Unanswered Tax Questions
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Curious about which forms I should fill out
Hello, I hope you’re doing well today. I did some self employment work in 2022 but didn’t get my 1099-NEC & 1099-K forms until the beginning of this year. Should I still fill out the 1040-ES payment vouchers for each quarter? Or is there another form I should be filling out since I’ve missed the due dates?
Asked Saturday, August 19, 2023 by Karriem I.Sign in to Answer
Tax implications of sale of inherited property
My two siblings and I recently inherited my father's house after he passed. Prior to his death, he had put the house in our names. Now the house is about to be sold and the proceeds split equally. I have the option of receiving my entire share ($100k) n one payment this fall, or three separate portions, 1/3 this fall, 1/3 next spring, 1/3 in the future. What are the tax implications of each? Texas resident, still working, ~$300k joint annual income.
Asked Saturday, August 19, 2023 by Michael M.Sign in to Answer
incurred in year one but sent a payment in year 2
Since healthcare insurance providers often take so long to finalize a claim and notify the policy holder about what actual amount is due, many timed the payment occurs in the following year. Which year should this expense be reflected, year 1 or year 2?
Asked Saturday, August 19, 2023 by pat l.Sign in to Answer
2023 EV Tax Credit
Let's assume that for all of 2023, based solely on my income, I should be paying a total of $10,000 in federal tax. However, only a total of $8,000 in federal tax has been deducted from my paychecks during all of 2023. I also bought and took delivery of a car that qualifies for the $7,500 nonrefundable tax credit in 2023. Would I get $5,500 ($7,500 tax credit minus the $2,000 I still owe) back when I file my taxes in 2024 since the total amount I would have owed was $10,000? Or would I get nothing back since the $2,000 I still owe is less than the $7,500 tax credit amount?
Asked Friday, August 18, 2023 by Birju D.Sign in to Answer
Selling 1 house, buying another
I am selling my home. My only home and buying another the same day in an adjoining town. I've lived there nearly 3 years. I have owned other properties and currently have 1/2 interest in a home which is not mine. My ex lives there. This was a condition of settlement of our divorce. I travel for work, a lot. When not at home I rent it out on Airbnb. Rentals are less than half the year. It went up in value by about double in the 3+ years of ownership. In part because I remodeled it and because it is a popular area. I am buying a home which will use all of the proceeds and a bit more. It is only 12 minutes from each other but the one I'm selling has a partial water view. The one I am buying is 1/2 a mile from water and a bit larger. I expect to rent the new one out when traveling for work as I did the last one. Long run (a few years) I want to retire to the new one and stop working all over the place. I thought I could keep all the proceeds and avoid capital gains taxes using the funds for the new house. I have sold other properties but I did not avoid capital gains on them. Some are saying I don't have to pay capital gains because it is my residence (and only residence) while others are saying that because I rented it out some that it is investment property and I would need to use a 1031 exchange. But can I even do that? Still others are saying that I can't do a 1031 exchange for what is my primary residence and that i can't avoid the taxes on the sale of my ho
Asked Friday, August 18, 2023 by Richard E.Sign in to Answer
401k contributions
Amount allowed to put in 401k per year and options if maxed out
Asked Friday, August 18, 2023 by Carl G.Sign in to Answer
How much will I pay in
I am a contract pumper in the oil field and use a 1099. I drive 78,000 miles a year and make 120k a year. If I deduct mileage I would like to know a ballpark number of what I would have to pay in for taxes, thanks
Asked Friday, August 18, 2023 by Caden B.Sign in to Answer
Deductions when rentinng
If you rent a house for below market value can you claim repairs as deductions
Asked Friday, August 18, 2023 by Beverly B.Sign in to Answer
Education expenses
I am currently working for an employee as an accountant. I am wanting to open ac for accounting and go back to school, finish my accounting degree and write it off on my llc return. Is that an option?
Asked Thursday, August 17, 2023 by Jessica P.Sign in to Answer
Submitting fraud
I am trying to determine if a parent can claim a child on income tax if they are not providing any support for that child. If they do claim that child when they are not supposed to, how do I submit that as fraud to the IRS?
Asked Thursday, August 17, 2023 by Anna H.Sign in to Answer