Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsDidn’t take RMD’s from inherited IRA established in 2007
Asked onSunday, September 10, 2023 by Robwe really screwed up as we didn’t know they were different laws for inherited IRAs. So I haven’t been taking required RMD’s until that last year when I turned 72 and had to take one of my own Short version – my dad died in 2007 and I received an inherited IRA in 2008. I believe I converted it to my own, but I don’t remember at all what I did back then. I had no idea that I was required to take RMD‘s once he died so the money’s just been sitting there. I realize I owe money but I’m looking now for the easiest option to deal with it. I would rather not have to go back and re-file taxes from 2008 on, so if there’s a way even with penalties that I can do something relatively simpler than that I would love to know about it. I am not a high net worth person – altogether my wife and I about $200,000 worth of stocks and retirement accounts and don’t own a home so I don’t have a lot of money for an accountant but if I have to I will. My dad was 82 when he died, and I believe had taken his RMD’s, including the one of his year of death. I’m really anxious about this, so any advice or help would be much appreciated. As you can tell neither my wife or I are financially savvy.
Tesla model 3 tax rebate
Asked onSunday, September 10, 2023 by PradeepI am planning to buy a tesla model3. Based on 2022 tax year filing which was done in april 2023 my adjusted gross income with my wife is less than 300K. In 2023 my adjusted gross income is going to be > 300K. If i buy a car right away is there a way i could use the 2022 tax filing to get the 7500 federal rebate?
Am I responsible for my spouses unfiled taxes if I have no income
Asked onSunday, September 10, 2023 by DruAm I responsible for my spouses unfiled taxes if I have no income
Income tax
Asked onSaturday, September 09, 2023 by RandyI’m going to be receiving a check from the government soon from the camp lejeune water contamination case and I want to know if that money will be taxed
Real Estate Transfer Tax Question
Asked onSaturday, September 09, 2023 by TowerI 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.
Moving for work, purchased new home, eligible deductions
Asked onSaturday, September 09, 2023 by JonathanI 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
Do you have to charge sales tax on parts sold?
Asked onFriday, September 08, 2023 by SherryWe 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?
Security Depisit
Asked onFriday, September 08, 2023 by StefanieA security deposit in for $195.00 in 1968, sat gaining interest until 2023 (55 years). How much should be owed back to the tenant?
Charity
Asked onFriday, September 08, 2023 by JonathanCan 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
Managing Member
Asked onFriday, September 08, 2023 by JimIf I personally pay company state tax liability can I write this off on my personal federal tax?