Unanswered Tax Questions
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Taxes on sale of vacation home
I owned a vacation home for 20 years. It is not my primary residence. In early 2021 I contracted for a new vacation home to be built. Due to Covid there were numerous delays and the new house was not finished until November 2022. The new house is also not my primary residence. I placed the old house on the market as soon as the new one was finished. The old house sold in January of 2023. Both the old and new house are held in a revocable trust. Do I have to pay capital gains on the sale of the old house or can I roll over the gain into the new house?
Asked Saturday, October 07, 2023 by Ronald C.Sign in to Answer
Capital Gain on Sale of Home
We sold our residence of 25 years for 929k. [It's our only house.] We paid 234k for it in 1998. We file a joint return and our taxable income will be under 88k for 2023. Do we have to p!ay capital gain for the gain over 500k? Thanks!
Asked Saturday, October 07, 2023 by Tim C.Sign in to Answer
Capital Gaims Tax Calculations
I live in Ohio. I am investing in crypto currency. I buy botcoin and send it to a management company who then earns a profit and has me withdraw the value of the portfolio every 2 weeks as USD. How is this taxed? Is it taxed each time I withdraw? Or is it taxed at the end of the fiscal year based on total net capital gains? Or am I saying the same thing a different way? Thank you,
Asked Friday, October 06, 2023 by Ridge J.Sign in to Answer
college scholarships and taxes
Are scholarships (college freshman) taxed? counted as income? last year , 2022, local community college had Free Tuition for HS grads entering as freshmen (covid help) Is that considered a scholarship?
Asked Friday, October 06, 2023 by S W.Sign in to Answer
2023 Mandatory Update Federal Tax Withholding Calculations
I have two (2) sources of personal income i.e.: social security benefits (age appropriate), and pension annuities. January 2023 IRS requested employers to update each retiree filing status, and include a flat dollar amount to be withheld each month. What's my expected Federal Tax withholding calculations for an AGI for 2023 filing $76,497.84?
Asked Friday, October 06, 2023 by Gwen P.Sign in to Answer
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