Unanswered Tax Questions
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1041 Excess deductions on Termination of a Trust
On a 1041 can you accumulate excess deduction (from year to year) and pass them out in the final year of the trust? Trust has been open for 5 years.
Asked Wednesday, November 01, 2023 by Michael T.Sign in to Answer
Is it possible to do a partial 1031 Exchange when selling an investment property?
Just wondering if it is possible to do this and how it would work with Capital Gains on my tax return.
Asked Wednesday, November 01, 2023 by Anne G.Sign in to Answer
1st year having taxable income and filing my taxes, need advice!
I need some advice on how I should go about filing my taxes because I’m in a different situation than most. It’s my first year living on my own and having taxable income and all of my income has been from random under the table side jobs, and random marketplace flips in my spare time. This being my first year having actual income I wasn’t aware that I was supposed to be recording/documenting my income and expenses from everything. I do have an idea/estimate of around how much I think I made based on my savings, bills, and estimated random spending. - ($26,000-$28,000) How should I go about filing my taxes? Which forms would I need? Should I be worried of getting in trouble for not keeping track this year or will the IRS be understanding of my situation as long as I do everything the right way next year? What would you do in my situation? Any other advice is appreciated! Thank you!
Asked Tuesday, October 31, 2023 by Brandon W.Sign in to Answer
Receiving my with holdings
How can I get my money that was with held from my paychecks without filing?
Asked Tuesday, October 31, 2023 by William P.Sign in to Answer
Child Credit
I live in USA my 6 year old son who was born in United States lives in Europe, Serbia, He has not been in United States last 15 months, I financial support him, Can I claim him as a dependent at tax time
Asked Tuesday, October 31, 2023 by Mark M.Sign in to Answer
Four jobs plus an LLC
I have two full time jobs. My husband also has two full time jobs. My two jobs are paid twice a month. One of my husbands full time jobs are paid weekly, the other twice a month. I also have an LLC as well. How in the world do we file a W4 correctly for 2024 to ensure we withhold enough taxes from each of our four jobs? I’ve seen examples for three jobs but not four, and not one that is weekly versus twice a month. Please help.
Asked Tuesday, October 31, 2023 by Jenn B.Sign in to Answer
Transfer of car title from LLC to personal
I am owner/principal of S Corp. In 2019 I purchased car owned by LLC. I want to put vehicle in my personal name. Can I simply transfer car title and show that gain on S Corp? Or do I need to purchase the car and pay sales tax again to show that transaction?
Asked Monday, October 30, 2023 by John A.Sign in to Answer
Received notification from Federal Tax Settlement
Why do I received this Federal Tax Settlement notification when in fact I retired from work from Dec.07,2021 due to heart attack and was operated.
Asked Monday, October 30, 2023 by Lamberto V.Sign in to Answer
Tax question
My ex owes me over $5000 in back child support. I have full residential and sole custody of our son and he lives with me full-time. My ex claims that if I were to allow him to claim our son for his taxes it would benefit me because I would be receiving more back and the entire amount that he owes. I am confused in this As Would I not be receiving less because I would get less for not claiming him and initially would I not just be paying his back support for him?
Asked Monday, October 30, 2023 by tasha R.Sign in to Answer
Will this create a taxable event?
My mom lives in Texas and is 75 years old. She has an inherited IRA with Raymond James as a custodial account. She receives a 1099 tax form from Raymond James to include on her Tax return each year. We are trying to transfer the IRA to a Fixed Indexed Annuity in her name where her principal is protected so she doesn’t loose money.
Asked Monday, October 30, 2023 by Beth M.Sign in to Answer