Unanswered Tax Questions
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2023 Rules on parents gifting money to a child
My husband and I were told in 2023 we are allowed to jointly gift our child up to $34,000 . Is this true and would both my son and my husband and I have to report this on our taxes ? Thank you
Asked Friday, October 06, 2023 by Sheila B.Sign in to Answer
Form 1120 After Revocation of Tax Exempt Status
Organizations did not file Form 990EZ file for three consecutive years and automatically lost their tax-exempt status. The organization has chosen NOT to seek reinstatement. I understand that an organization would need to fill out a Form 1120 (https://www.irs.gov/charities-non-profits/automatic-revocation-of-exemption) as a corporation and notify the IRS of intent to terminate their EO entity (https://www.irs.gov/charities-non-profits/termination-of-an-exempt-organization#orgs-did-not-file). My biggest question lies in this scenario: a) If the organization files Form 1120 and pay taxes as a corporation, would they have any obligation at that point to distribute cash assets that were acquired before the tax-exempt revocation, and b) Would the organization pay taxes on all assets or only revenue on earnings after the revocation for the tax year? I would sincerely appreciate any guidance or resources that you may be willing to provide. Thank you for your time.
Asked Thursday, October 05, 2023 by Brandi G.Sign in to Answer
Inheritance Tax?
Hi, My grandfather has passed away leaving me with some cash. I would like to put it in the bank, but I do not know if I will be taxed. Can this happen? Is there a threshold?
Asked Thursday, October 05, 2023 by Natalia B.Sign in to Answer
late tax filing
HI I'll jump right into it... I am a physician and have two separate businesses-- one telemedicine clinic and one consulting/mgmt company-- both taxed as S corporations. I also do a little bit of work under my own name. I did not file tax returns for last year because as you will find out if we work together I am a terrible record keeper. I used to do my taxes on my own but this is just overwhelming. I have bank records, credit card records but no hard copy receipts. I did pay taxes through the online systems however I don't know if the amounts were adequate. I have not drawn a salary as I just learned I was supposed to be doing. I also have not been filing quarterly taxes. What I would like to do is have last year and this year's taxes prepared, catch up on any money that I do owe the government, and try to arrange everything so that my tax situation is a more beneficial one. I wanted to contribute to my retirement plans last year but I missed the deadline so I don't know if there's a way to catch up and back date that. I'm also buying a car soon which I would like to have as a business expense. I need some help. If you could give me some information as to your fee structure and availability I would appreciate it. I believe I have until sometime in October to get these returns filed. please let me know if this is something you would like to work with and what our next steps would be thank you, Michael Roberts
Asked Thursday, October 05, 2023 by Michael R.Sign in to Answer
Tax credits
I have a second home and wonder if tax credits can be used for insulation, siding, etc?
Asked Thursday, October 05, 2023 by Tom N.Sign in to Answer
help me read schedule k-l
I don't understand what the lines and numbers mean on the Schedule k-l. I was wondering if someone could go through it with me. It can be done over the phone.
Asked Thursday, October 05, 2023 by Sally W.Sign in to Answer
Tax Forms For Deceased and Estate
My mom passed away earlier this year and I am the Successor Trustee and Executor. All real estate and bank accounts were in the Living Trust so no probate. I filed an extension ealier this year, 2023, so have to do her last 1040 taxes by 10/15/23 and then next year estate taxes. I applied for and received a new EIN number. The local counties (CA) were notified about her death on their 502 forms for property tax purposes. I have several questions. 1) I believe I use a 1040 taxes write final on it but do I use her old social security number or the new EIN number I got for the estate ? 2) I think I use a 1040 and write final return on it?, but we are still in the process of selling several properties, those sales may not happen until next year what form do I use to do I use for those, form 1031 and 760 and 1310? There was 6 months of rental income after her death , I assume that goes toward the estate form and not her final 1040? 3) There is also an REIT that is locked up and going through bankruptcy court and may not be settled for a few years? How is that handled? 4) I’ve used H&R Block’s Taxcut for years but I see Taxact has an Estates & Trusts tax software, any opinion on best software to use?
Asked Thursday, October 05, 2023 by Todd C.Sign in to Answer
Taxable gifts
Hello! My husband won a motorcycle valued at $20,000. We made $80,000 this year jointly. We are trying to figure out how much we can expect to pay in taxes. We would also like to know how much we can expect to pay in taxes if we were to sell the bike at value. Any insight you can offer us would be greatly appreciated!!
Asked Wednesday, October 04, 2023 by Ashley W.Sign in to Answer
Taxable interest income
I have CD and treasury bills I just began in July of this year with money I already had with fidelity. Is the interest income taxable? What if I withdraw that money? I am 62 and on disability. The answer I found says at my age that money is not taxable.
Asked Wednesday, October 04, 2023 by Charlene W.Sign in to Answer
Early retirement refund
Hello, I am taking a refund of my maine state retirement. The amount is 47,000. I was told 20 percent would be taken out for federal and 5 percent for state. What should i expect when i file taxes. Would i need to pay more?
Asked Wednesday, October 04, 2023 by Chris L.Sign in to Answer