Unanswered Tax Questions

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Home Ownership

Home passed down in will

My aunty has her home being passed down to my brother and I in her will. She is getting older and was hoping to transfer the house deed to us now rather than after she passes away. What are the tax advantages/disadvantages on whether we take the home now or wait till she passes away?

Asked Saturday, February 18, 2023 by Shane A.
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Tax Forms

Tax donations

I wanted to find out where I would put a appreciated security stock donation on my tax return do I put it on itemized or other itemized items?

Asked Friday, February 17, 2023 by Rebecca w.
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Family Issues

Interest income of $494 for 2022 on a deceased person.

My dad died in May of 2021, I had called Discover and notified them of his death and to cancel his card. I didn’t know that there was an account still open that they sent $494 of interest for this year. They closed the account, finally, and sent a check. My question is do I have to file a tax return for the interest income for this year?

Asked Friday, February 17, 2023 by Dennis A.
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Small Business

Vehicle Purchase for Business Use

I'm considering purchasing a vehicle for business use. It would also be great for brand marketing purposes once it's wrapped. I'm a single member LLC, that may be moving to S Corp designation. Should I purchase the car in my name or the business name?

Asked Friday, February 17, 2023 by Laurie H.
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Personal Taxes

Form 1040SR

May a taxpayer file a joint return using 1040SR if he is over 65, but his spouse is not?

Asked Friday, February 17, 2023 by Bob K.
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Personal Taxes

Who claims a vehicle deduction when two parties have vehicle equity

Last year I started an LLC to run a car rental business using Turo. My third vehicle was purchased in cash, however half of that cash was provided by a family member who does not own any equity in my LLC, however she does help me with day to day operations for a small monthly fee. The vehicle was registered under my name. I am confused on whether we can legally split the deduction based on vehicle "equity" or if she can even claim her portion of the vehicle payment on her taxes in schedule C? Ideally we want her to claim all the earnings and entire vehicle purchase, would this be possible if I do not claim either?

Asked Friday, February 17, 2023 by Nick C.
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Investment and Finance

Ramifications of Selling 1031 property on Contract for Deed-Missouri

We purchased a mini storage in Oct 2020 with 1031 funds. We are ready to sell, can sell with realtors but were approached by a business man to possibly sell on contract for deed. How does this affect the 1031 sale, do I have to repay the deferred taxes when that contract is initiated or will it stay deferred until paid in full by the buyer? Do I continue to take any depreciation associated with it while on contract or does that stop? Trying to figure out what will take place if sold that way as opposed to just getting it all paid in full when sold.

Asked Thursday, February 16, 2023 by Gary M.
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Tax Filing Tips

Threshold

Ok, so I do business through PayPal and made just around 10k and had 93 recieved transactions for the year of 2022. I called PayPal and they said they only issue forms to those who meet the annual $20k and 200 transactions threshold and that reporting it to the irs is not needed. I have been paying through quarterly vouchers since I do freelance art. Have I been needlessly paying? Do I need to report my income? What do I do?

Asked Thursday, February 16, 2023 by Jared W.
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Tax Forms

Tax Form W-4P

My husband needs to fill out the W-4P for an annuity he will be receiving monthly. We file jointly; he is retired and I'm still working. How do we fill that out so he doesn't get taxed as a single?

Asked Thursday, February 16, 2023 by Michele T.
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Nonresident Tax Issues

tax obligations for foreign owners of US LLCs

What are the tax obligations for foreign owners of US LLCs selling print-on-demand products to customers in the US threw Etsy, and do they need to pay taxes in both the US and their home country? As far i know, i have to fill both Forms 1120 and 5472, but i am not sure whether i am considered " engaged in US business ", therefore I'm not sure to who i should pay taxes to, US or my home country ( Portugal ), my country has a tax treatment with the US to avoid double taxination.

Asked Thursday, February 16, 2023 by Diogo R.
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