Unanswered Tax Questions

Deductions and Write-Offs

Private School Scholarships

I want to enroll my child in a private school. The school is specifically designed for students with special needs and an IEP. I want to ask some local businesses to consider donating to a scholarship fund for him, and I want to find out how they could possibly do it as a tax deduction/write-off. We are in Georgia, if that makes a difference.

Investment and Finance

What to do with crowdfunded money

I am crowdfuning for a theatrical production. Is it better for me to take the procedes of the campaign and give it to my producer or to keep the money in my LLC bank account and write checks as needed. If I give it all to my producer it will an investment.

Investment and Finance

Early withdrawal from Roth account

Hello. Thank you for you help with my question. So I had a simple ira acount from a previous employer that I rolled into a Roth account about 2.5 years ago. When I did this I paid taxes on the value of the account. I recently decided to withdraw the money from This account and close it. They just sent me the money, but they left a small amount in the account. The amount they left in the account is about 22.85% of the amount that the account grew since I rolled the money into it. My question is since I paid taxes in the money deposited in the account will I only have to pay taxes on the amount the account grew? Is that amount that they left in the account going towards those taxes? I believe they will send me a form so I can also pay the 10% penalty when I file my taxes next year. Thank you so much for your help

Family Issues

Get IRS forms to file returns

To file tax returns for deceased family member I need to get copies of form 1099 INT from IRS. How do I do this? How many years back are these forms available for?

Business Formation

Will NOLs and other losses like depreciation be transferred from prior years taxes if the sole prop is changed to an llc?

Currently the business is a sole proprietorship but want to change to LLC then scorp. Will NOLs and other losses like depreciations be carried over to the LLC?If so how far back in taxes will this go? There are three rentals and also IRAs that will all be separate LLCs. Also will carryover losses from IRAs transfer to the llc too? If so how far back or how many years?

Payments and Penalties

1099s

July acquired a home through probate. Sold home yesterday. Was given a 1099 s. If the amount on form is $185,000 how much tax will my husband and I owe It was not our residence

Deductions and Write-Offs

Crowdfunding Taxes

Hello. I'm an actor and filmmaker creating a small-scale cinematic project. My intention is to secure funding through a crowdfunding platform such as Kickstarter, IndieGogo, Seed&Spark, or GoFundMe. I have a query regarding the financial aspect: If I successfully raise funds in 2023 but get to the actual filming in 2024, how will these funds be treated in terms of income and expenses for tax purposes? Specifically, must I report the donations as income in 2023, even though we won't start incurring filming expenses until 2024? Additionally, can I offset this potential income by claiming a loss in 2023 before our filming activities begin in 2024?

Deductions and Write-Offs

K1 Passthrough expenses

I have a K1 where Line 13W has a dollar amount in it. The following warning comes up after I enter everything into the computer system (below.) Are pass through expenses deductible and where would I add these in if they are deductible? I looked under "Miscellaneous deductions" but none of the categories seemed to fit this situation. Computer System Warning: Enter Other Deductions Elsewhere Amounts entered in Box 13 of your K-1 with a code of W for "Other Deductions" need to be entered on the appropriate screen based on the type of deduction. The K-1 should have a description that explains what type of "Other Deduction" is contained in Box 13. K1 Information: LINE 13 - OTHER DEDUCTIONS ========================== W OTHER DEDUCTIONS ------------------- OTHER DEDUCTIONS INCLUDED IN ITEM L, CURRENT YEAR INCREASE (DECREASE) OTHER PORTFOLIO DEDUCTIONS XXX (hidden for privacy.) FROM PASS-THROUGH ENTITIES XXX (hidden for privacy.) TOTAL BOX W 928. --------------- ===============

Small Business

Can i Deduct inventory right away when purchased

Can i Deduct inventory right away when purchased under cash method

Miscellaneous

Do I have to pay a gift tax if I buy someone a 175K car?