Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsTax implications of sale of inherited property
Asked onSaturday, August 19, 2023 by MichaelMy 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.
incurred in year one but sent a payment in year 2
Asked onSaturday, August 19, 2023 by patSince 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?
2023 EV Tax Credit
Asked onFriday, August 18, 2023 by BirjuLet'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?
Selling 1 house, buying another
Asked onFriday, August 18, 2023 by RichardI 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
401k contributions
Asked onFriday, August 18, 2023 by CarlAmount allowed to put in 401k per year and options if maxed out
How much will I pay in
Asked onFriday, August 18, 2023 by CadenI am a contract pumper in the oil field and use a 1099. I drive 78,000 miles a year and make 120k a year. If I deduct mileage I would like to know a ballpark number of what I would have to pay in for taxes, thanks
Deductions when rentinng
Asked onFriday, August 18, 2023 by BeverlyIf you rent a house for below market value can you claim repairs as deductions
Education expenses
Asked onThursday, August 17, 2023 by JessicaI am currently working for an employee as an accountant. I am wanting to open ac for accounting and go back to school, finish my accounting degree and write it off on my llc return. Is that an option?
Submitting fraud
Asked onThursday, August 17, 2023 by AnnaI am trying to determine if a parent can claim a child on income tax if they are not providing any support for that child. If they do claim that child when they are not supposed to, how do I submit that as fraud to the IRS?
Inherited sticks
Asked onThursday, August 17, 2023 by KevinI inherited stocks in a brokerage account. I want to cash out some of the stocks but am concerned about adding money to my income on my taxes. Will this count against my earned income?