Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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Mortgage assumption
My daughter is going to assume our VA mortgage. I had our lawyer add her on to the house deed but he stated we might have to pay taxes and that we should contact a CPA
Asked Sunday, September 24, 2023 by Cheryl M.Sign in to Answer
Municipal Bond De Minimis Less Than 1 Year to Maturity
Does the Municipal Bond De Minimis rule apply to bonds with less than 1 year to maturity? Not a bond originally issued for less than a year, but say a bond that had an original maturity of 10 years issued in 2013 purchased in 2023 with 6 months to maturity. If so, is the de minimis cutoff still 0.25%?
Asked Sunday, September 24, 2023 by Zdravko P.Sign in to Answer
Basis for inherited property
Grandfather willed a farm to my mother, "for her natural life" after which he directed it go to her children. He died in 1977. Mom kept and ran the farm from 1977 until her death in 2020. Children sold the farm in 2022. For the purpose of determining capital gains, is our tax "basis" the value at the time of grandfather's death in 1977 or the value at the time of mother’s passing?
Asked Saturday, September 23, 2023 by Bill K.Sign in to Answer
Amazon Vine Income?
I am new to the Amazon Vine program. You receive free stuff for submitting reviews. Amazon sends a 1099 if you go over the $600 limit. I am a senior on social security and want to know how this would impact me. I file jointly with my husband. I have read so much stuff that even if you are below the $600 you should report it. Many say to report as a hobby or business income. I am so lost on this.
Asked Saturday, September 23, 2023 by India M.Sign in to Answer
Long term capital gain
How much tax would be owed on long term capital gain of $800k with an annual income of less than $35k in Pennsylvania.
Asked Saturday, September 23, 2023 by Rebecca C.Sign in to Answer
Long term capital gains
If I made 10 thousand in personal income, but sold stocks for long term capital gains of 100k, is that 100k tax free? Or, are those long term capital gains considered as part of the calculation of personal income? Basically the question is about the exemption of long term capital gains if your income less than 44k
Asked Saturday, September 23, 2023 by Seth K.Sign in to Answer
Filing status
Can I file single head of household if married to protect me from paying my spouses child support?
Asked Friday, September 22, 2023 by Rockelle W.Sign in to Answer
Draft Kings
I’m a college student who has no income. However, I recently won a Draft King’s bet of $750.00. Do I need to report that on my taxes along with my student loan refunds?
Asked Friday, September 22, 2023 by Nicole D.Sign in to Answer
Circuit breaker
Is Stonebridge townhomes eligible to rent pay reimbursement
Asked Friday, September 22, 2023 by Raylecia M.Sign in to Answer
Dont want to get into trouble
Just want to know if I can pay all my taxes do at the end of the year
Asked Friday, September 22, 2023 by Teresa S.Sign in to Answer