Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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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
Can i deduct interest on this cash back loan?
I’ve read that interest on a cash back loan taken out after 2018 & secured by a primary residence cannot be deducted when itemizing if you don’t use the cash to improve the residence. in 2023 i’ll itemize for the 1st time because i just bought a 2cnd home. i took out a cash back loan in 2014 & used the cash to improve a rent house & not for my residence. Can i deduct the interest, based on the date of the loan?
Asked Monday, October 09, 2023 by d p.Sign in to Answer
Tax
I’m considering buying 2 homes. A has $12,000 property tax, B has $6,000 property tax. With the SALT (state and local taxes) cap being removed in 2025, does this mean these taxes are practically the same?
Asked Monday, October 09, 2023 by Stephen A.Sign in to Answer
Treatment of Loan amount in zero cash flow property investment
How will the principal amount of the loan will get reduced every year in the books of the owner of zero cash flow property as the tenant is paying the mortgage payments directly to lender. what is the JE? Investors can deduct interest and depreciation expense, but what happens to the loan amount will it keep increasing every year as the interest entry is crediting the loan. what happens to the loan in owners books when the loan is paid off completely by tenant?
Asked Saturday, October 07, 2023 by Rachel S.Sign in to Answer
Capital gain on house exclusion
I bought a house in one state in 2016, lived there full time then moved to another state in 2022. We have never rented the house or had any other real estate sales. We sold the house in 2023, for a 1m gain. The house was used continuously since I commuted to work in that state and the house is about a mile from my employment. We definitely meet the test of living in the house 2 out of the previous 5 years. I've received advice from a CPA that we can exclude the 500,000 from the gain, but the tax publication seems to require that the house be the primary residence at the time of sale. My CPA says that is not necessary. Our primary residence was the other state post-2022. Can we take the exclusion?
Asked Saturday, October 07, 2023 by Sean M.Sign in to Answer
What do I need to file before dissolving my LLC
Hello, Last year, I established a Wyoming LLC, with the help of Northwest Registered Agent. I managed to get EIN for my company and acquired a bank account. I intended to set up an online drop shipping business. Unfortunately the business idea wasn't fully pursued and I'm now thinking of dissolving the LLC. I found it challenging to find proper information regarding the taxes. I have not filed anything yet. There were only two transactions with my company's bank account. One for $0.10 and the other for $0.19, both were initiated by PayPal when I was trying to set up the account. I'm co-owner of the LLC, my partner and I both are non US residents. What forms do I need to file? How should I proceed? Please help me, I'm very confused.
Asked Saturday, October 07, 2023 by Luka L.Sign in to Answer