Unanswered Tax Questions
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Mobile Home
Are the profits from selling taxable . Been my residence for 4 years
Asked Tuesday, September 26, 2023 by Jeffrey H.Sign in to Answer
Union 1st Year apprenticeship in Washington State- moving from Oregon now
I live in Oregon. Obtained electrician apprenticeship 1st year of 5 year program last week in Washington state. Need assistance on what to claim on W-4 and is it better to become WA. resident? I am young and this is first time on my own.
Asked Tuesday, September 26, 2023 by Tate P.Sign in to Answer
Nc taxes
I received a 1099nec, live in SC working NC. Don't know how to file this or if I have to.
Asked Tuesday, September 26, 2023 by Janis S.Sign in to Answer
Rolling an old SIMPLE IRA into a solo 401k - Pros / cons?
Hello, I am considering opening a solo 401k from Nabers (self employed, sole proprietor). I am mainly attracted to the plan because I could borrow a % of the 401k balance for emergencies, but it will take me some time to build the fund up. I have an old SIMPLE IRA (6 years old). I was thinking, to increase the amount I might be able to borrow in an emergency, to roll the SIMPLE IRA over the solo 401k. My concern is that some of the equities I have in the SIMPLE have lost value but could recoup the value in the next few years. If I liquidate and roll over, aren't I "locking in the losses" in the SIMPLE? If so, is it possible to only sell certain equities and roll them over to the solo 401k? I'd appreciate any ideas on how to do this better.
Asked Tuesday, September 26, 2023 by John S.Sign in to Answer
LLC Setup: Holdco Out of State for identity protection
LLC structure related with out of state LLC Holdco to protect identity. I have an LLC in Texas, live in Texas, would like to transfer this llc to be Sub of out of state holdco. I will setup more LLC subs in TX. I want a Holdco in a state to protect identity, like WY to hold these LLCs. The out of state motivation is identity protection, not tax benefit. The tax benefit from the holdco would be to hold assets to benefit all LLCs. Question: How complicated will this make 1) tax returns and 2) setup costs? Will I have to file a return in Wyoming for the LLC subsidiaries in TX, or just the WY holdco? Vice Versa?
Asked Tuesday, September 26, 2023 by Brian H.Sign in to Answer
Taxes on land purchase
If the state of Indiana buy some of your land for road expansion. Do you pay state and federal on the purchase
Asked Monday, September 25, 2023 by DeWayne G.Sign in to Answer
Deceased taxes
I currently have a lawyer to close my deceased mother's estate the lawyer is stating I need some kind of proof that my mother does not owe any taxes how do I go about doing this?
Asked Monday, September 25, 2023 by Kenda G.Sign in to Answer
whether best to itemize sales tax, medical expenses, property taxes, and other deductions,or not.
I understand there is a standard deduction that will cover all this, but don't know how to use it, or how much it is. We have an accountant, but she charges so much, hope to find the answer before I submit our info to her. Each year I spend so many hours adding everything, so I don't make mistakes. We need to go to her because of investment taxes, I don't know how to figure. My husband and I are seniors, 94, and 89, with not that much income. Any help you can give us will be greatly appreciated.
Asked Monday, September 25, 2023 by Joan S.Sign in to Answer
My Mother's Estate
I am the Successor Trustee for my mother's estate. My mother passed away on June 5, 2023. Her only income was social security. She had filed a federal income tax return every year. She never owes anything or receives a reund. I sold her home, through the trust in July of 2023. I have 2 questions; Do i need to file a federal income tax return for her for 2023? Does the trust need to pay capital gains tax on her home? Her home was purchased by my father in 1992, in AZ. My father passed in 2011, the house went to my mother. She put in in her trust in 2013. I sold the house in July of 2023.
Asked Monday, September 25, 2023 by Larry R.Sign in to Answer
Filing Head of Household
Hello! I am a single (divorced as of 2017) woman, homeowner (home purchased in 2014) who supports my adult child (will be age 22 in December). My child has worked off and on throughout 2023, has likely earned less than 10k, but will still probably file taxes in order to get back what was paid (but I am of the understanding that if it's less than 10k, they do not need to file). They are currently unemployed (not receiving unemployment compensation) as of July . I am no longer able to claim them as a child dependent, but still receive credit for them as an adult dependent on my tax return. I was led to believe that if they are under age 24, and NOT a full-time student, I am unable to file head-of-household, despite the fact that I support the entire household (which consists of me and my child) and I paid 100% of their living expenses (any money my child earned is 'fun money'). My child is not attending school at this time, and did not attend school at any point during 2023 (but hopefully this will change for 2024). Please let me know if I am still eligible to file HOH or if I'm forced to file single. I have filed as HOH for the last 5 years, but I'm experiencing some confusion now with regard to my child's age, work/income and school status. Thank you in advance for reading and responding!
Asked Monday, September 25, 2023 by Karen O.Sign in to Answer