Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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Settlements
Hello I will receive 3 or 4 settlements this year, somewhere in the neighborhood of 20 to 25k in total. I had to sue the credit reporting agencies for falsely reporting information on my reports which destroyed my credit causing me to be unable to refinance my home, get a decent rate for an auto loan before the inflation and just recently plus the added stress due to the financial burden these falsely reported items caused me i want to claim them as personal injury settlements and have them be tax free. I am on SSD and would not be filing a tax return and I don’t think I should have to pay taxes on these funds. How do I go about it?
Asked Tuesday, October 10, 2023 by Michael P.Sign in to Answer
Are distributions received via investments in a private equity fund through SDIRA taxable?
I work in private equity and am given an opportunity to coinvest in my fund. I talked to our tax team about potentially investing via my Roth IRA rather than simple cash wired from my checking account. They brought up that when I receive distributions, it may trigger a taxable event through UBTI or UDFI and I just want to understand in certainty whether that is true and under what circumstances it can be true? My goal is to invest with funds already in my Roth IRA and continue to receive tax free gains.
Asked Tuesday, October 10, 2023 by Mobeen K.Sign in to Answer
Deferred mortgage payment interest deduction
My private mortgage payment was deferred for 2 years. Can I deduct interest totally this year or was it to be allocated over the last two years only?
Asked Tuesday, October 10, 2023 by Rufus B.Sign in to Answer
If my employer has me as a contract, how will my taxes form look like?
I got hired for a company but I am seen as a contract instead of full time. This is my first job where this has happened so I am not sure how to file my taxes or what forms to look at. I live in Texas, so i know i will be paying some taxes but Is there a way to find the estimate? I’ve been here for six months as contract work and I’m trying to gain the courage to ask if I can stay as a full time employee. If for some reason I succeed, do I have to do two different tax forms?
Asked Tuesday, October 10, 2023 by Laura R.Sign in to Answer
Corporation on personal taxes
Do I have to report the corporation on my personal taxes? Its a C Corp. I do not take any income from the company.
Asked Tuesday, October 10, 2023 by Randy L.Sign in to Answer
Tax Help, short term cap gains
I am self employed, earn $50K/yr but had short term cap gains (stocks) in 2023 over $160K. Looking to reduce my tax burden. I can put cash into IRA, also thinking of buying over 6000 lb vehicle for work (179) just wondering if you’d agree and maybe other areas to reduce tax burden
Asked Tuesday, October 10, 2023 by Daniel P.Sign in to Answer
Another ein
I just formed an llc and was denied a business banking account from navy fed because of a small hiccup. Once you are denied thats it. Was wondering if i am able to get a new ein so that way i can open the business account with them now that i fixed the problem
Asked Monday, October 09, 2023 by James J.Sign in to Answer
Tax implications
I'm wanting to settle a vehicle loan debt but I'm not sure how that's going to affect me during tax time and I'm just curious as to what the smart way to do it is
Asked Monday, October 09, 2023 by Abigail K.Sign in to Answer
Inheritance tax
My uncle lived in Florida,When he died I inherited cash.I live in New Jersey.Do I owe any federal or state tax? Thank You.
Asked Monday, October 09, 2023 by Frederick M.Sign in to Answer
Can I carryforward several years of NOL resulting in no taxable income
How to figure an NOL, When to use an NOL, How to claim an NOL deduction, How to figure an excess business loss, How to figure an NOL carryover, and a Statement that shows all the important facts about the NOL.
Asked Monday, October 09, 2023 by Steven K.Sign in to Answer