Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsIs a property damage settlement of 10k taxable when I paid 24000 for the damage
Asked onThursday, November 09, 2023 by MelCity 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.
Income reporting on tax returns
Asked onThursday, November 09, 2023 by SoniaGood 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
Tax Deduction
Asked onThursday, November 09, 2023 by ClementeI 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?
Estate sale
Asked onWednesday, November 08, 2023 by StevenWhat 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
Family Home
Asked onWednesday, November 08, 2023 by GuyMother 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.
Hardship program
Asked onWednesday, November 08, 2023 by WandaI 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
Earned income when tax exempt
Asked onWednesday, November 08, 2023 by MelissaIf I'm tax exempt on federal taxes can I still file for earned income credit
MISSOURI SALES TAX
Asked onWednesday, November 08, 2023 by JesseI 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?
529 Account Qualified Expenses
Asked onWednesday, November 08, 2023 by MichelleMy 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.
Roth IRA Withdrawal Fees/Penalties
Asked onTuesday, November 07, 2023 by WilliamIm 45 years old and have been unemployed for some months. Because of that I cant take a loan out from 401k account. So I rolled those funds into a rollover IRA and Roth IRA account. Ive had funds in Roth IRA account for over 5 years. I just wanted to verify that there wouldnt be any fees/penalties for withdrawing funds or transferring funds from Roth IRA account to my bank.