Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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Inherited sticks
I inherited stocks in a brokerage account. I want to cash out some of the stocks but am concerned about adding money to my income on my taxes. Will this count against my earned income?
Asked Thursday, August 17, 2023 by Kevin R.Sign in to Answer
Still time to contribute to 2022 IRA?
I live in California and already filed taxes. With the deadline extension, am i still able to contribute to my 2022 ROTH IRA contributions?
Asked Thursday, August 17, 2023 by Jonathan O.Sign in to Answer
AirBnb and Farm Deductions
Specifically looking for info on tax write offs as they pertain to property you live in and airbnb a portion of. I.e. If I have landscaping done, mowing, house cleaning, etc. Are these deductible expenses? Does it depend on how many days room is rented out? Is only a percentage deductible like when you have a home office? How does it work?
Asked Thursday, August 17, 2023 by Amanda B.Sign in to Answer
Federal taxes
Why are no federal taxes being withheld from my check? I have mentioned for the last 6 months to my employer that it wasn’t correct.
Asked Thursday, August 17, 2023 by Toni M.Sign in to Answer
Adding child to state form
Hi. So for the state form I'm claiming myself so I put 1. If I want to also claim my son do I put down 1 for dependent allowances?
Asked Thursday, August 17, 2023 by Alexander V.Sign in to Answer
Section 121 Capital Gain exclusion from home sale
I am 81 and my wife is 77. We both retired in 2007 and are both on Social Security. We are both healthy with no disabilities. We want to sell our home and move to an independent living retirement center. My question is pertaining to the Section 121 Capital Gains from sale of primary residence. We’ve received conflicting opinions. Previous Home: Purchased in: 2009 Sold: 6/15/2020 Current Home: Purchased: 7/20/2020 Plan to sell on: 10/1/2023 We used the Section 121 exclusion on the sale of our previous home. It has now been slightly over 3 years and we want to use the exclusion on the sale of this home. We have lived in current home over 3 years and it been over 3 years since we used the exclusion on our previous home. My question is can we use use the Section 121 exclusion again on the sale of our current home? Thank you very much, John Blake
Asked Thursday, August 17, 2023 by John B.Sign in to Answer
Joint EIN
Ok, so I’m an independent contractor for a delivery business. I have an EIN. I use my wife’s car as the business card for deliveries(mileage write off). My question is can I do a joint EIN so me and my wife will be partners in my current delivery job I have now? And if so, since you can write off either mileage or vehicle expenses, can I write off mileage, and she write off expenses since we would be partners of the sole proprietor EIN and technically she could write off the expenses for her car since it’s in her name and being used for business purposes?
Asked Thursday, August 17, 2023 by Malik G.Sign in to Answer
Mapquest says I can get a Reimbursement from the IRS for a trip?
I’m taking a trip from Arkansas to Idaho, so I got on Mapquest to look at different routes. Next to my route information is says “IRS Reimbursement: $1620”. What are the qualifications for this reimbursement? Does it have to be work-related or can you claim personal miles? Please explain.
Asked Thursday, August 17, 2023 by Steven S.Sign in to Answer
Side Hustles
I am wondering about taxes for side hustles. If you get a refund from a regular job, how would a side hustle that brings in maybe a couple hundred dollars a month to help with expenses affect your refund? How would you even prepare taxes for this? Any information would be helpful. Thank you!
Asked Wednesday, August 16, 2023 by Denise M.Sign in to Answer
Form 8606
I need to know when to file form 8606. I have a non deductible contribution to an IRA last year.
Asked Wednesday, August 16, 2023 by Rico Y.Sign in to Answer