Unanswered Tax Questions
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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
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