Unanswered Tax Questions
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Donation Information
Could I claim my unwinding lottery tickets as donations on my North Carolina Taxes??
Asked Sunday, November 19, 2023 by Adrienne P.Sign in to Answer
Mark to market tax election
I have more than 1.2 million of accumulated losses over past 7 years from trading stock market, I am awake that I can only deduct 3000 from my ordinary income. My question, if I elect to be taxed as mark to market can I deduct the entire loss or more than 3000 from my ordinary income in one year. I trade everyday but I have W2 from somewhere else too
Asked Sunday, November 19, 2023 by Rami R.Sign in to Answer
Inherited ira
Is there anyway to claim a tax free inherited ira .in ohio. The ira is for 96,000.
Asked Saturday, November 18, 2023 by James E.Sign in to Answer
Lump sum pension
I am 55 years old. I have the opportunity to take a lumps some pay out of an old pension. If I use it for a down payment on a condominium how will that be calculated for taxes and penalties?
Asked Saturday, November 18, 2023 by Debbie T.Sign in to Answer
Taxation on RMD from a Traditional IRA when I have no earned income.
Three part question- I was notified by AIG Insurance co. in June of 2023 that I had pension money owed to me since 2015 (when I turned 65) and they couldnt locate me all that time. I requested the amount ($28800.)as a lump sum payout and transferred directly to my Traditional IRA. It was deposited in August 2023. Do I have to include this balance in the calculation of my 2022 RMD. Second- I took an RMD from accounts that I had as of 12/30/22. I received $2100.00. I did not have tax withheld. My husband and I file jointly and do not have any earned income, only social security benefits. Do I need to file a return and pay the 10% federal tax. Third- Now that interest rates are going up on savings accounts, if I receive $10.00 or more in interest in tax year 2023, will I have to file a federal return just for the interest earned and my RMD for 2023? Thank you.
Asked Friday, November 17, 2023 by Kathryn S.Sign in to Answer
Is Sales or Use Tax Due in Florida by the Company
We have a company in FL that owes us a substantial amount of money for loans to the company to cover expenses, etc. over the years. We have a second home in NC. We purchased an item for our home in NC using a company credit card because the company owes us money and because the item is large and had to be delivered to the company address (as we don't have a forklift at home and we were in FL at the time of the delivery). We took the item to the second home in NC it has been there since. It is clearly not a company item. The transaction was posted in the company's books against the Note Payable. Our company just had a sales and use tax audit and the auditor is insisting that we have to pay use tax on the item as it was shipped to the Florida address. Since this is not a company item and it is not even being used in the State, is the company liable for the use taxes on the item?
Asked Friday, November 17, 2023 by Hetha C.Sign in to Answer
Farm tractor purchase
My dad owns a farm and it is in a trust with me and my 2 brothers (with my dad still alive and owning it). We also have a smaller property that we have under dads name with us listed as “etal”. If I purchase a tractor this year for the farm with my money, can I still write it off of my taxes?
Asked Friday, November 17, 2023 by Henry W.Sign in to Answer
Signing of tax return
Where do I sign my tax return? How many signatures should i have in total? Do you sign once for Federal (1040) and one for State (IT-201)? My Federal 1040 has a code in the signature section but my state IT-201 form on the bottom right corner that said's taxpayer is not signed.
Asked Friday, November 17, 2023 by Mel J.Sign in to Answer
IRA taxes
Hi, I'm a beneficiary of an IRA account. Can those funds be moved to another IRA account without being taxed? [I'll need to open one]
Asked Thursday, November 16, 2023 by bob j.Sign in to Answer
Gifting/Donation
Can a business donate software and recieve a tax credit?
Asked Thursday, November 16, 2023 by Robert G. D.Sign in to Answer