Unanswered Tax Questions
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Estimated tax requirements to avoid penalties and interest
I have a question about tax penalties and interest Suppose my total tax due was 30,000 last year, and all of that was due to employment. Suppose this year I expect to have about the same 30,000 taxes due from employment, and an additional 50,000 taxes due to long term capital gains for positions sold this year. If I give pay 33,000 in taxes during this year, through a combination of payroll directions and estimated tax payments, then I will owe 47,000 when I file next year (approximately, of course) True or False — since I paid 33,000 in taxes this year (110% of last years 30,000 total taxes due) then the 47,000 I owe and I pay when I file next year will NOT incur a penalty nor interest?
Asked Tuesday, August 22, 2023 by Jules Y.Sign in to Answer
Sending money abroad and receiving it
I am looking for tax information if I send some money to my parents in India as a temporary loan and they repay the money back to me in some time. I am trying to understand what are the implications Thanks ,
Asked Monday, August 21, 2023 by Hardik V.Sign in to Answer
2017 ammendment
I have a question on a ammendment situation. When I filed 2017 one of my dependants should have been removed. Later that year I moved and missed a notification from the irs. They then gave me a tax debt for all of my dependants. The debt for all 3 dependants was took from my 2020 tax refund which was around $9000. I should not have been charged for 2 of the dependants and I am entitled to a refund for the 2 dependants. What do I filed exactly and can I still get a refund for the 2 dependants back?
Asked Monday, August 21, 2023 by Dana W.Sign in to Answer
post retirement taxes
i am preparing to retire. my wife is already retired. her pension will not begin for about 18 months but she will be drawing 1000/mth annuity from a thrift savings plan. i have always filed married filing jointly. should i continue to do so or would it be better to file separately now to save on taxes. I am in north carolina.
Asked Monday, August 21, 2023 by alan h.Sign in to Answer
State taxes
My preparer fled state state taxes and we do t have state taxes
Asked Monday, August 21, 2023 by Carol C.Sign in to Answer
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