Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
How does it work?
Claiming missed depreciation /
I didn't claim depreciation on residential rental property (10 yrs) Is there a limit with form 3115 ? How many years can a trust carry the loss forward ?
Asked Thursday, December 07, 2023 by Paul N.Sign in to Answer
1099k and W2g
1st I have birth of $5,000,000 that will show up on a 1099k from PayPal of that an estimation of $280,000 will be income. Is there a form to file (maybe opptional) that explains this to the irs so I don’t have to be audited or deal with correspondence. Because I’m a professional gambler so most of that money is my own money being cycled repetitively deposited into a site and then withdrawn out etc.
Asked Wednesday, December 06, 2023 by Brandon W.Sign in to Answer
Car Wash Accounting Question
Car wash bookkeeper here. Client owns a car wash that has change machines and started out with about $3k in quarters that has not been accounted for in the books. They have a POS system that tracks all sales, including cash sales. How do I account for the $3k in quarters that was included in the purchase of the car wash, as well cash that is collected from the machines that is over and above what the system has recorded for sales?
Asked Wednesday, December 06, 2023 by Alicia R.Sign in to Answer
New business or old business
Hello, I currently have a property management company. I’m wanting to start digital marketing and online retail store. Can I place this under my old business name or should I get another company and EIN? Thank you so much for your time.
Asked Tuesday, December 05, 2023 by Alisha K.Sign in to Answer
S Corp distribution
I have excess cash in the business. Over and above this year's profit. How can this legacy cash be distributed. It's profit that has been left in the business. I'd like to pull some of it out and into a personal HYSA.
Asked Friday, December 01, 2023 by Walter M.Sign in to Answer
which state sales tax i will be charging my customers if I (Non US resident) have LLC in Wyoming and virtual office in California?
i want to know how do i charge my customers sales tax and when to file tax report
Asked Thursday, November 30, 2023 by Akshay K.Sign in to Answer
MAGI And Roth conversion
Does a roth conversion count in your MAGI, i know it contributes to the AGI but how about to the MAGI? This would impact how your income is viewed for healthcare subsidies and other programs.
Asked Wednesday, November 29, 2023 by james a.Sign in to Answer
Tax Liability
I do not know how to what to do. I starting working on starting a nonprofit about a year ago. We obtained a fiscal sponsor to allow us to accept a grant to produce a video and start a website. The fiscal sponsor told us to pay the contractors directly. So I would send the fiscal sponsor an invoice, receive the money, then paid the contractors (including myself). The problem is the fiscal sponsor's accountant says they should have paid the contractors directly, not me. Now I'm worried. Will I have to pay taxes on the pass through funds? Also, since I "paid myself" using the pass through funds account, will I have to pay taxes twice for money paid to myself?
Asked Wednesday, November 29, 2023 by Elizabeth M.Sign in to Answer
Is there tax on the sell of a home?
I have lived at the same residence for 21 years (purchase date 3/3/2002) and just sold the home. I was told I might get taxed on the profit come income tax time. Just wanted to make sure before I invest the money.
Asked Tuesday, November 28, 2023 by HEATHER W.Sign in to Answer
Gifts fto family members lifetime limit
I want to verify that this is true for gifting more than $17,000 in 2023... For 2023, the lifetime gift tax limit is $12.92 million' So, each year that you exceed the annual gift tax exclusion for any recipient, the excess amount is reported on Form 709 for that year. However, you don't have to pay gift tax unless and until the total amount reported on all your 709 forms over the course of your life exceeds the lifetime gift tax limit for that year.
Asked Tuesday, November 28, 2023 by Thomas B.Sign in to Answer