Unanswered Tax Questions
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Home sale tax question
I live in SC i am married and file my taxes as married filing jointly if i sell my primary residence that i have lived in for 20 years for $350,000 (I bought it fo $150,000 20 years ago), is the $200,000 free from capital gains taxes?
Asked Sunday, January 14, 2024 by felix d.Sign in to Answer
2024 Federal Tax Credit for Electric Trucks
Hello, can you please tell me if an LLC has no net income can they still receive the 2024 tax credit incentive for electric trucks (up to $40,000), effectively receiving money from the government? Our LLC is only owned by my husband and myself. It is a pass-through LLC and presented on our personal tax returns. If net income was made, it would be presented on our personal tax returns. Can this credit be taken and reduce/increase our total personal tax return? Thank you!
Asked Saturday, January 13, 2024 by Erin Elizabeth M.Sign in to Answer
Are my calculations correct, see the below data !
sale of a second home for $400,000 with a $150,000 cost basis (gain of $250,000). Also, net taxable ordinary income of $40,000 (married filing jointly). Using 2023 capital gain rates and ordinary income tax rates, my income tax bill would be $4,357 and my capital gain tax bill would be $24,113..................Are these calculations correct ???
Asked Friday, January 12, 2024 by Edward C.Sign in to Answer
Straight-Line Rent
My client is a landlord and their CPA is adjusting their income to straight-line rent. In my opinion, this type of adjustment is only appropriate for the tenant. Please advise.
Asked Friday, January 12, 2024 by Ryan H.Sign in to Answer
Name Change
I legally changed my name during 2023. Am I able to file taxes with one of my W2s and my 1098-T form being issued in my old name and one W2 being issued in my new name? Or will I need to make sure all institutions issuing me forms have my new name? All will have my same SSN.
Asked Thursday, January 11, 2024 by Marie F.Sign in to Answer
Adult child moved in and defining "Household Income" FPL?
I have a question about program eligibility such as Medi-Cal/Medicaid. We live in a house, owned by my Mother, who receives SSI, a small monthly 401k check, and no other income. I do not include her as a dependent nor does she include me as a dependent on either of our taxes. Is she eligible for such programs? Or does my income, as a high earner >150k a year, disqualify her.
Asked Thursday, January 11, 2024 by Jon B.Sign in to Answer
can i hire resource on my company w2 ?
I have registered Domestic LLC in Delaware being a non-resident and want to hire resource on w2 contract. If yes, Please guide me the process for same.
Asked Thursday, January 11, 2024 by Sunita S.Sign in to Answer
Being a non resident of USA, what are taxes I need to pay?
I have paid the USD 300 for the Franchise LLC and do I need to file for federal tax and income tax as well. Also can you confirm if I need to do annual filing?
Asked Thursday, January 11, 2024 by Sunita S.Sign in to Answer
Investment to Primary
Hello, I currently own my primary residence in Texas but we are planning to move to California in June. We are planning to buy the home in California before we move there by using an investment mortgage and then sell our home in Texas before moving there in June. Once we move to the California property we will probably want to refinance it as a primary residence. What are the tax implications that I may run into when I file taxes in 2025?
Asked Thursday, January 11, 2024 by John R.Sign in to Answer
home sale and taxes
my father just passed away on Texas in October, we are selling his house that we inherited through heirship affidavit. Its a cash sell and it is under $100,000 cash. Will we have to pay federal taxes on the cash amount we receive.
Asked Thursday, January 11, 2024 by Van W.Sign in to Answer