Unanswered Tax Questions

Personal Taxes

Paying Capital Gains Tax from the selling of a second house I own

I currently own a house that I rent to a relative that has a mortgage of $34K and has an appraisal value of well over $100K. If I sell at the appraised value what would be my capital Gain? If I take an equity loan on the house for the maximum equity allowed, then I sell, what would be my Capital Gain?

Personal Taxes

California lottery winnings but am a South Carolina resident

If I earn $100,000 a year but win a $75,000 lottery ticket in California but am a South Carolina resident, how much do I pay in taxes on that lottery ticket?

Deductions and Write-Offs

W4 form

How to fill out W4 form

Payments and Penalties

Employer Taxes

I am an office manager trying to figure out what amount of taxes for payroll need to be paid, and I cannot for the life of me figure out each amount. Help please!

Home Ownership

Capital gains on selling the house

Hi, My husband passed away a couple of months ago this year. I heard that if I'll need to sell our house this year the tax exemption for capital gains would be $500,000 because I can still file jointly tax for 2023, is it correct? Does this exemption apply to 2024 and 2025? My taxable income each year isn't high, do I still have to pay capital gains on selling the house? Thank you for your help!!

Personal Taxes

Are shared household expenses considered income?

My adult children still live at home. My husband and I own the home and also reside in it. If we collect money from them to defray the cost of household expenses (such as groceries and utilities) would we be required to report that as income?

Personal Taxes

Capital Gains on sale of investment property

Deductions and Write-Offs

What happens to DCFSA funds if spouse is not seeking work

I set up a Dependent Care FSA with work to pay for childcare expenses. However my spouse is not working or seeking work, and so it seems like these expenses do not qualify. What happens to these funds? Are they all forfeited? Can I reimburse my expenses from the FSA but not claim the deduction? Thank you.

Personal Taxes

Gambling winnings

We won approximately 10k using Form 1099's, but we had 10k plus in ATM withdrawals from casino. My winnings should zero out my winnings right?

Tax Filing Tips

Where do I file my taxes

Hello, I have a bit of a complicated situation. I recently formed a Wyoming LLC through a registered agent. I am active duty military and stationed in Hawaii. However, my home of record is Washington state. All of my personal taxes are taxed through Washington state laws. My Business (LLC) is %100 online and is making money solely on commissions from digital products. I have no physical office anywhere (I work from my laptop/phone), I do not sell any kind of products myself, and I am the only member/owner on the LLC. From my understanding I DO NOT have to register my LLC in Hawaii or Washington as a foreign LLC since it technically is not doing any business in either one of those states specifically. So when I file my taxes for my LLC does it fall under Wyoming state laws or Washington (to go along with my personal taxes). My EIN does have its own EIN and the application for it to be taxed as an S Corporation is already in the works. Please let me know if you have any questions. I hope to hear from you soon! V/R, Arthur