Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
How does it work?
Reporting accrued i bond interest on decedent's final 1040
We want to report accrued I bond interest on deceased Mother's final return. Treasury direct won't issue 1099 but we know the accrued interest at time of death. Software asks for player's i.d. and address
Asked Thursday, November 02, 2023 by John E.Sign in to Answer
Filing for taxes that have not been filed yet for 2022 ( going through divorce)
Greetings, My husband has a business and has not filed taxes 2022. We are seperated since July 2023 and in the middle of a divorce . I do not want to be penalized and want to know what to do? Warm regards, MY
Asked Thursday, November 02, 2023 by Miriam J.Sign in to Answer
Filing 1041
If the only dollar values for the estate is savings does that constitute income on the 1041 and if so what line does it go on.
Asked Thursday, November 02, 2023 by Elsie D.Sign in to Answer
Child Tax Credit
I am unemployed and I am inquiring to see if I am able to file and claim 4 minor dependents who live with me full-time. Their father has claimed them in previous years. Thank you
Asked Wednesday, November 01, 2023 by Tanisha S.Sign in to Answer
Should I pull my money out of losing financial investments?
My financial adviser has lost approximately $9,000 of my portfolio over the last 2 years and I would really like to pull the money out and start trying to build it back. I was wondering if there were any tax benefits to pulling my money out ASAP and realizing those losses versus letting him try to make some of it back over the next few months. Thank you!
Asked Wednesday, November 01, 2023 by Trevor T.Sign in to Answer
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