Unanswered Tax Questions

Home Ownership

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.

Deductions and Write-Offs

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

Small Business

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?

Miscellaneous

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?

Deductions and Write-Offs

Charity

Can I theoretically donate all the money my business makes to a charity I'm on the board of and then get paid that money back by the charity and still write off the initial donation

Deductions and Write-Offs

Managing Member

If I personally pay company state tax liability can I write this off on my personal federal tax?

Personal Taxes

401k

I'm under 59 1/2. I'm in IL. I'm cashing out my 401k after quitting my job. I have 50,011 in it. I was told 20% goes to federal taxes and 10% goes to state. The calculator on the trowe site isn't adding up right. How much should I be paying in taxes so I don't have to owe at tax time?

Education

Would it be beneficial to change filing status for student loan repayments?

I am not sure if this is the best place to ask this, but I am not sure where to go with this question. I currently owe 120k on my student loans. My husband makes about 100k more than I do. With our combined incomes, my monthly payment is 1200. With my income alone, it brings the payment down to about 500 a month. I am trying to find the best option in the long term, financially speaking. I am planning on getting them forgiven on the PSLF in 10 years. I am interested in trying to make our incomes separate, as it will greatly help with the bill. Would it be most beneficial to change our filing status from married filing jointly to filing separate? Or should we divorce on paper? Also, how will the filing status affect us buying a home? For reference, we live in WA and our combined income is 173,000 a year (99k for him and 74k for me). Thanks!

Self Directed IRA

Tax amount

Deductions and Write-Offs

Supercar write off

Hey! So my business model is E-commerce, and I also have a course on the side. I was wondering if I were to get a Mclaren and use it for marketing on my social medias, and as a Face for it. Would it be possible to write off the car or a percentage?