Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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Vehicle Expenses
After a work vehicle is fully depreciated, can I then deduct mileage in subsequent years?
Asked Thursday, August 31, 2023 by Laura M.Sign in to Answer
Have not filed in over ten years..What do I do?
The last time I filed taxes was when I held a steady job over 10 years or more ago.I do have some w2 from a couple of short term jobs I had but I dont think I made enough to have to file I. Not sure..I started a new steady job and would like to fix my taxes..
Asked Thursday, August 31, 2023 by Michael M.Sign in to Answer
Annual Exclusion
Wondering if both my husband & I can each gift the allowable $16k out of the same checking account in the same year & not get taxed?
Asked Wednesday, August 30, 2023 by Meghan G.Sign in to Answer
Claiming a dependent
I just got temporary custody of my God children and it looks like there going to be staying with me for a few years can I claim them as dependents on my income tax
Asked Wednesday, August 30, 2023 by Pau S.Sign in to Answer
Tax implication of moving rental condo to llc
Hi. Me and my spoise are owner of condo in jersey city. We want to title the property to LLC where i will be the only member. Is ther any tax implication. Do i have to pay transfer tax or sales tax or capital gain tax. I bought this property for 100000 15 yea back and now rate is 200000.
Asked Tuesday, August 29, 2023 by Mink D.Sign in to Answer
Capital gains tax
We have a second home in Florida which we have owned less than a year. If we sell it we would have to pay capital gains on the profit. Would that be the difference of the sale price of the house and what I purchased it for originally or would it be the difference of what we net after all settlement charges and broker commissions and what we originally paid. Thanks
Asked Tuesday, August 29, 2023 by William W.Sign in to Answer
RMDs on Inherited TOD IRAs with multiple beneficiaries
A man died in California in August at age 94. He was taking quarterly RMD distributions from his IRAs, so at the time of his death, half of his 2023 RMD had been taken. He has 5 named beneficiaries, each with an equal share inherited IRA account and inherited brokerage account. The estate is small (only $16,000 not in POD or TOD accounts) and will not be going through probate. The heirs are pooling some of the inherited cash to pay back taxes. According to the brokerage firm, about $40,000 of RMD remains undistributed for the year of death. The heirs have widely varying income, and therefore, anticipated tax liability, for any IRA distributions. It was suggested that the remainder of the RMD for the year of death could be taken from any of the inherited IRAs. Is that correct? I also am finding lots of confusing, contradictory information about Designated Beneficiary RMDs on the inherited IRAs. One heir is disabled and may be Eligible for lifetime distribution. The rest are all ordinary (nonspouse) Designated Beneficiaries. I understand that the Designated Beneficiaries must empty their inherited IRAs within 10 years, but do they also have to take RMDs each year? And if so, how are those RMDs calculated? Thank you.
Asked Tuesday, August 29, 2023 by Rebeccah Q.Sign in to Answer
Claiming capital gains on funds moved from an Inherited IRA
I recently journaled shares from an Inherited IRA to another account (same brokerage) in order to meet 2023 tax year required minimum distributions (RMD). I intend to claim the amount of the journaled shares on our 2023 taxes, and will pay taxes on those capital gains. My question is: "If I sell the recently journaled funds in the non-IRA account, am I also liable for the capital gains (e.g., normally upon liquidation of shares, capital gains must of course be claimed and taxes subsequently paid). Or does the fact that I'll already be claiming those capital gains as an IRA RMD negate any further need to claim capital gains?
Asked Tuesday, August 29, 2023 by Brian N.Sign in to Answer
What do I need to start my own business
I have a delivery job with Spark, they deliver for Walmart, what do I need to do so that I can open my own business
Asked Tuesday, August 29, 2023 by Howard C.Sign in to Answer