Unanswered Tax Questions
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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
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