Unanswered Tax Questions
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Retirement affecting child tax credit
I stopped working at this company 3 years ago and they notified me they were closing my retirement account and I would receive the money. Now my child doesn't qualify for the child tax credit since I received retirement distribution before age 59 , what can I do to get that CTC?
Asked Wednesday, February 15, 2023 by Neica Q.Sign in to Answer
1099 misc amount for consigners that I sell products for in my shop
I have a consignment shop. If I sell a consignees product in my shop for $1000 plus $40 credit card fee, and my consignment fee is $400, how much do I make their 1099 misc out for?
Asked Wednesday, February 15, 2023 by Armando N.Sign in to Answer
Shares match from another country - is tax withheld deductible?
I work for a company that matches shares purchased by myself after 3 years. I have received several matches. The company (RioTinto) shares are based in England, and the company sells a portion of my match (approx 40%) to cover the Taxes. Should I be deducting/claiming any of this (withholding???) taxation? Not sure I have the correct terminology.
Asked Wednesday, February 15, 2023 by Kevan E.Sign in to Answer
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