Unanswered Tax Questions
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How to File Schedule E / Form 8582 When Rental Property Had No Income?
We moved out of state and put our home on the rental market at the beginning of August. To prepare for this we invested almost $30k in maintenance, fixes, etc, to get it ready. However, the rental market shifted and we were unable to rent the property before Jan 2023, and therefore have zero rental income. Even though we had no income, do we still need to file Schedule E in order to also submit 8582? Also, we're not sure which of the below expenses are actually eligible to carry forward as losses? -Replaced railing for safety reasons -Paint -Cleaning -New Oven -New HVAC Thanks, Jacob
Asked Sunday, February 12, 2023 by Jacob M.Sign in to Answer
Schedule K-1 Used Loan Proceeds to Contribute Capital
S Corporation Schedule K-1 used loan proceeds to buy an interest in, or contribute to the capital of, this corporation. I/we took out loans personally then took those proceeds and loaned them to the business to secure equipment. Loans are documented/secured with promissory notes that detail the equipment VIN numbers. Are we allowed to deduct the interest expenses we incur on those funds as the business made payments to us and the vast majority of the payment is then put towards the regular payments on the personal loans? How would that be documented if allowed? The tax software I am using gives instructions on how that could be entered but it is not very clear.
Asked Sunday, February 12, 2023 by Jason B.Sign in to Answer
Why does a 1099 drop my refund
I rent land for farming and receive a 1099 for $1000. As soon as I enter that information, my refund automatically drops $461, and then I’m no longer eligible for the free filing. If I’m only making $1000, why is it charging me almost half in taxes? My regular job is not taxed to this extreme.
Asked Sunday, February 12, 2023 by Sarah H.Sign in to Answer
Foreign Pension-Sweden
Husband is U.S.(cand Swedish) citizen residing in U.S. He receives pension from Sweden and keeps the money in Swedish bank. Taxes are deducted. All monies in SEk. Money is used only in Sweden when he visits family. What forms are needed for to report money to IRS and get credit for taxes pd. to Sweden?
Asked Sunday, February 12, 2023 by Suzanne N.Sign in to Answer
Is my employer doing my taxes right?
My employer takes 10% out of every paycheck for taxes. Would my Federal income tax withheld be 10% of my wages, tips, other compensation? Ex: WToC -$30,000 FITW -$3,000 Also they started taking out 15% of every check this year. Does this sound right? I thought it was supposed to be 7.65%.
Asked Sunday, February 12, 2023 by Joseph Q.Sign in to Answer
Do I need to file a return to receive a refund of withheld earnings?
I had medicade and social secuity tax taken from my paychecks. My income did not exceed the standard deduction for 2022. Do I need to file a return to receive a refund; or am I misunderstanding? Note: I am 16 years old and can be claimed as a dependant
Asked Sunday, February 12, 2023 by levi h.Sign in to Answer
Question about 1099-K
if i, as a single person aka not a company, am paid by multiple companies to do some small drone photography jobs, do i have to file it in my taxes. Keeping in mind that none have sent me a 1099-k as each compnay has paid me less than 600 each yet altogether total more than 600 but less then 1000
Asked Sunday, February 12, 2023 by Christopher C.Sign in to Answer
Filing a1099 and 1040
If you worked 2 jobs in 2022 1 gave a 1040 the other a 1099, which is under $12,000, do you have to report both?
Asked Sunday, February 12, 2023 by Lynn S.Sign in to Answer
Capital gains
Will I need to pay capital gains tax on a second home that I gift to my child? We live in Fl
Asked Saturday, February 11, 2023 by Amy N.Sign in to Answer
Dependents
My question is who should claim the 3 dependents if me and my gf aren’t married and I make more than her each year. She is also quitting her job in May 2023. It should also be noted that I owe $10,000 in back taxes from previous years.
Asked Saturday, February 11, 2023 by Chad G.Sign in to Answer