Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax Questionsdo I pay taxes twice on the same income?
Asked onSaturday, September 16, 2023 by rayI 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?
Roth questions
Asked onSaturday, September 16, 2023 by AndrewI 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?
None
Asked onSaturday, September 16, 2023 by MaySo 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
Capital Gains Tax
Asked onSaturday, September 16, 2023 by SalmanWe 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?
Is interest on a personal loan tax deductible if the loan is used to invest?
Asked onFriday, September 15, 2023 by BrianHi, 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?
Form 593
Asked onFriday, September 15, 2023 by NicoleI 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
Charitable contributions
Asked onFriday, September 15, 2023 by barryI 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.
Paying Bonus to company owners from a life ins policy.
Asked onFriday, September 15, 2023 by PaulaCompany 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
Do I need to charge sales tax?
Asked onFriday, September 15, 2023 by RobinI live in Texas, have a regular full-time job but will do graphic design jobs on the side as a freelancer. I charge clients by the hour and send files to the printer to be printed. Am I supposed to charge sales tax on my time? I file a 1099 every year for freelance jobs but didn't think I needed to charge sales tax since they're not buying a product from me, just paying for my service.
want to know how much tax i owe on land i sold and how to do on my taxes
Asked onFriday, September 15, 2023 by deborahI sold some land and i got less than the assessed value. how do i calculate my taxes owed for tax return