Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax Questionswhether best to itemize sales tax, medical expenses, property taxes, and other deductions,or not.
Asked onMonday, September 25, 2023 by JoanI 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.
My Mother's Estate
Asked onMonday, September 25, 2023 by LarryI 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.
Filing Head of Household
Asked onMonday, September 25, 2023 by KarenHello! 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!
Mortgage assumption
Asked onSunday, September 24, 2023 by CherylMy 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
Municipal Bond De Minimis Less Than 1 Year to Maturity
Asked onSunday, September 24, 2023 by ZdravkoDoes 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%?
Basis for inherited property
Asked onSaturday, September 23, 2023 by BillGrandfather 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?
Amazon Vine Income?
Asked onSaturday, September 23, 2023 by IndiaI 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.
Long term capital gain
Asked onSaturday, September 23, 2023 by RebeccaHow much tax would be owed on long term capital gain of $800k with an annual income of less than $35k in Pennsylvania.
Long term capital gains
Asked onSaturday, September 23, 2023 by SethIf 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
Filing status
Asked onFriday, September 22, 2023 by RockelleCan I file single head of household if married to protect me from paying my spouses child support?