Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsProperty Settlement After Divorce
Asked onMonday, September 18, 2023 by WalterHello, My house was foreclosed several years ago while I was still married. Since then, there has been a class action suit and which was settled with the county. They issued a check for the settlement in the name of my ex wife and I, with my SS# on the check, it was reported to the IRS. How will The taxes work, will I have to pay all Of them or will she lay her portion?
5 year rule for 403b to Roth IRA rollover
Asked onMonday, September 18, 2023 by JIf I rollover $ from a 403b to a Roth IRA each of a few years, do they each have a separate 5 year waiting period for withdraws or can all be withdrawn 5 years after the initial rollover?
401k rollover and employment
Asked onMonday, September 18, 2023 by SLeft a company 6 months ago for early retirement and moved my 401k to another account which I will withdraw from yearly. The company I left now wants me to come back part time. I was told that this could possibly flag the IRS and I could get penalized for moving my money, them thinking I did it so I could get my hands on my 401k. Can I go back to the company parttime or am I better off not doing so.
Exchanging stocks for cash with kids
Asked onMonday, September 18, 2023 by WillI 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?
wrongful death settlement
Asked onMonday, September 18, 2023 by NANCYI 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
do 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?