Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsCapital gains tax
Asked onTuesday, August 29, 2023 by WilliamWe 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
RMDs on Inherited TOD IRAs with multiple beneficiaries
Asked onTuesday, August 29, 2023 by RebeccahA 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.
Claiming capital gains on funds moved from an Inherited IRA
Asked onTuesday, August 29, 2023 by BrianI 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?
What do I need to start my own business
Asked onTuesday, August 29, 2023 by HowardI have a delivery job with Spark, they deliver for Walmart, what do I need to do so that I can open my own business
Can I sign tax return for daughter living outside U.S.?
Asked onTuesday, August 29, 2023 by AnneIRS requested original signature but it takes months to get anything to China and back. If she gives me written permission, can I legally sign her tax return for her?
Owning two homes in different states
Asked onTuesday, August 29, 2023 by SteveI currently live in Oregon and am planning on buying a 2nd home in TN. I want to move my residency to TN for tax purposes but want to keep my Oregon home. What are the requirements for TN residency and what are any other implications you foresee?
Foreign LLC Taxes
Asked onTuesday, August 29, 2023 by AhmedHello I want to create LLC in USA but iam confused between New Mexico and Montana state I create LLC to get bank account and payment gatway for my business Iam non resident in usa, iam Egyptian My business sales in middle east only and all my customers is from middle east, have no business or sales in US I will only use USA payment gateway and online banking Iam asking about taxes which i must pay every year? And which state will be best for my from point of taxes I heard in my situation it will be zero taxes is that right?
Sales Tax on Wedding venues in Oklahoma
Asked onMonday, August 28, 2023 by ScottDoes Oklahoma require sales tax for wedding venue rental? I haven't been able to find this information anywhere.
Payroll
Asked onMonday, August 28, 2023 by RandallI've been paying myself on payroll, I've done it as a sole proprietor and now that I have an LLC and file a 1065. The new accountant I'm working with says I'm not supposed to be doing that. Is this accurate? What are my options going forward? Will I be penalized?
EIN
Asked onMonday, August 28, 2023 by PierreHi, I am trying to transfer my sole proprietor single member LLC to my father. Currently I own it and operate it alone but would like to transfer the ownership 100% to my father for $0. Currently the company has an EIN my question is how do I advise the IRS that I am no longer the responsible party does he need to apply for a new EIN? What paper/forms do i need to make this transfer