Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsMark to market tax election
Asked onSunday, November 19, 2023 by RamiI have more than 1.2 million of accumulated losses over past 7 years from trading stock market, I am awake that I can only deduct 3000 from my ordinary income. My question, if I elect to be taxed as mark to market can I deduct the entire loss or more than 3000 from my ordinary income in one year. I trade everyday but I have W2 from somewhere else too
Inherited ira
Asked onSaturday, November 18, 2023 by JamesIs there anyway to claim a tax free inherited ira .in ohio. The ira is for 96,000.
Lump sum pension
Asked onSaturday, November 18, 2023 by DebbieI am 55 years old. I have the opportunity to take a lumps some pay out of an old pension. If I use it for a down payment on a condominium how will that be calculated for taxes and penalties?
Taxation on RMD from a Traditional IRA when I have no earned income.
Asked onFriday, November 17, 2023 by KathrynThree part question- I was notified by AIG Insurance co. in June of 2023 that I had pension money owed to me since 2015 (when I turned 65) and they couldnt locate me all that time. I requested the amount ($28800.)as a lump sum payout and transferred directly to my Traditional IRA. It was deposited in August 2023. Do I have to include this balance in the calculation of my 2022 RMD. Second- I took an RMD from accounts that I had as of 12/30/22. I received $2100.00. I did not have tax withheld. My husband and I file jointly and do not have any earned income, only social security benefits. Do I need to file a return and pay the 10% federal tax. Third- Now that interest rates are going up on savings accounts, if I receive $10.00 or more in interest in tax year 2023, will I have to file a federal return just for the interest earned and my RMD for 2023? Thank you.
Is Sales or Use Tax Due in Florida by the Company
Asked onFriday, November 17, 2023 by HethaWe 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?
Farm tractor purchase
Asked onFriday, November 17, 2023 by HenryMy 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?
Signing of tax return
Asked onFriday, November 17, 2023 by MelWhere 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.
IRA taxes
Asked onThursday, November 16, 2023 by bobHi, 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]
Gifting/Donation
Asked onThursday, November 16, 2023 by Robert G.Can a business donate software and recieve a tax credit?
LLC
Asked onThursday, November 16, 2023 by DixieI'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.