Unanswered Tax Questions

CPAs - answer tax questions, and introduce your practice to potential tax clients.
How does it work?

View All Tax Questions

Nonresident Tax Issues

Dual state properties Indiana and South Dakota

Have 2 properties up for sale. Would it be more tax friendly for us to postpone selling one til after January 1st?...Or will it matter?

Asked Thursday, November 09, 2023 by Gilbert K.
Sign in to Answer

Payments and Penalties

Is a property damage settlement of 10k taxable when I paid 24000 for the damage

City sewers backed up and basement flooded with sewage in home just purchased. City refused to help. I Paid 24k for a company to dig up driveway, city street , find the clog fix my lines ect. They offered a settlement 10k. Do I pay tax on this in ohio. My homeowners insurance wouldn't help either.

Asked Thursday, November 09, 2023 by Mel D.
Sign in to Answer

Personal Taxes

Income reporting on tax returns

Good afternoon , Can you please advise if a permanent resident must file a tax return if he has about 5,000.00 retirement income from different countries? Also if the answer is yes , what the best way to prove the income

Asked Thursday, November 09, 2023 by Sonia Y.
Sign in to Answer

Deductions and Write-Offs

Tax Deduction

I own a two-family home in NJ. My in-laws live in one of the units and do not pay rent (I live in the other unit). Can I add "loss" of property income to my taxes?

Asked Thursday, November 09, 2023 by Clemente D.
Sign in to Answer

Home Ownership

Estate sale

What estate tax return filing need to be complete as of a house sale, along with estimated timeline for the completion and whether they expect the estate will owe anything

Asked Wednesday, November 08, 2023 by Steven P.
Sign in to Answer

Home Ownership

Family Home

Mother passed away 10+ years ago and left paid off home to 3 children with will stating youngest could live in the home until death. If she decided to move and sell the home what would tax implications be for her and siblings as all 3 still "own" the home.

Asked Wednesday, November 08, 2023 by Guy H.
Sign in to Answer

Personal Taxes

Hardship program

I recently owe IRS and received letter from IRS wanting payment in full. I cannot pay this and was wanting to know more on Hardship program

Asked Wednesday, November 08, 2023 by Wanda W.
Sign in to Answer

Credits

Earned income when tax exempt

If I'm tax exempt on federal taxes can I still file for earned income credit

Asked Wednesday, November 08, 2023 by Melissa H.
Sign in to Answer

Small Business

MISSOURI SALES TAX

I build custom cabinets and furniture in Missouri. I pay sales tax on all my materials. At the end of the job, I invoice a final price to my customer ( materials+ labor+ Overhead). Then I add the correct sales tax rate on to that final number. Am I charging sales tax correctly?

Asked Wednesday, November 08, 2023 by Jesse C.
Sign in to Answer

Education

529 Account Qualified Expenses

My husband is currently enrolled part-time in a program through UC Irvine. He has used 529 account funds to pay for the program tuition but we want to know if he can also use those funds to pay for off-campus room and board expenses (the cost of which is listed on UC Irvine's website as up to $5,400 per quarter). He is enrolled in the program at 50% time, so it seems like those expenses would qualify, but we've received conflicting advice.

Asked Wednesday, November 08, 2023 by Michelle M.
Sign in to Answer