Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
How does it work?
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
Lost access to bank account used for tax refund
I can't access the bank account that my refund was deposited in how can I get my money
Asked Friday, September 22, 2023 by Sierra W.Sign in to Answer
Hobby Dog Breeding?
I've been told that the 2 litters my two dogs have had this year are considered taxable income. I don't have a business and don't plan on getting multiple sets of dogs to breed. Would I still need to claim the money earned from selling the puppies on my taxes?
Asked Thursday, September 21, 2023 by Tiffany C.Sign in to Answer
Capital gain on land
Sold vacant land in 2022. 2 acres. bought in 2019. What IRS form?
Asked Wednesday, September 20, 2023 by Randall B.Sign in to Answer
QSUB W9
We are a QSub with our own name and FEIN however our income taxes will be filed under the parent company's name and FEIN. How should we fill out the following fields on a W9 when providing our information to customers? Line 1: Parent Company's Name or QSub's Name? Line 2: ? Employer Identification Number: Parent Company's ID or QSub's
Asked Wednesday, September 20, 2023 by Lindsay W.Sign in to Answer
Adult Dependent Relatives
This is a weird one but - one of the stipulations of covering any dependent is that they cannot be married filing jointly, with one exception: if they are filing for the sole purpose of receiving a refund of payment of estimated taxes or withheld income taxes, but neither one would be required to file or have any income tax liability. I had realized a few weeks ago that I could cover my mother as an adult dependent, as I live with her and I am responsible for over 50% of her expenses. I went to file an amended return, however, I found out she filed a return with my father last year, jointly. Neither of them were required to file their taxes - their joint income was $155 (lol). They did it trying to get a refund, but they got no refund. However, they also didn't owe any taxes. they didn't receive any credits either. Does this disqualify me from covering my mother as a dependent? the examples the IRS give do not address this - they go over a similar scenario, where a dependent married and filing jointly files their taxes to claim a tax credit, which does disqualify those dependents, but that is because the purpose was to get an alternative credit, not a refund. My folks filed taxes because they hoped they would get a refund and when they saw they had $0 refund, thought they still had to file anyway and submitted it. it seems weird to disqualify them as dependents in that regard when neither were required to file a return and they owed and received nothing.
Asked Wednesday, September 20, 2023 by Jared T.Sign in to Answer