Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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Tax form
Can a tax prepare print and mail form 4852 with you?
Asked Saturday, March 15, 2025 by Jeremy B.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 Thursday, March 13, 2025 by Alex T.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 Tuesday, March 04, 2025 by Laura F.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 Sunday, March 02, 2025 by Jesus S.Sign in to Answer
Travel Nursing
I live in Indiana and have a tax home. I am a travel nurse that works in Michgan 13 weeks a year, 3 days a week. What state taxes should come out?
Asked Saturday, February 22, 2025 by Steven C.Sign in to Answer
Due dates anual tax filings LLC wyoming (non USA resident & no USA clients)
A couple of months ago i started a LLC in Wyoming (i am not living in the USA) and i was wondering when are the due dates for the annual tax filings? My LLC is not really active and is still in the early phases therefore i dont have a CPA. Could you advise me on the due dates, is there a certain date, is it counted from when the LLC was formed and will i be notified whenever i need to file my taxes?
Asked Thursday, February 13, 2025 by Henk d.Sign in to Answer
Question about early withdrawal penalties
I am thinking about rolling my Public School Employee Retirement System (PSERS) contributions to a traditional IRA. The rollover of the $32,737 would be tax free. PSERS rules requires that I start taking a pension to do this. This pension would be structured as an annuity and taxed at ordinary income. Since I would be taking the pension before the age of 59.5 would the pension payments also receive an early withdrawal penalty? Since the withdrawals are structured as an annuity would I qualify for an exception to the IRS early withdrawal tax? I want to confirm that this qualifies under this equal payments exemption: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-exceptions-to-tax-on-early-distributions#:~:text=Generally%2C%20the%20amounts%20an%20individual,tax%20unless%20an%20exception%20applies
Asked Tuesday, February 11, 2025 by Stephen P.Sign in to Answer
How to Handle the Regular Sale of Personal Items on eBay
Hello! I am a bit confused how to go about the correct way to account for personal items sold on eBay. I run a a small home-based business where I consistently offer for sale and frequently sell personal items from our own home (28+ years) and my mom's home (50+ years). Over this long time we both have accumulated lots of stuff! I have no idea how much these items cost when acquired, or even when they were acquired. I am wondering: 1) Since I regularly engage in selling personal items (I also have business inventory purchased for resale and between the two I have over 3,500 listings), I am assuming I need to include these items as inventory when I place them up for sale. Is their cost then FMV? 2) Also, since I regularly sell these items, I am assuming they wouldn't fall under the sale of personal property, per se, since my intent is to engage in business and make money and they are in fact part of my business sales and show up on my 1099-K? 3) If I do place these items in inventory, I am assuming, since I have no idea what their original costs were, that I would never make a profit on them as their cost will be what I sold them for (FMV)? For example: I list a used coffee pot for sale on January 1st on eBay for $19.95 based on competitive pricing. I sell it on February 14th for $15 as I accepted a best offer. I can use the $19.95 as cost (FMV) and record the sale at a $4.95 loss because it is a business transaction. Is that correct? I am so confused!
Asked Saturday, February 01, 2025 by Laura G.Sign in to Answer
The Eligibility of Purchasing a "Gaming" Laptop With a 529
Hello! I'm seeking advice about my laptop purchase for college. At the moment, I'm looking into purchasing a gaming laptop for it, as it should be able to hold up performance wise over the next several years as I battle it out in college. My question: could I buy a gaming laptop with a 529 for this purpose? Would it be eligible? One reason why I'm fixated on buying one is that I'm planning on taking online college, so of course a laptop would be necessary. The other reason is I'm not sure what to major in, so if the major (or maybe I change a couple times) I choose involves serious performance, I want to be ready for it. Lastly, I'm wanting something powerful for 1000 or less, and do not want to replace the laptop for a long time. I appreciate your response in helping me!
Asked Saturday, January 25, 2025 by Joe M.Sign in to Answer
Adoption credits and reimbursements
I hope you're doing well. I have a tax question about adoptions last year. In 2024, I had both a successful and a failed adoption. Can I claim both as separate children/adoptions for tax purposes? I've heard mixed reviews—some say it's okay but might trigger an IRS audit. Others say with the right documentation, the IRS won't have an issue. Could you give me some guidance on this? Thanks so much for your help! Ben
Asked Monday, January 20, 2025 by Ben K.Sign in to Answer
