Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsAre my calculations correct, see the below data !
Asked onFriday, January 12, 2024 by Edwardsale of a second home for $400,000 with a $150,000 cost basis (gain of $250,000). Also, net taxable ordinary income of $40,000 (married filing jointly). Using 2023 capital gain rates and ordinary income tax rates, my income tax bill would be $4,357 and my capital gain tax bill would be $24,113..................Are these calculations correct ???
Straight-Line Rent
Asked onFriday, January 12, 2024 by RyanMy client is a landlord and their CPA is adjusting their income to straight-line rent. In my opinion, this type of adjustment is only appropriate for the tenant. Please advise.
Name Change
Asked onThursday, January 11, 2024 by MarieI legally changed my name during 2023. Am I able to file taxes with one of my W2s and my 1098-T form being issued in my old name and one W2 being issued in my new name? Or will I need to make sure all institutions issuing me forms have my new name? All will have my same SSN.
Adult child moved in and defining "Household Income" FPL?
Asked onThursday, January 11, 2024 by JonI have a question about program eligibility such as Medi-Cal/Medicaid. We live in a house, owned by my Mother, who receives SSI, a small monthly 401k check, and no other income. I do not include her as a dependent nor does she include me as a dependent on either of our taxes. Is she eligible for such programs? Or does my income, as a high earner >150k a year, disqualify her.
can i hire resource on my company w2 ?
Asked onThursday, January 11, 2024 by SunitaI have registered Domestic LLC in Delaware being a non-resident and want to hire resource on w2 contract. If yes, Please guide me the process for same.
Being a non resident of USA, what are taxes I need to pay?
Asked onThursday, January 11, 2024 by SunitaI have paid the USD 300 for the Franchise LLC and do I need to file for federal tax and income tax as well. Also can you confirm if I need to do annual filing?
Investment to Primary
Asked onThursday, January 11, 2024 by JohnHello, I currently own my primary residence in Texas but we are planning to move to California in June. We are planning to buy the home in California before we move there by using an investment mortgage and then sell our home in Texas before moving there in June. Once we move to the California property we will probably want to refinance it as a primary residence. What are the tax implications that I may run into when I file taxes in 2025?
home sale and taxes
Asked onThursday, January 11, 2024 by Vanmy father just passed away on Texas in October, we are selling his house that we inherited through heirship affidavit. Its a cash sell and it is under $100,000 cash. Will we have to pay federal taxes on the cash amount we receive.
Vehicle deduction question
Asked onWednesday, January 10, 2024 by AdamI currently lease my car, and write-off business use with the actual cost method. In two months the lease ends and I will be purchasing the vehicle. Does doing so constitute acquiring a new vehicle, allowing me to switch to the standard mileage method?
Non-fringe taxable earnings vs. gross earnings
Asked onWednesday, January 10, 2024 by LizannShould I include non-fringe benefits such as discounts and taxable LTD premiums paid by the employer in gross wage calculations when reporting earnings for unemployment benefits or state-run paid family leave programs?