Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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Capital Gains Tax
We bought a property in Austin, TX in May 2020. We moved to Seattle, WA in July 2021 due to work. We are selling our property now potentially closing in Oct 2023. Questions: - When do I have to pay capital gains? now or Next year by April? - Is there any mechanisms I can use to save money?
Asked Saturday, September 16, 2023 by Salman M.Sign in to Answer
Is interest on a personal loan tax deductible if the loan is used to invest?
Hi, if I take out a personal loan with an X% interest rate, and I take that personal loan and invest as an LP in a PE fund, is the X% interest tax deductible? Would an LLC be required to be setup?
Asked Friday, September 15, 2023 by Brian M.Sign in to Answer
Form 593
I sold my house under the 2 year mark. I want to claim exempt from real estate witholding. I have to submit form 593 to the title company but not sure what number to check
Asked Friday, September 15, 2023 by Nicole H.Sign in to Answer
Charitable contributions
I know that the IRS limits clothing contribution. T0 $500. If I donate $1,000 of clothing, can I carry forward the difference? Also, if I donate $500 of tools, as it is a different a. "Different category:", can I deduct tools an9d clothing, can I deduct both and get a $1,000 total. Thank you.
Asked Friday, September 15, 2023 by barry s.Sign in to Answer
Paying Bonus to company owners from a life ins policy.
Company received life insurance money. Can we pay give that to the 2 owners in a bonus form if we provide a 1099 so they claim it on their taxes. Because it was a life ins payment. The business receives it tax free but if we pay the owners equally in bonus, how would they claim it on their taxes. SHould it be done through pay roll or can we just pay 2 checks to them and provide a 1099? Please advise
Asked Friday, September 15, 2023 by Paula F.Sign in to Answer
Do I need to charge sales tax?
I live in Texas, have a regular full-time job but will do graphic design jobs on the side as a freelancer. I charge clients by the hour and send files to the printer to be printed. Am I supposed to charge sales tax on my time? I file a 1099 every year for freelance jobs but didn't think I needed to charge sales tax since they're not buying a product from me, just paying for my service.
Asked Friday, September 15, 2023 by Robin E.Sign in to Answer
want to know how much tax i owe on land i sold and how to do on my taxes
I sold some land and i got less than the assessed value. how do i calculate my taxes owed for tax return
Asked Friday, September 15, 2023 by deborah g.Sign in to Answer
Offsetting w2 income
Hi, I am projected to be in the 35% tax bracket and would like to know what I can do to offset my w2 earnings. I am not looking for anything related to 401k/Roth/HSA.
Asked Friday, September 15, 2023 by Serge V.Sign in to Answer
Can I move my tax state if I don't have a lease contract yet, while traveling.
Hi, I'm looking for advice on the process of moving my tax state in 2024, while traveling. - File taxes in CA, lived there the past 5 years. - I'm on O1 Visa. - Currently traveling outside of the US. - Planning to stay 6 or more months in FL state. - Can I move my tax residence for the 2024 year, if I don't lease an apartment immediately when the year starts? - Plan is to be abroad the first 3-4 months of 2024, and then lease an apartment in FL for 8 months and live there. Can I still withhold taxes or do I have to pay it at the end of the year? Thanks, João
Asked Friday, September 15, 2023 by Joao A.Sign in to Answer
Returning to workplace that I left and took my 401k
Retired out of a company I worked for for 34 years(left at the age of 55)and transferred my 401k. I have been gone from company for 6 months and have been asked to come back parttime. Have been told going back to company could cause red flags with IRS and could be penalized on my 401k. Do not want to go back to company if this is the case.
Asked Friday, September 15, 2023 by Sharon C.Sign in to Answer