one more time. He made less then 14000 last year.
Asked Tuesday, February 14, 2023 by Olivia H.Sign in to Answer
Trader Tax Status and Student Status
I am a college student who actively day trades, and I am wanting to avoid wash sales by filing mark to market. If I file for trader tax status under IRS section 475(f), will this have any negative effects on my status as a student in the eyes of the federal government? I am wondering If this would have a negative effect on my ability to recieve scholarships and student loans.
Asked Tuesday, February 14, 2023 by Tom S.Sign in to Answer
Who claims kids
Couple was not married. They have a temporary 50/50 agreement. The mother did her taxes and claimed one of the children but father did not sign an 8332 form. Should he claim both since he has the higher AGI or just claim one child as well. He has always claimed them because they were living together as a family.
Asked Tuesday, February 14, 2023 by Sylvia C.Sign in to Answer
Form 982
I was insolvent in 2022. I considered bankruptcy, but didnt want to impact my wife and I wanted to pay what I could. I had $24000 in debt cancelled by 3 credit card companies. I’m filling out a 982 form, which shows my debt outweighed the fmv of my assets. Do I need to fill out a separate 982 for each of the 3 separate cancelled debts?
Asked Tuesday, February 14, 2023 by JEFFREY P.Sign in to Answer