Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsTax Liability
Asked onWednesday, November 29, 2023 by ElizabethI do not know how to what to do. I starting working on starting a nonprofit about a year ago. We obtained a fiscal sponsor to allow us to accept a grant to produce a video and start a website. The fiscal sponsor told us to pay the contractors directly. So I would send the fiscal sponsor an invoice, receive the money, then paid the contractors (including myself). The problem is the fiscal sponsor's accountant says they should have paid the contractors directly, not me. Now I'm worried. Will I have to pay taxes on the pass through funds? Also, since I "paid myself" using the pass through funds account, will I have to pay taxes twice for money paid to myself?
Is there tax on the sell of a home?
Asked onTuesday, November 28, 2023 by HEATHERI have lived at the same residence for 21 years (purchase date 3/3/2002) and just sold the home. I was told I might get taxed on the profit come income tax time. Just wanted to make sure before I invest the money.
Gifts fto family members lifetime limit
Asked onTuesday, November 28, 2023 by ThomasI want to verify that this is true for gifting more than $17,000 in 2023... For 2023, the lifetime gift tax limit is $12.92 million' So, each year that you exceed the annual gift tax exclusion for any recipient, the excess amount is reported on Form 709 for that year. However, you don't have to pay gift tax unless and until the total amount reported on all your 709 forms over the course of your life exceeds the lifetime gift tax limit for that year.
Can a loan using the IRS Applicable Federal Rates be structured as a construction loan?
Asked onTuesday, November 28, 2023 by ChrisWe will be constructing an Accessory Dwelling Unit (ADU), and financing it through a family connection. We would like to be able to draw from the loan monthly as construction advances, rather than take out the entire sum of the loan up front. I know that any term loan has to conform to the IRS applicable federal rates, but I don't know if it's possible to structure the loan to take money out of the loan monthly like a typical construction loan.
Church income question
Asked onTuesday, November 28, 2023 by ElizabethHow much can a church make before paying taxes? We are not a 501c3. Does missions/charitable deductions get taken off the total income that comes into the church?
Refund settlement
Asked onTuesday, November 28, 2023 by SueI received money from the double down casino lawsuit. My lifetime spending was over 59,000 and I received $28,000 do I have to pay taxes on that seeing as how it was money that I had already spent. And already paid taxes on once.
Form 1120s for 2021
Asked onMonday, November 27, 2023 by MelindaTrying to find this form to print and file and can not find it anywhere online for 2021
Series E $25 65 year old bond
Asked onMonday, November 27, 2023 by StephenI have a $25 series E savings bond from 1957 that has just been located. What are the tax implications if I try to cash the bond. I know you are supposed to pay intrest when it matures at the 30 year mark, but I did not even know it existed till now.
Irs criminal investigation letter
Asked onMonday, November 27, 2023 by JonI received irs criminal investigation letter, calling me as a witness, and to bring 5 years of taxes. What do I do and what is this?
Analyze Choices
Asked onMonday, November 27, 2023 by CAROLI a Director of a daycare that receives funding to feed children. The owner would like to see a breakdown showing the most profitable way to use these funds. What program will best capture data and show him clearly how to apply our funding.,