Unanswered Tax Questions
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Plasma donation
In Washington state, do I need to count money I gain from donating plasma as part of my income?
Asked Sunday, September 10, 2023 by Robert T.Sign in to Answer
Tricky question that I need guidance
I am a US taxpayer (citizen) who owns a foreign business that does business in the US.(call center) I jointly file with my wife who is a dual citizen. We moved abroad almost exclusively during covid 19 height. She started a small business ( call center) that provides outsourced reps to a US based hospital. I was hoping to know 3 main questions. 1. With filing, should this be included in our tax filing on or about Feb./March? 2. If so, are we able to claim standard deductible purchases for the business ( tools, supplies, office space, utilities, business travel, ect.) 3(a) Any foreign taxes (filings) are the able to be claimed as business expenses? 3. (B)And should we/she file an itemized or standard filing? I greatly appreciate any assistance as we are not rich and the small business is estimated to gross approximately 3, 000 usd currently at this pace. Next year it should approach 10,000.
Asked Sunday, September 10, 2023 by Matt D.Sign in to Answer
Didn’t take RMD’s from inherited IRA established in 2007
we really screwed up as we didn’t know they were different laws for inherited IRAs. So I haven’t been taking required RMD’s until that last year when I turned 72 and had to take one of my own Short version – my dad died in 2007 and I received an inherited IRA in 2008. I believe I converted it to my own, but I don’t remember at all what I did back then. I had no idea that I was required to take RMD‘s once he died so the money’s just been sitting there. I realize I owe money but I’m looking now for the easiest option to deal with it. I would rather not have to go back and re-file taxes from 2008 on, so if there’s a way even with penalties that I can do something relatively simpler than that I would love to know about it. I am not a high net worth person – altogether my wife and I about $200,000 worth of stocks and retirement accounts and don’t own a home so I don’t have a lot of money for an accountant but if I have to I will. My dad was 82 when he died, and I believe had taken his RMD’s, including the one of his year of death. I’m really anxious about this, so any advice or help would be much appreciated. As you can tell neither my wife or I are financially savvy.
Asked Sunday, September 10, 2023 by Rob S.Sign in to Answer
Tesla model 3 tax rebate
I am planning to buy a tesla model3. Based on 2022 tax year filing which was done in april 2023 my adjusted gross income with my wife is less than 300K. In 2023 my adjusted gross income is going to be > 300K. If i buy a car right away is there a way i could use the 2022 tax filing to get the 7500 federal rebate?
Asked Sunday, September 10, 2023 by Pradeep R.Sign in to Answer
Am I responsible for my spouses unfiled taxes if I have no income
Am I responsible for my spouses unfiled taxes if I have no income
Asked Sunday, September 10, 2023 by Dru H.Sign in to Answer
Income tax
I’m going to be receiving a check from the government soon from the camp lejeune water contamination case and I want to know if that money will be taxed
Asked Saturday, September 09, 2023 by Randy H.Sign in to Answer
Real Estate Transfer Tax Question
I have taken ownership of my fathers house after he passed by a Decree of Descent signed off by the probate judge in Kansas, but I haven’t deeded it in my name yet and don’t know if I need too. The question is: since I was his executor can I quick claim the house to my spouse as a heir transfer as his daughter in law without triggering a federal tax? I already know there is no state tax involved if I do that. If so, how much is it, or how do I do the transfer without a tax issue? We plan to fix up and flip the house as well, so hopefully there will be write off’s.
Asked Saturday, September 09, 2023 by Tower C.Sign in to Answer
Moving for work, purchased new home, eligible deductions
I am moving to a new city that is 398 km away for a new job. I have purchased a new house in this city. I own my current home in the old city. Despite efforts to sell, we have ultimately decided to rent our old home due to the slow real estate market currently. My question is, am I still eligible to claim the land transfer tax on the purchase of the new home (as I am moving for work and will be >40km closer to my new workplace) despite not selling my old home. Thank you
Asked Saturday, September 09, 2023 by Jonathan P.Sign in to Answer
Do you have to charge sales tax on parts sold?
We are starting a small business and we are paying sales tax on our parts. We would like to just use a set price for our services and parts used. Can we do that or do we have to break out the parts used and charge sales tax on those?
Asked Friday, September 08, 2023 by Sherry R.Sign in to Answer
Security Depisit
A security deposit in for $195.00 in 1968, sat gaining interest until 2023 (55 years). How much should be owed back to the tenant?
Asked Friday, September 08, 2023 by Stefanie C.Sign in to Answer