Unanswered Tax Questions
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LLC
I've started an LLC for an airbnb campsite. So far I have not made a penny and probably won't til summer of 2024. I have bought a camper and a vehicle large enough to haul campers. What do I do? Do I try to file these things? Should I just pay taxes on the llc and let it slide? Can I claim these things next year or do I have to do it this year. I don't know what to do. After spending all of this I don't have 3 grand to hire an accounting company. Please advise.
Asked Thursday, November 16, 2023 by Dixie M.Sign in to Answer
A CPA who is an expertise in Ponzi schemes that doesn’t charge?
How about finding a CPA that will help me with the paperwork to fill out for the IRS due to me being involved in a Ponzi scheme and losing over $10,000 in cryptocurrency. I have the proof of every dollar and it was all done on the same platform. I’m located in Louisiana, Rapides Parish, to be exact.
Asked Thursday, November 16, 2023 by Lindsey Marie M.Sign in to Answer
Offshore accounts
This year I became a .05% non-voting shareholder in an LLC that is located on Nevis in the Caribbean. The deposits that I make to that company are considered loans and I earn interest from those loans. They have an offshore bank affiliation with an integrated function in their dashboard that would allow me to directly deposit funds to that bank and have a debit card I could use to access and spend those funds. I know it sounds like big business but really I’m just a very small time investor trying to understand how to best protect my assets all while remaining completely legal. According to US tax laws, am I required to report this income or bank account if it never has more than $10,000 in it? If not, does the $10,000 limit apply to a combined total of deposits at the one bank over the course of a year or rather no more than $10,000 on any given day of the year in that account? What else might I need to know? I will have a payout coming in December and I’m trying to get all my ducks in a row.
Asked Thursday, November 16, 2023 by ERIK J.Sign in to Answer
Taxes on sale of 20 year rental property
Retired couple, no income this year other than Social Security in the amount of $75k. We sold a rental property that we held for 20 years. It was not rented this year. It was an older home when we bought it and did require renovations to make it habitable. We did not depreciate this property and believe it was not eligible to be deprecated. Purchased for 45k, 25k to make habitable, 275k sale price. Question: How much tax will we need to pay on the gains of 205k of proceeds?
Asked Wednesday, November 15, 2023 by Thomas I.Sign in to Answer
Federal EV 7500
Hi, my question is about the federal tax rebate for individuals buying a new Tesla electric vehicle. My understanding is that it is nonrefundable, which means if I don’t owe any taxes at the end of the year I do not get the $7500. Is this true? my family is married with head of household filing, jointly with income less than 300,000. We qualify on the income amount but we pre-pay all of our taxes out of our paycheck so that we don’t owe at the end of the year. This is why I did not think we qualify for the $7500 federal tax incentive if we buy a new Tesla model three. can you provide further clarification because some sales representatives say that the nonrefundable term only applies to businesses and not individuals. Any help would be greatly appreciated and understanding this further. Thank you so much!
Asked Wednesday, November 15, 2023 by Nic P.Sign in to Answer
Commute or business expense
I know commuting does not count as a deduction but I've been looking and it serms that if you dont have a primary office or work site and you have to travel outside the metro area for work it may. my spouse is an independent contractor delivery driver and must travel 1 and 1/2 hours each way to an area with stores that use the service to work. It's several counties away so clearly outside the metro area does that count as a work related expense that can be deducted or is that still a commute?
Asked Wednesday, November 15, 2023 by Daniel A.Sign in to Answer
Question about avoiding capital gains tax on home sale
Hello! I have a question about capital gains tax. I’m trying to help my mother-in-law find out if she can get around paying capital gains on the sale of her home (which has NOT been her primary residence for about 6 years now) if she moves to the country with us in the near future. My husband and I are looking to purchase an acreage soon and she’d like to go with us. If we sold her home and put her on the purchase papers of our new property with my husband, instead of my husband and I….. would this help her get around the capital gains taxing of the sale of her home. Although the home is not currently her primary residence, it is the only home she OWNS. The home she lives in now is a much smaller home that she rents, down the street.
Asked Wednesday, November 15, 2023 by Stefanie C.Sign in to Answer
Does this count a commute or business expense
My spouse delivers for Walmart and other companies as an independent contractor for Spark ddi. we recently moved and the closest location is 1 and 1/2 hours away. The only reason for the drive is for work. He does not have a real " home office" could we count his vehicle so could it count as him starting work when he leaves or only after the first pick up. I know commuting isn't a write off but because he has no physical primary work location he it basically working from the moment he leaves home. Does the drive too and from count as a business expense for milage deduction? Thanks in advance.
Asked Wednesday, November 15, 2023 by Daniel A.Sign in to Answer
when to retire
My wife is employed and has a 401(k) with employer. She is over 71 1/2 (born b4 June 30, 1949.) Her work hours have been cut (I believe co. wants her to retire.) If she retires b4 end of calendar year (2023) and rolls over 401(k) to IRA, I assume that amount will be included for 2023 RMD. If she waits until 2024, that amount for RMD calculation will be tax year 2024. However, I noted there appears to be an exclusion if she retires after April 1 or next year (2024,) i.e. the calculation on the rollover would not occur until 2025? (I read and reread the tax code section on this and am still uncertain as to whether I am correctly interpreting the information) We just need to know if I am correctly understanding the April 1 exception, in order for her to determine a retirement date that is tax advantaged. thank you in advance
Asked Wednesday, November 15, 2023 by Steve M.Sign in to Answer
Just married
I just got married on November 12th 2023 I need to file taxes for 2021 and 2022 . I was not married those years would I file single since I wasn't married in those years or married since I'm currently married now?
Asked Monday, November 13, 2023 by Joel D.Sign in to Answer