User Submitted Tax Questions
Read Questions Asked by Users and the Answers Provided by CPAs.
View All Tax QuestionsDual state properties Indiana and South Dakota
Have 2 properties up for sale. Would it be more tax friendly for us to postpone selling one til after January 1st?...Or will it matter?
Asked onThursday, November 09, 2023 by GilbertCPAs - Sign in to Answer
Is a property damage settlement of 10k taxable when I paid 24000 for the damage
City sewers backed up and basement flooded with sewage in home just purchased. City refused to help. I Paid 24k for a company to dig up driveway, city street , find the clog fix my lines ect. They offered a settlement 10k. Do I pay tax on this in ohio. My homeowners insurance wouldn't help either.
Asked onThursday, November 09, 2023 by MelCPAs - Sign in to Answer
Income reporting on tax returns
Good afternoon , Can you please advise if a permanent resident must file a tax return if he has about 5,000.00 retirement income from different countries? Also if the answer is yes , what the best way to prove the income
Asked onThursday, November 09, 2023 by SoniaCPAs - Sign in to Answer
Tax Deduction
I own a two-family home in NJ. My in-laws live in one of the units and do not pay rent (I live in the other unit). Can I add "loss" of property income to my taxes?
Asked onThursday, November 09, 2023 by ClementeCPAs - Sign in to Answer
Estate sale
What estate tax return filing need to be complete as of a house sale, along with estimated timeline for the completion and whether they expect the estate will owe anything
Asked onWednesday, November 08, 2023 by StevenCPAs - Sign in to Answer
Family Home
Mother passed away 10+ years ago and left paid off home to 3 children with will stating youngest could live in the home until death. If she decided to move and sell the home what would tax implications be for her and siblings as all 3 still "own" the home.
Asked onWednesday, November 08, 2023 by GuyCPAs - Sign in to Answer
Hardship program
I recently owe IRS and received letter from IRS wanting payment in full. I cannot pay this and was wanting to know more on Hardship program
Asked onWednesday, November 08, 2023 by WandaCPAs - Sign in to Answer
Earned income when tax exempt
If I'm tax exempt on federal taxes can I still file for earned income credit
Asked onWednesday, November 08, 2023 by MelissaCPAs - Sign in to Answer
MISSOURI SALES TAX
I build custom cabinets and furniture in Missouri. I pay sales tax on all my materials. At the end of the job, I invoice a final price to my customer ( materials+ labor+ Overhead). Then I add the correct sales tax rate on to that final number. Am I charging sales tax correctly?
Asked onWednesday, November 08, 2023 by JesseCPAs - Sign in to Answer
529 Account Qualified Expenses
My husband is currently enrolled part-time in a program through UC Irvine. He has used 529 account funds to pay for the program tuition but we want to know if he can also use those funds to pay for off-campus room and board expenses (the cost of which is listed on UC Irvine's website as up to $5,400 per quarter). He is enrolled in the program at 50% time, so it seems like those expenses would qualify, but we've received conflicting advice.
Asked onWednesday, November 08, 2023 by MichelleCPAs - Sign in to Answer