Unanswered Tax Questions
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Working part time on social security
I’m a 70 year old man who is on social security but need to work at a part time job to make ends meet. Taxes are taken out of my SS. How do I figure my federal tax responsibility? I take the standard federal deduction.
Asked Tuesday, August 08, 2023 by George M.Sign in to Answer
Deductions for Sale of Second home
We recently sold our cabin, which was never rented out, or a primary residence. I came across an article about changes to capital gains after about 2008. I read that if you purchased before that date, the old method applies and you could use a percentage for your capital gains. We purchased our cabin in 1998 and sold in 2023. According to that formula the years prior to 2008 would be exempt, therefore a percentage of 10/25 would be an exemption amount on total capital gains. My question is this ONLY applicable to primary residence. IRS publications are somewhat unclear. Also, what are the criteria if you you sell a cabin because of health issues, do you need some certification from a doctor. Thank you for your help.
Asked Tuesday, August 08, 2023 by Vicki W.Sign in to Answer
Earned tax credit info
How can I find how much earned tax credit was for year 2005-2011?
Asked Tuesday, August 08, 2023 by Bridgette I.Sign in to Answer
Vacation property turn into a full time rental
I have a paid off vacation property that I want to turn into a full time long term rental- can I mortgage the property and deduct the interest at the same I start my rental business'?
Asked Tuesday, August 08, 2023 by Derek S.Sign in to Answer
Taxes on brokerage withdrawal
How much would I be taxed for withdrawing money from my brokerage account?
Asked Tuesday, August 08, 2023 by Tajma E.Sign in to Answer
Back child suport and garnishment
If someone has had paychecks garnished for years for arrears child support.. and has a new child also..but that persons federal income tax and now their earned income credit for the new child is being taken for arrears payments..where does that money actually go...and who keeps the records? The arrears total never goes down..the child or children live in a different state...that states total is far less than the residing states level by $11,000.00...how can I get help on this matter? $11.000.00 seems to have vanished..thank you in advance for your help.
Asked Tuesday, August 08, 2023 by Jane F.Sign in to Answer
How can I go about dissolving an LLC formed in NYS?
I have an LLC registered in NYS as "VALET FITNESS LLC" and a dba "Toujours Fleurs Naturals" under it... I'd like to dissolve it so I can form a new LLC in Maryland, USA for potential businesses including "Toujours Fleurs Naturals". I have started filling out an NYS document "Articles of Dissolution" and would like to know if I am filling it out correctly. Would it be possible to send you the draft?
Asked Tuesday, August 08, 2023 by Ashley J.Sign in to Answer
Gifting money
What form do we use when gifting money for granddaughter for college
Asked Monday, August 07, 2023 by Patricia R.Sign in to Answer
Filling my own tax returns
Hi. I recently moved to Halifax, Nova Scotia, and I currently hold an open work permit. While in the United States, I worked as an independent contractor for a US LLC. Can I continue working remotely for the same firm in Halifax? If so, how should I declare my Canadian earnings on my own tax return? Thanks.
Asked Monday, August 07, 2023 by Nithya V.Sign in to Answer
Insolvency worksheet for form 982
I received a CP2000 for debt supposedly written off in a prior tax year. Confirming the debt forgiveness aside, I believe we were insolvent but I'm unsure as I've received mixed information on how to represent the home we purchased early that same year (paid down payment, but rest being paid with a mortgage). Two people at the underreporter unit said don't put anything for it under asset, just the mortgage under liability; one person there said only put the equity under asset and mortgage under liability; general search on Google suggests it's an asset based on full market value, as well as the mortgage being a liability. Which is it? Also, if we claim insolvency does that affect anything moving forward? I read something confusing about it affecting future sales of home and/or investments.
Asked Monday, August 07, 2023 by M E.Sign in to Answer