Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsGift tax?
Asked onSunday, October 29, 2023 by IanI borrowed $75,000 from my bank and gave it to my daughter. She then made the monthly payments of interest only to the bank. Now she plans to pay it off in a lump sum to the bank. I will not gain anything from it,. Do I have to declare it on my tax return form 709 as a gift? Will either one of us have to pay tax on it?
Question for future plans
Asked onSaturday, October 28, 2023 by VadenHi I dont currently own a business but I'm planning to start up an automotive restoration shop in a few years and I was just curious if, when I buy a car to restore, if the purchase of the car could be used as a tax write off since it will be bought for the business. I know if I have an LLC and I was to buy a new truck with a GVWR over 8000 pounds as a company vehicle it could be used as a tax write off and I do plan to do that but I'm not sure on if the cars I buy for restorations could be used as a tax write off or not.
KY PRE-1
Asked onSaturday, October 28, 2023 by LeighThis is a new tax deduction that was on my paystub. My HR Director cannot tell me what it is and it just started. Can someone please let me know what it is? Thank you.
lowering taxes legally
Asked onSaturday, October 28, 2023 by FarhanaHello I am a work for home self employed business owner. I get tax deductions for home office internet but how can I get more tax deductions?
Money market withdrawals.
Asked onFriday, October 27, 2023 by ThomasAnnually money market maximum withdrawal amount without being penalized in North Carolina, is it 14000 or less ?
claiming a disabled person on your taxes as the guardian
Asked onFriday, October 27, 2023 by KathyI am guardian over a disabled sibling who has just moved into an extended care facility. With her move I am now responsible for providing her personal needs, as clothing, toiletries etc. Can I claim her on my taxes? Her housing and medications are provided for her. Thank You
What should i legally be classified as?
Asked onFriday, October 27, 2023 by RachelI work for a cleaning company and they told me i was a contractor? I only get paid with checks bi-weekly and do not receive paystubs. I also work on a schedule, same time everyday 5 days a week. They provide me with the supplies and I was trained on how to clean. I feel like I am an employee. Is it possible the company is wrong and should be withholding taxes like a normal w2?
Received Notice of Insolvency from debtors estate today
Asked onThursday, October 26, 2023 by DaveI entered into a promissory note with a real estate developer 15 years ago with a basis of $150,000. The note stated a 10% interest per year. Approximately 7 years ago he passed away. At that time, the promissory note had acrued $64,320 in interest. Today I received the Representation of Insolvency from his estate, as approved by probate. My promissory note is receiving $0.00 in payment. (A total write off.) When entering this loss on my taxes on IRS Form 8949, can I deduct as a loss: $150,000 or $214,320? Is the unpaid interest deductible as a loss? Thank you!
Claiming a child
Asked onThursday, October 26, 2023 by CourtneyI am a non-custodial parent and pay child support. The other parent does not work no has worked at all in the year of 2023. Can I claim my child on my taxes this year?
State Taxes (Living in one state but employed in another)
Asked onThursday, October 26, 2023 by JillGood morning, I recently relocated to Colorado but work remotely for two schools in Texas. One school has asked me to reach out to a tax specialist to try to clarify some tax information. We keep receiving conflicting answers to this question: How will my taxes in Colorado work if my employment is in Texas? The schools are still taking taxes out of my paychecks. Thanks, Jill