Unanswered Tax Questions
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Do I owe Ga taxes, while living in TN?
If I am employed in GA but live in TN, will I owe GA state taxes? If so, will I be able to get a refund/credit when I file my taxes for the previous year?
Asked onWednesday, April 09, 2025 by KennadyCPAs - Sign in to Answer
Tax for income outside of US only
Hi, I opened the LLC last year, but there is zero income in the US only outside. I assume I still need to file something, even though tax is 0. Please help me with this. Thanks
Asked onWednesday, April 02, 2025 by MarenCPAs - Sign in to Answer
1099c
What do I do with 1099c for closed s corp ? What do I do with a I received a 1099c for tax year 2024 for a credit card that had last payment paid 5/2017. The s corp was closed/dissolved 12/2022 and final tax return filed. 1099c has taxpayer id as 00000000 and box 5 borrower was personally liable for repayment thank You
Asked onSaturday, March 29, 2025 by johnCPAs - Sign in to Answer
Help Needed for Nonresident Tax Filing (OPT, TPS, Incorrect W-2)
Hello, I need assistance with filing my 2024 taxes as a nonresident alien for tax purposes. Here’s my situation: I was on an F-1 visa with OPT for most of 2024, and I am now under TPS (Temporary Protected Status). As an F-1 visa holder for less than 5 years, I am exempt from Social Security and Medicare taxes, but my employer mistakenly withheld these taxes from my paycheck. My W-2 is incorrect because it does not properly reflect my earnings or tax withholdings. However, my employer provided a separate document showing my gross and net earnings so I can calculate and pay what I actually owe. I need to file Form 1040-NR and Form 8843 to notify the IRS of my tax status. I also bought and sold $10 of cryptocurrency, which I need to report. My main priority is correctly filing my taxes and ensuring I pay only what I actually owe while also addressing the W-2 issue. Where can I find a CPA or tax expert experienced with nonresident tax filing for individuals on OPT/TPS? Would you be able to assist me, or can you recommend someone?
Asked onMonday, March 24, 2025 by GianCPAs - Sign in to Answer
Wash Sales Rule Question
I started day trading in 2024 and ignorant of wash sales, traded in December 2024 continuing into 2025. So I am assuming I incurred some wash sales tax in 2024. Now in 2025 I want to avoid this and decide if I should continue with day trading. So lets say in 2025 I started with $10000 and I kept trading only SPY options daily (multiple times daily) and net in one day I lose $1000 and next day I make $1000 and this keeps happening for all the trading days of the year. In the end in my account, I didn't make or lose any money. So if I trade all the months of the year, with 250 trading days, I should be paying tax for $125000 gains I made is what I understand from Wash sales rule. Is that correct? Now if in the the month of December 2025 I don't trade. What kind of tax would I have to pay for 2025? Will it be zero is my question. For keeping it simple assume I am in the highest tax bracket. Also I have another job and don't have an LLC or Mark to Market.
Asked onThursday, March 20, 2025 by AbhishCPAs - Sign in to Answer
Gift of equity
I'm buying a house from my girlfriends parents. They are gifting us 300k in equity. Does anyone have to pay taxes on that equity
Asked onTuesday, March 18, 2025 by JacksonCPAs - Sign in to Answer
Tax form
Can a tax prepare print and mail form 4852 with you?
Asked onSaturday, March 15, 2025 by JeremyCPAs - Sign in to Answer
Can S-Corp install Solar Panels and will it still get 30% off in tax credit?
Can my S-Corp install Solar Panels (on my own residential property) and will it still get 30% off in solar tax credit? Can I further claim depreciation on the Solar Panels against other S-Corp incomes?
Asked onThursday, March 13, 2025 by AlexCPAs - Sign in to Answer
Irrevocable Trust With Interest Rolled Over
My wife and I have an irrevocable trust with the interest rolled over. For the past couple of years, we have been declaring the interest, even though it hasn't been disbursed, by filing a 1041. Is what we've been doing correct, or should the Trustee claim the amount when the trust is disbursed? Thanks John
Asked onTuesday, March 04, 2025 by LauraCPAs - Sign in to Answer
Forfeited deposit
I wanted to buy a house in Spain as an investment. In the process of buying the house you need to give a 10% deposit to lock the house. The deal didn't move forward. Can I claim that 10% as capital loss?
Asked onSunday, March 02, 2025 by JesusCPAs - Sign in to Answer