Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsHave not filed in over ten years..What do I do?
Asked onThursday, August 31, 2023 by MichaelThe last time I filed taxes was when I held a steady job over 10 years or more ago.I do have some w2 from a couple of short term jobs I had but I dont think I made enough to have to file I. Not sure..I started a new steady job and would like to fix my taxes..
Annual Exclusion
Asked onWednesday, August 30, 2023 by MeghanWondering if both my husband & I can each gift the allowable $16k out of the same checking account in the same year & not get taxed?
Claiming a dependent
Asked onWednesday, August 30, 2023 by PauI just got temporary custody of my God children and it looks like there going to be staying with me for a few years can I claim them as dependents on my income tax
Tax implication of moving rental condo to llc
Asked onTuesday, August 29, 2023 by MinkHi. Me and my spoise are owner of condo in jersey city. We want to title the property to LLC where i will be the only member. Is ther any tax implication. Do i have to pay transfer tax or sales tax or capital gain tax. I bought this property for 100000 15 yea back and now rate is 200000.
Capital 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?