Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsTaxable gifts
Asked onWednesday, October 04, 2023 by AshleyHello! My husband won a motorcycle valued at $20,000. We made $80,000 this year jointly. We are trying to figure out how much we can expect to pay in taxes. We would also like to know how much we can expect to pay in taxes if we were to sell the bike at value. Any insight you can offer us would be greatly appreciated!!
Taxable interest income
Asked onWednesday, October 04, 2023 by CharleneI have CD and treasury bills I just began in July of this year with money I already had with fidelity. Is the interest income taxable? What if I withdraw that money? I am 62 and on disability. The answer I found says at my age that money is not taxable.
Early retirement refund
Asked onWednesday, October 04, 2023 by ChrisHello, I am taking a refund of my maine state retirement. The amount is 47,000. I was told 20 percent would be taken out for federal and 5 percent for state. What should i expect when i file taxes. Would i need to pay more?
Buying Car in Canada as NY Resident Sales Tax
Asked onWednesday, October 04, 2023 by NicholasI am a resident of new york and looking to buy a vehicle in Canada. Specifically ontario where they have a 5% federal tax rate and 8% state tax rate so 13% tax total. Although I am not a resident there I am being told I need to pay state and federal tax on the car so when bringing the car to new york am I able to get a tax credit or deduction towards the new york sales tax? I saw an article about reciprocal credit for sales or use taxes paid to other taxing jurisdictions but I am not sure on how it works.
What do I need to have set up as a business to pay a 1099
Asked onWednesday, October 04, 2023 by LuisI pay a friend about $500 a month to help me with my work that I get paid for, I have paid him well over $600 since last April, if I issue a 1099do I need a business llc or anything to pay him? Can I pay him as an individual? Once he leaves I will find another employee. Thank you very much
Church pastor taxes housing allowance
Asked onWednesday, October 04, 2023 by RyanI pastor small church and last year they started paying me a small salary to cover my housing. What should I do if the amount I'm paid only covers my housing and nothing additional? I know that clergy taxes are different but I've never had to file them before. How should I file? I've filed an extension to be filed by Oct 16 but I don't know the process or procedure for filing for minister taxes. Pleas help. Thank you
Gifting Money from Sale of Homes / Capital Gains Tax
Asked onTuesday, October 03, 2023 by Dylan and MakaylaHello! We are selling 2 rental properties in California that have been owned for more than 2 years by our Dad. He's been renting them to me and my brother. Our Dad wants to transfer ownership of these homes to us, but we plan to sell them and move to Missouri in the next 3-6 months. Our plan is to take the Capital Gains hit. We're assuming the 2 properties will sell for 550,000 and the cost of them (including closing costs) will probably be about 225,000. This will leave us with 325,000 that we'll owe capital gains on. Since our Dad has owned them for more than 1 year, it seems like it's better to have him pay Capital Gains Tax of about 48,750 (guessing his tax bracket is over 100k) out of the money he receives for the sale of the homes and then to gift us the remaining funds and to file a 709 Gift Tax Form. Then we can purchase the new home (the 2 of us brothers are going in on a property together) in Missouri with the funds he gifted to us. Questions: 1. Does that sound correct? 2. Is there a better way to do this? (Dad isn't interested in a 1031 exchange and to continue renting to us, he wants to transfer the value of these homes to us, so we can handle it moving forward) 3. If my Dad gifts us the money, will it impact our personal taxes? Or do gifts not count towards income? 4. What kind of support would you recommend for this plan? A CPA? Thank you for your time, Dylan
Grown child with disabilities
Asked onTuesday, October 03, 2023 by MarcieI made 25,000 this year my son who lives with me made 24,000 survivor benefits with a back payment, his step dad is making 39,000. Can we still claim our son as a dependant? How should we file together or separate?
Divorce year filing status
Asked onTuesday, October 03, 2023 by KellyI will be divorced officially in October of 2023, what is my filing states for 2023? May I file as single head of household? We have maintained separate residence for the past 3 years but filed as married.
Paying myself
Asked onTuesday, October 03, 2023 by NelsonAs a business owner of an llc I am thinking of paying my self as an employee and paying myself a salary. Can I just add myself as an employee on QuickBooks or is that not a good idea as an owner