Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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Exchanging stocks for cash with kids
I would like my kids to transfer stock to me that has unrealized capital gains. I will transfer the market value of the shares to them in cash. This makes me responsible for capital gains taxes if I sell the shares. Can I do this without tax liability?
Asked Monday, September 18, 2023 by Will H.Sign in to Answer
wrongful death settlement
I have a wrongful death settlement that will be distributed in two parts. To the estate and to the heirs. I am in the state of florida and would like to know if the estate settlement is subject to taxes
Asked Monday, September 18, 2023 by NANCY W.Sign in to Answer
do I pay taxes twice on the same income?
I wager crypto currency on sports. first I buy bitcoin. I deposit into my sports website account. with the bitcoin I place wagers. when I win I have the bitcoin sent to my bitcoin wallet. from there I sell it. now do I pay taxes on the crypto gained plus pay the taxes on the sold crypto? do I pay twice for the same money?
Asked Saturday, September 16, 2023 by ray m.Sign in to Answer
Roth questions
I have 2 questions, both are about Roth IRA. 1) Can I max out my 401k and still max out an a separate Roth IRA in the same tax year? and 2) Inside a Roth, if I receive and premium trading options, is that premium taxable? or are all events in a roth non-taxable?
Asked Saturday, September 16, 2023 by Andrew B.Sign in to Answer
None
So I’m a single parent my daughter is 24. Could I claim her as a dependent because she lives with me and I pay for her health benefits. Could I claim her as a dependent without impeding her ability to claim herself on her job and claim herself when she files her taxes? Thsnks
Asked Saturday, September 16, 2023 by May J.Sign in to Answer
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