Unanswered Tax Questions

Credits

Order of adoption and energy efficiency credits

My taxes this year will be covered with carry-forward on the adoption tax credit. (This is the first of the 5 years of carry-forward.) I am looking at home energy efficiency upgrades that come with tax credits due to the inflation reduction act. Will the energy efficiency credits be applied before the adoption tax credit, this allowing me to continue carrying forward that credit? Or will the adoption credit be applied first, meaning the energy efficiency credits would be useless?

Personal Taxes

Will adding my wife's name to the home deed via a Gift of Deed cause any tax implications?

Personal Taxes

401(k) loan default question

My spouse took out a 401(k) loan from their employer in 2022 to help us afford a new primary residence. They are switching jobs at the end of the month and we won't be able to repay the unpaid balance by the tax filing deadline in April 2024, and therefore it will go into default. I understand that this will be treated as taxable income, but which tax year will it happen in? Will it be considered income for 2022 when we originated the loan, and we have to file an amended tax return? Will it be considered income for 2023 since that's when they switched jobs? Or in 2024 because we have until tax day in April 2024 to repay the unpaid balance?

Payments and Penalties

Boyfriend die paying on back taxes now irs is taking the money from me

Where is My State Tax Refund?

Transcript

Can u help me with transcript? Im trying to find out y i havent received my return yet or when or if i will

Tax Forms

sales tax exemption on new tractor

recently bought house with 39 mostly wooded acres. im 65 and retired and plan on taking some trees down and using for firewood and possibly selling some. i bought new tractor last week and dealer gave me a form which i signed for sales tax exemption. i guess as long as 51% of the time using tractor for selling something makes me eligible. i haven`t actually done anything yet or made any money so should i have taken this exemption. i don`t want to get in trouble with irs. dealer said he knows of no one having a problem doing this?

Payments and Penalties

Unpaid FICA Tax

If my employer mistakenly failed to deduct Social Security and Medicare taxes from my wages for the previous two years, how can I address and remit my portion of the outstanding tax? Will there by any penalty for me?

Personal Taxes

Personal family service contracts

Are caregiver personal service contracts taxable if there is no 1099 involved? At what rate is it taxable ?

Deductions and Write-Offs

Can you write off self defense items

Can you write off Self defense items if you only use it when delivering food. I deliver to some bad parts of town and would feel more comfortable if I was armed.

Nonresident Tax Issues

taxes in NY, Colorado, or both?

NY professional firm has employee moving to Colorado and will work remotely. Should professional firm pay taxes in NY, Colorado, or both?