Unanswered Tax Questions

Miscellaneous

Internship Stiipend but no form sent. Told to use the Acceptance Letter.

My Granddaughter had an internship last summer at the Smithsonian Institution. She was paid a Stipend and Travel Pay. She was told she would not get a form (such as a 1099G) but to use the Acceptance Letter. Where should this be entered when doing her taxes.

Miscellaneous

Claiming dependents

My girlfriend works at dollar tree and I work construction under the table. Should she claim me as a dependent on her tax return?

Payments and Penalties

Charged interest even though I paid on April 18, 2022

Hello, I filed my 2021 taxes last year by April 18, 2022 and made the payment through one of the third-party providers for the IRS, in full. I have receipts of having done this on that day. In October, I received a letter from the IRS saying that I never made that payment. I followed up with a receipt I had from that website. They updated my account, but apparently I still owe interest (even though I paid on time). Is there any recourse, or do I need to pay the interest? Thank you!

Deductions and Write-Offs

Synagogue Music Expenses

I work at my synagogue teaching music and playing guitar for religious services. I have incurred expenses related to this job in order to properly teach and improve my work. These expenses are not reimbursed by my synagogue. Are these expenses deductible?

Payments and Penalties

Transcripts codes and dates

I did not file my 2021 taxes until June of 2022 and I have two 760s and one 768 with a minus 14,000 and some dollars both of the 760s with the date says April 15th 20 22 and so does the 768 what does that mean

Miscellaneous

Federal withholdings

So, in 2021 I had federal tax withheld. My W4 was filled out single. 2022, I changed my W4 to head of household and I have a 10 year old son, so I placed $2,000 in the section for where you had to put deductions. My mother always claimed my son bc we all lived together & she made more $. I just don’t underStand why I didn’t have any federal tax withheld for 2022. My gross income for 2022 was $14,000. I have state taxes withheld. But not federal. And I went front thinking it was going to be a nice return to wondering how I’m going to pay all this $ that will be owed. My biggest concern right now is correcting my W4 so 2023 will be correct & federal taxes will be withheld. Please help!

Business Formation

Sub LLC and tax status

Hypothetical question for a setup of a holding company: If a holding company (LLC) is setup as a C-Corp because of an LLC that has an equity position in the holding company, but the holding company will have a sub LLC for liability purposes can the sub LLC be setup as an S Corp for taxation? A specific example is the holding company owns 100% of the sub LLC, but would like to offer equity in the sub LLC, not at the holding company level.... Parent Company (Holding Company), LLC - taxed as a C-corp because of multi-member LLC ownership in Parent Company. Sub Company (separate location/business), LLC - 100% to 75% and 25% equity offer in specific business....what can the tax status be of this entity with a parent C-Corp? Can it be an S-Corp if the 25% granted equity is an individual?

Home Ownership

Capital gains tax to be paid on sale of second home

Hello -- we are selling our AZ second home after 2 years of being used as a 4-5 month seasonal residence. Our primary residence is in CO. We file income taxes as Married Jointly, both over age 65 and 22% tax rate bracket. We purchased AZ house on 4/15/2021 for $290,000 and the selling price will be $380,000 on 4/14/2023. Cost basis will be $330,000 Including improvements and closing costs. We are providing Seller Financing to the Buyer. Terms are $100,000 down with monthly payments at 7% interest @ 20 year amort. and a 3 year balloon payment. My question is how will the capital gains be figured when the first year taxes (2023) includes the $100,000 down payment and the 3rd year taxes (2026) includes the $280,000 balloon payment ? Thank You. Steve and Teresa Zook

Miscellaneous

Aarp tax service said they could nt do my taxes because I am showing a loss

Deductions and Write-Offs

International property: write offs, deductions, how to file

My sister and myself purchased a property in Italy last year. We plan to rent it out with a yer or two. It needs work that we plan to complete slowly. I created an EIN number last year as well. Do we file taxes together for this venture? And it will have to be separate from our own personal taxes I'd assume. What can be written off? Plane tickets? Car rental? Any utilities and connection fees for the home?