Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
How does it work?
I am planning to invest in a small scale, in a restaurant business in Dubai. What is the tax implication and how to transfer funds between Dubai and USA and viceversa while my money is being returned with profit
I am on my work visa. I am a resident alien for tax purposes. I am planning to invest in a small scale, in a restaurant business in Dubai. What is the tax implication and how to transfer funds between USA and Dubai, while investing, Dubai and USA, while my money is being returned with profit. Through bank or western union like platforms. What is the tax implication? What form to use?
Asked Sunday, October 29, 2023 by Princy P.Sign in to Answer
Gift tax?
I borrowed $75,000 from my bank and gave it to my daughter. She then made the monthly payments of interest only to the bank. Now she plans to pay it off in a lump sum to the bank. I will not gain anything from it,. Do I have to declare it on my tax return form 709 as a gift? Will either one of us have to pay tax on it?
Asked Sunday, October 29, 2023 by Ian M.Sign in to Answer
Question for future plans
Hi I dont currently own a business but I'm planning to start up an automotive restoration shop in a few years and I was just curious if, when I buy a car to restore, if the purchase of the car could be used as a tax write off since it will be bought for the business. I know if I have an LLC and I was to buy a new truck with a GVWR over 8000 pounds as a company vehicle it could be used as a tax write off and I do plan to do that but I'm not sure on if the cars I buy for restorations could be used as a tax write off or not.
Asked Saturday, October 28, 2023 by Vaden A.Sign in to Answer
KY PRE-1
This is a new tax deduction that was on my paystub. My HR Director cannot tell me what it is and it just started. Can someone please let me know what it is? Thank you.
Asked Saturday, October 28, 2023 by Leigh A.Sign in to Answer
lowering taxes legally
Hello I am a work for home self employed business owner. I get tax deductions for home office internet but how can I get more tax deductions?
Asked Saturday, October 28, 2023 by Farhana A.Sign in to Answer
Money market withdrawals.
Annually money market maximum withdrawal amount without being penalized in North Carolina, is it 14000 or less ?
Asked Friday, October 27, 2023 by Thomas m.Sign in to Answer
claiming a disabled person on your taxes as the guardian
I am guardian over a disabled sibling who has just moved into an extended care facility. With her move I am now responsible for providing her personal needs, as clothing, toiletries etc. Can I claim her on my taxes? Her housing and medications are provided for her. Thank You
Asked Friday, October 27, 2023 by Kathy D.Sign in to Answer
What should i legally be classified as?
I work for a cleaning company and they told me i was a contractor? I only get paid with checks bi-weekly and do not receive paystubs. I also work on a schedule, same time everyday 5 days a week. They provide me with the supplies and I was trained on how to clean. I feel like I am an employee. Is it possible the company is wrong and should be withholding taxes like a normal w2?
Asked Friday, October 27, 2023 by Rachel K.Sign in to Answer
Received Notice of Insolvency from debtors estate today
I entered into a promissory note with a real estate developer 15 years ago with a basis of $150,000. The note stated a 10% interest per year. Approximately 7 years ago he passed away. At that time, the promissory note had acrued $64,320 in interest. Today I received the Representation of Insolvency from his estate, as approved by probate. My promissory note is receiving $0.00 in payment. (A total write off.) When entering this loss on my taxes on IRS Form 8949, can I deduct as a loss: $150,000 or $214,320? Is the unpaid interest deductible as a loss? Thank you!
Asked Thursday, October 26, 2023 by Dave E.Sign in to Answer
Claiming a child
I am a non-custodial parent and pay child support. The other parent does not work no has worked at all in the year of 2023. Can I claim my child on my taxes this year?
Asked Thursday, October 26, 2023 by Courtney D.Sign in to Answer