Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax Questions1099 nec deductibles
Asked onWednesday, February 14, 2024 by FlavioI love your content!!!! I was wondering if I could possibly ask you a question ? I won a settlement of 40k last year the company that payed that settlement payed me $19500 as 1099 nec independent contractor and $6500 a w2 and $14000 for my lawyer fees. Can I deduct my lawyer fees on my 1099 as an expense ?
What type of business should I establish for my new venture?
Asked onWednesday, February 14, 2024 by CodyI am looking to become a home inspector. Many home inspectors are Sole Proprietors, but are encouraged to form LLCs to protect themselves personally. I have a desire to work with another local inspector who has an already established business, but I want to be able to write off my own expenses, and I assume working as a w-2 employee for them will not allow that. My wife is a disabled military veteran, and we considered forming a business together for the military owned designation benefits. I will have to have my own general liability insurance and Errors & Omissions insurance. If i were to form an LLC with my wife, will we be seen as one individual, and can the other company just hire me as a subcontractor?
Own
Asked onWednesday, February 14, 2024 by EddieI have a Texas license because I have Texas address and home there . I own my business in Georgia that where I work at and also I have house too . Where will I file my company taxes for this year ? Will it be Georgia or file ? Because I received in the mail the tax form for my new house I purchased in Texas but the house is in my name only. I have spouse who lives in Georgia that she don’t live at that house at all and I have 3 dependents that lives in Georgia that I take care of .
charitable contributions
Asked onMonday, February 12, 2024 by RichardI see that charitable deductions do not have to be itemized it it is under 250 dollars. How many charitable deductions can I deduct and for a total of?
What are the tax implications for two brothers who sell land they own together?
Asked onSunday, February 11, 2024 by Donna GoldMy husband was given 11 acres of land by his deceased aunt many years ago. Several years before we married, he added his brother to the deed to insure it would remain in the family. After we married, we have paid the property tax on the property for the last twenty years. The two brothers have now decided to sell the land. The question is what do we have to report in income and who must report it? For inherited properties, do you take the value it sold for minus the value when it was when it was inherited, and if so, how do you determine that value from many years ago? Also, do the brothers pay the tax upfront and then split the proceeds, or split the money and each report their half as income?
Incorrect 1099
Asked onSaturday, February 10, 2024 by RobertHow do I handle an incorrect 1099 that the issuer admits is incorrect but refuses to reissue?
Sales Tax Payable
Asked onSaturday, February 10, 2024 by DeeWhat are the required documents and steps to reconcile sales tax payable?
Foreign Owned LLC Now Active after 5 Dormant Years, Need to file NIL Income Taxes
Asked onFriday, February 09, 2024 by JaredI have a single member LLC created in 2019. I am in good standing at the state level, but have never filed taxes Federally with the IRS. I have had NO business income during this time. My company will finally be active this year, and I need to get my house in order. What should I do? **Note my LLC is foreign owned - I am a Canadian citizen and resident who does business in the US and MIGHT relocate officially in the next 3 to 4 years.
Capital gains tax on sale of residence
Asked onFriday, February 09, 2024 by HalWe (a married couple) bought our home in CT in 2006 for $302,000. It would likely sell for around $400,000 now. For the past eight years we have been snowbirding from CT to FL to our condo there. Our residence for tax purposes is FL, although we spend at least five months at our home in CT each year. Neither property has ever been rented out. For capital gains tax purposes of living in the CT home for at least two of the past five years prior to sale, would the time we spent in the CT home (at least five months of every year - 25 months over a five year period) count toward the two year requirement to avoid capital gains tax or does it have to be one 12 month consecutive period to count for a year?
QDRO cash settlement in divorce taxed or not
Asked onWednesday, February 07, 2024 by TracyIf I receive cash out of my husband’s 401K in a divorce after filing a QDRO, will that money be taxed on my tax return?