Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsTax-Free Gift
Asked onSaturday, May 24, 2025 by RusHow can I transfer the title to a second home to my child tax-free? It is valued around $200,000 and no other large gift has ever been given. The property is in Texas.
Rule of 55
Asked onMonday, May 12, 2025 by LindaDo I need to wait until my 55th birthday to use the Rule of 55? Is it required to pull money out of the 401k, even if I don't need it?
Foreign owned US based LLC funding
Asked onTuesday, May 06, 2025 by NishantOur LLC is incorporated in the state of Wyoming and the members are based in India. The members are transferring funds to the LLC, however, it expected 2-3 months for the process to complete. As a supplier payment is coming up, I want to check if a US-based relative of the members can pay the supplier using their credit card? Members are ok to record this as a gift and the donor does not expect the funds to be returned to them. I wanted to understand what are the tax and book-keeping considerations and if this would be a recommended approach?
LLC
Asked onWednesday, April 23, 2025 by YinetHello, I was gathering information about forming an LLC and I read that for tax propose is better to have it in Delaware or Wyoming but I live in Massachusetts and I want to make sure that I will not be taxed twice. I will have an 100% online business selling classes for the state in different states with no US employees or physical location so its just me working from home. Is it convenient for me to have my LLC in Delaware or Wyoming ? I'm trying to make sure I don't make any mistake before register my LLC. Looking forward to hear from you soon. Thank you very much!
What LLC would be best for me
Asked onWednesday, April 23, 2025 by OliverI’m a day trader who trades BTC in the market. It’s only me who operates the trading orders. What LLC would suite me best. Regular LLC, DAO LLC, S-corp
Do I owe Ga taxes, while living in TN?
Asked onWednesday, April 09, 2025 by KennadyIf I am employed in GA but live in TN, will I owe GA state taxes? If so, will I be able to get a refund/credit when I file my taxes for the previous year?
Tax for income outside of US only
Asked onWednesday, April 02, 2025 by MarenHi, I opened the LLC last year, but there is zero income in the US only outside. I assume I still need to file something, even though tax is 0. Please help me with this. Thanks
1099c
Asked onSaturday, March 29, 2025 by johnWhat do I do with 1099c for closed s corp ? What do I do with a I received a 1099c for tax year 2024 for a credit card that had last payment paid 5/2017. The s corp was closed/dissolved 12/2022 and final tax return filed. 1099c has taxpayer id as 00000000 and box 5 borrower was personally liable for repayment thank You
Help Needed for Nonresident Tax Filing (OPT, TPS, Incorrect W-2)
Asked onMonday, March 24, 2025 by GianHello, I need assistance with filing my 2024 taxes as a nonresident alien for tax purposes. Here’s my situation: I was on an F-1 visa with OPT for most of 2024, and I am now under TPS (Temporary Protected Status). As an F-1 visa holder for less than 5 years, I am exempt from Social Security and Medicare taxes, but my employer mistakenly withheld these taxes from my paycheck. My W-2 is incorrect because it does not properly reflect my earnings or tax withholdings. However, my employer provided a separate document showing my gross and net earnings so I can calculate and pay what I actually owe. I need to file Form 1040-NR and Form 8843 to notify the IRS of my tax status. I also bought and sold $10 of cryptocurrency, which I need to report. My main priority is correctly filing my taxes and ensuring I pay only what I actually owe while also addressing the W-2 issue. Where can I find a CPA or tax expert experienced with nonresident tax filing for individuals on OPT/TPS? Would you be able to assist me, or can you recommend someone?
Wash Sales Rule Question
Asked onThursday, March 20, 2025 by AbhishI started day trading in 2024 and ignorant of wash sales, traded in December 2024 continuing into 2025. So I am assuming I incurred some wash sales tax in 2024. Now in 2025 I want to avoid this and decide if I should continue with day trading. So lets say in 2025 I started with $10000 and I kept trading only SPY options daily (multiple times daily) and net in one day I lose $1000 and next day I make $1000 and this keeps happening for all the trading days of the year. In the end in my account, I didn't make or lose any money. So if I trade all the months of the year, with 250 trading days, I should be paying tax for $125000 gains I made is what I understand from Wash sales rule. Is that correct? Now if in the the month of December 2025 I don't trade. What kind of tax would I have to pay for 2025? Will it be zero is my question. For keeping it simple assume I am in the highest tax bracket. Also I have another job and don't have an LLC or Mark to Market.