Unanswered Tax Questions
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Construction labor costs for a rental unit
I built out an AirBnb rental unit in part of my wall out basement and did much of the labor myself. Can I include my labor costs when calculating the overall cost of the unit for tax depreciation purposes? If so, what labor rate do I use?
Asked Saturday, November 25, 2023 by Jerry K.Sign in to Answer
Capital gains
I currently own a property with my brother, we inherited it from our parents. He is going to buy me out. He would like to pay me a portion of as a lump sum then pay me in monthly instalments over a few years. I am wondering how this will affect my taxes through capital gains
Asked Saturday, November 25, 2023 by Stephanie M.Sign in to Answer
Senior taxes-air bnb income
I am a senior and my only income is my SSI, except this last year I managed a few air bnbs that gave me more income BUT the owners of air bnb deposit to me pay pal which I put into my personal bank acct money to be used for housing expenses and not my income. Will I be taxed on these deposits ?? How does IRS know between a personal commission or just money to manage that is not income? What should I do?
Asked Friday, November 24, 2023 by Jen M.Sign in to Answer
I have a question about tax elections for pension payout
I'm trying to get a pension payout from my old employer, and they told me today that my state tax elections were defaulted at single zero. My husband and I always file our taxes jointly, so I'm wondering what that would mean for our taxes this coming year. They told me that I'm able to change my elections and they can start new paperwork, but I have to do it before Monday, so I'm trying to figure out the best way to do this. Thanks very much for your help.
Asked Friday, November 24, 2023 by Julianne T.Sign in to Answer
I was taxed at 35% even though I don't make that much money.
Hi, I was let go from my employer and was given a lump sum severance package of $16k. I am curious onto why I was taxed at 35%, leaving me with a net of only $10k ? For the year I wouldn't of even made close to 100k in gross Salary. I would of fallen under the 22 - 25% tax bracket. Thank you for your assistance.
Asked Friday, November 24, 2023 by manny s.Sign in to Answer
Inheritance tax
Inherited money from sale of property in NC and live in NY state what is the tax % I need to pay, it was a cash sale
Asked Thursday, November 23, 2023 by Tammy G.Sign in to Answer
Can I withdraw funds from my Roth IRA
I put my 401k from previous job into a Roth IRA 6 months ago with Fidelity. I’ve run into financial hardship due to a split with my partner and need extra funds. I am 34 years old. What are my options
Asked Thursday, November 23, 2023 by Lindsay K.Sign in to Answer
Used equipment/asset depreciation
I bought a business that included dental lab equipment. The majority of the equipment is 8/9 years old. When factoring that in as my assets how do I come up with a value and incorporate depreciate since it was purchased depreciated.
Asked Wednesday, November 22, 2023 by Megan H.Sign in to Answer
Deduction for gifts to adult child with a disability
My adult child receives Federal Disability Income. If I gift him $5,000, can I claim it as a deduction?
Asked Wednesday, November 22, 2023 by Steve M.Sign in to Answer
Income tax on payment
Hello, We are planning to buy fence for home backyard for 10 home together from direct manufacture. So total costing is around 25k. And manufacturer want payment from one account. What happen if all 10 people send their contribution to single individual account and do payment through that one account. That individual account holder face any taxation issue?
Asked Wednesday, November 22, 2023 by Harsh K.Sign in to Answer