Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
How does it work?
Vehicle deduction question
I currently lease my car, and write-off business use with the actual cost method. In two months the lease ends and I will be purchasing the vehicle. Does doing so constitute acquiring a new vehicle, allowing me to switch to the standard mileage method?
Asked Wednesday, January 10, 2024 by Adam G.Sign in to Answer
Non-fringe taxable earnings vs. gross earnings
Should I include non-fringe benefits such as discounts and taxable LTD premiums paid by the employer in gross wage calculations when reporting earnings for unemployment benefits or state-run paid family leave programs?
Asked Wednesday, January 10, 2024 by Lizann R.Sign in to Answer
Capital Gains Tax
I am selling a piece of real estate property. The proceeds will be spilt evenly to my 3 children. How do I avoid/reduce my taxes after the sell. It will be a 450,000 profit. The property is in California but I am now a resident oof Texas. Do I still have to pay the state of Clifornia tax. Is there a way I can gift the proceeds to my children without being taxed. Please advise.
Asked Tuesday, January 09, 2024 by Marsha W.Sign in to Answer
Graphic Design Sales Tax
I would like to know if I need to charge clients sales tax as a graphic designer in NY. To give an example: A printer will contract me to do the design work for a billboard. I work on it and when done, will send the print files electronically to the printer. They will then print and install on their end. I will invoice them for the design work and electronic print files only. Sometimes I will invoice the client directly. The client never receives the print files themselves, only the printer. I do not print the items myself nor do I sell printed items on my end.
Asked Monday, January 08, 2024 by Austin E.Sign in to Answer
parents medical expenses
My mother works part time. She works a few days a week. She has numerous health issues and isn't able to afford most of her bills. Due to the extent of her medical conditions, her income isn't enough to pay for most of her bills. I have been supporting her financially with her bills, and they are, including but not limited to, living expenses, medical bills, prescriptions, therapy, transportation etc. I have paid a lot of her bills last year, totaling just under $28,000. Can I claim these amounts on my tax return? Thank you
Asked Monday, January 08, 2024 by terry l.Sign in to Answer
Operating Budget for Public Hospital Question
Our public hospitals CFO (nonprofit) have presented the 2024 Operating Budget and the is one line it for revenue that my question pertains to. The hospital purchased a building for a new clinic. The city in which this building is located applied and received a Community Block Grant to renovate for 1.7M. The CFO is using the 1.7M as extra operating revenue to balance the budget. We will have to use reserve funds to pay this. Is this an acceptable practice for budgeting requirements or even legal? Makes no sense to me.
Asked Saturday, January 06, 2024 by Steve P.Sign in to Answer
Forex Filing
Looking for someone to help me file my taxes because I trade the Forex Market
Asked Saturday, January 06, 2024 by Melvin S.Sign in to Answer
Off-setting W2 Income with Small Business Expenses?
Can I use the expenses incurred by running a handyman business from my home (direct and indirect via an accountable plan) to offset my W2 income received as an airline pilot?
Asked Saturday, January 06, 2024 by Cory C.Sign in to Answer
Schedule E - Expenses
I have one (1) rental property, it's condo. In 2023, I had to purchase a new (built-in) dishwasher, what expense would it fall under ? I don't think repairs, maybe supplies ? I don't know. Also, if the condo HOA had a 'special assessment' for a capital project, where does that expense get reported ? Added to my monthly HOA dues ? Thanks
Asked Friday, January 05, 2024 by Gregory D.Sign in to Answer
Tax Implications: Gift of Equity
Hello, I will be buying my mother's home in 2024 and as part of the sale she will be providing a gift of equity of $80,000. I understand there is an Annual Gift exemption of ~$15k (per child & spouse), and also a lifetime exemption of ~$12 million. Given the gift of equity exceeds the lifetime exemption, will my mother be required to pay any taxes on the excess gift over the annual exemption? It is my understanding, that she files a form 709 with the IRS when doing her taxes. The excess amount over her annual limit is subtracted from her lifetime exemption, and she pays no taxes. If she were to exceed her lifetime exemption, then there would be a tax applied. Is this correct? Thank you for your help, Evan
Asked Thursday, January 04, 2024 by Evan W.Sign in to Answer