Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsCapital Gains Tax
Asked onTuesday, January 09, 2024 by MarshaI am selling a piece of real estate property. The proceeds will be spilt evenly to my 3 children. How do I avoid/reduce my taxes after the sell. It will be a 450,000 profit. The property is in California but I am now a resident oof Texas. Do I still have to pay the state of Clifornia tax. Is there a way I can gift the proceeds to my children without being taxed. Please advise.
Graphic Design Sales Tax
Asked onMonday, January 08, 2024 by AustinI would like to know if I need to charge clients sales tax as a graphic designer in NY. To give an example: A printer will contract me to do the design work for a billboard. I work on it and when done, will send the print files electronically to the printer. They will then print and install on their end. I will invoice them for the design work and electronic print files only. Sometimes I will invoice the client directly. The client never receives the print files themselves, only the printer. I do not print the items myself nor do I sell printed items on my end.
parents medical expenses
Asked onMonday, January 08, 2024 by terryMy mother works part time. She works a few days a week. She has numerous health issues and isn't able to afford most of her bills. Due to the extent of her medical conditions, her income isn't enough to pay for most of her bills. I have been supporting her financially with her bills, and they are, including but not limited to, living expenses, medical bills, prescriptions, therapy, transportation etc. I have paid a lot of her bills last year, totaling just under $28,000. Can I claim these amounts on my tax return? Thank you
Operating Budget for Public Hospital Question
Asked onSaturday, January 06, 2024 by SteveOur public hospitals CFO (nonprofit) have presented the 2024 Operating Budget and the is one line it for revenue that my question pertains to. The hospital purchased a building for a new clinic. The city in which this building is located applied and received a Community Block Grant to renovate for 1.7M. The CFO is using the 1.7M as extra operating revenue to balance the budget. We will have to use reserve funds to pay this. Is this an acceptable practice for budgeting requirements or even legal? Makes no sense to me.
Forex 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?