Unanswered Tax Questions
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Llc real estate
A realestate builder want to sell one of the homes to their adult child at a loss but a loss cannot be taken because it’s a relative transaction. What happens to the costs not covered by what the adult child is paying. Let’s say cost to construct the home was $200k and the daughter will pay $150k to the LLC. Is the extra $50k a gift from the parents? Recorded as a distribution from the LLC to the owner?
Asked Sunday, November 05, 2023 by Danny T.Sign in to Answer
First and second recovery credit
Can I get stimulus money for my deceased husband passed in 2020
Asked Sunday, November 05, 2023 by April H.Sign in to Answer
IHSS Career Pathways Income
I'm an IHSS caregiver for a family member and am tax exempt in California. The state is providing paid health care training for caregivers. Is the money I receive for thr training also tax exempt?
Asked Saturday, November 04, 2023 by Tamara L T.Sign in to Answer
Taxes after divorce
2 pensions, both mine. After divorce, how do the tax burdens split?
Asked Saturday, November 04, 2023 by Mike M.Sign in to Answer
My social security taxes taken out are more than my federal taxes
Company took out more on my social security taxes and not enough on my federal
Asked Saturday, November 04, 2023 by Betty C.Sign in to Answer
maximum w/out taxes
What is the maximum amount of social security disability payments that can be received without incurring federal income tax liability?
Asked Saturday, November 04, 2023 by William H.Sign in to Answer
Stipend
Good afternoon. I was wondering if you could tell me how much to set aside for taxes as I get payed a stipend instead of income.
Asked Friday, November 03, 2023 by Keri S.Sign in to Answer
Please help!
I work a couple of side jobs and I just realized that two of my employers didn’t withhold any federal taxes in 2022 so now I owe money to the IRS. Both employers provided me with a W-2 and both withheld taxes for social security, Medicare, and disability. Were they allowed to do this without my consent? And if not, what can I do now? Both employers have a history of being dishonest and underpaying employees. Thank you for your time!
Asked Friday, November 03, 2023 by Amber P.Sign in to Answer
CT Primary trustee for FL resident
My father who resides in Florida has become incapacitated and I am now primary trustee for his revocable trust. In filling out change of trustee documents for various financial institutions I am providing my address in Connecticut. On one particular form it states: “Note: This address will also be used to update the trust’s permanent address". My question is, will this address change make his trust taxable in Connecticut? I am simply paying his bills and taxes. Thanks! ps. If I were to sell equities in his trust account, would the gains be considered "income generated in Connecticut"?
Asked Friday, November 03, 2023 by Sean R.Sign in to Answer
question re bookeeping/tax setup
I have a new PLLC in NY for my psychotherapy practice. It took the state year and a half to process the paperwork. Meanwhile, I have been doing counseling on a contract basis (1099) for other organizations to pay the bills. At this point, that is the bulk of my income. Now that the PLLC has finally gone through, I don't know how to set up the bookkeeping. The contract work is already taxed, but I am using that income to pay the business bills, such as rent and phone. There seem to be several ways to set up bookkeeping with a one-person PLLC, but I am now very confused as to which way would be best. Can anyone help?
Asked Thursday, November 02, 2023 by Allison B.Sign in to Answer