Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsForex Filing
Asked onSaturday, January 06, 2024 by MelvinLooking for someone to help me file my taxes because I trade the Forex Market
Off-setting W2 Income with Small Business Expenses?
Asked onSaturday, January 06, 2024 by CoryCan I use the expenses incurred by running a handyman business from my home (direct and indirect via an accountable plan) to offset my W2 income received as an airline pilot?
Schedule E - Expenses
Asked onFriday, January 05, 2024 by GregoryI have one (1) rental property, it's condo. In 2023, I had to purchase a new (built-in) dishwasher, what expense would it fall under ? I don't think repairs, maybe supplies ? I don't know. Also, if the condo HOA had a 'special assessment' for a capital project, where does that expense get reported ? Added to my monthly HOA dues ? Thanks
Tax Implications: Gift of Equity
Asked onThursday, January 04, 2024 by EvanHello, I will be buying my mother's home in 2024 and as part of the sale she will be providing a gift of equity of $80,000. I understand there is an Annual Gift exemption of ~$15k (per child & spouse), and also a lifetime exemption of ~$12 million. Given the gift of equity exceeds the lifetime exemption, will my mother be required to pay any taxes on the excess gift over the annual exemption? It is my understanding, that she files a form 709 with the IRS when doing her taxes. The excess amount over her annual limit is subtracted from her lifetime exemption, and she pays no taxes. If she were to exceed her lifetime exemption, then there would be a tax applied. Is this correct? Thank you for your help, Evan
Californian working in Poland
Asked onThursday, January 04, 2024 by CodyI have been in Poland since April of 2021 except for a three month visit back to California at the end of 2022. I have a temporary residence card, a work permit, and employment in Poland. In California, I have a parents address listed as my own for mailing purposes but I have not been there. With this new job in Poland, what forms do I need to file and will I be double taxed for income I make in Poland? Are there any issues with having a mailing address in California?
Small business inquiry
Asked onWednesday, January 03, 2024 by OmarHi, I just started selling on Ebay, I reside in Ontario. I made around 100 to 200 CAD in total sales last month with little profit around 20 CAD. I was wondering if I should register my ecommerce business? and does registering give me any benefits such as GST/HST exemption on sales or business related purchases? Thank you.
llc holding company in new york and want to operate business in another state
Asked onWednesday, January 03, 2024 by joehi I have created an LLC in New York but I want to do work in Nebraska how do I form a company in Nebraska and protect myself from lawsuits because I plan on expanding into other states and not have to sign up for another EIN in Nebraska
INCOME TAX RETURN
Asked onTuesday, January 02, 2024 by LisaI moved to Maryland from California 10/2023. I'm wondering if I need to find a CPA in Maryland to file my income taxes.
Parent subsidiary tax question
Asked onSaturday, December 30, 2023 by RandyI have an LLC that only does online sales like Amazon and Poshmark. I am about to start a new LLC that does litter pick up for commercial properties . I want to make my current LLC the soul managing member of my new LLC.. My question is can I pay my self directly from the subsidiary? Or do I need to pay the owning LLC first. Then pay me through that? Would the income be double taxed once as income for the subsidiary second as income for the parent company?