Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsReceived notification from Federal Tax Settlement
Asked onMonday, October 30, 2023 by LambertoWhy do I received this Federal Tax Settlement notification when in fact I retired from work from Dec.07,2021 due to heart attack and was operated.
Tax question
Asked onMonday, October 30, 2023 by tashaMy ex owes me over $5000 in back child support. I have full residential and sole custody of our son and he lives with me full-time. My ex claims that if I were to allow him to claim our son for his taxes it would benefit me because I would be receiving more back and the entire amount that he owes. I am confused in this As Would I not be receiving less because I would get less for not claiming him and initially would I not just be paying his back support for him?
Will this create a taxable event?
Asked onMonday, October 30, 2023 by BethMy mom lives in Texas and is 75 years old. She has an inherited IRA with Raymond James as a custodial account. She receives a 1099 tax form from Raymond James to include on her Tax return each year. We are trying to transfer the IRA to a Fixed Indexed Annuity in her name where her principal is protected so she doesn’t loose money.
I am planning to invest in a small scale, in a restaurant business in Dubai. What is the tax implication and how to transfer funds between Dubai and USA and viceversa while my money is being returned with profit
Asked onSunday, October 29, 2023 by PrincyI am on my work visa. I am a resident alien for tax purposes. I am planning to invest in a small scale, in a restaurant business in Dubai. What is the tax implication and how to transfer funds between USA and Dubai, while investing, Dubai and USA, while my money is being returned with profit. Through bank or western union like platforms. What is the tax implication? What form to use?
Gift 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