Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsInheritance question
Asked onMonday, August 28, 2023 by AaronI am the executor of my fathers will. Everything is straight forward, other than he has a stipulation that any body under 21 doesn’t get their portion until they turn 21. What is the best way to go about doing this as it will take 1-6 years for the younger ones to get their inheritance. And we don’t want it just sitting in some bank account making .5% APR when we can throw it in a cd and have of make 4-5%. Thanks!
W4 form
Asked onSunday, August 27, 2023 by MelissaI need help filling out W4 form with multiple jobs
Is a lump sum payment for a promissory note subject to being taxed?
Asked onSaturday, August 26, 2023 by MarkI was offered $90k to sell a promissory note. I would like to take that offer. Once I get that lump sum, am I going to be expected to pay taxes on it? Thank you, Mark Chang 202.491.0307
Capital Loss Offset & Carryover
Asked onFriday, August 25, 2023 by RICHARDI lost 1 million from real estate development investment. If I gained 300K from stock investment, would I be able to offset the capital loss? Also, If I gained another 700K next year, would I be able to offset the rest of the capital loss?
EV Tax Credit As Self Employed
Asked onFriday, August 25, 2023 by CarterI’m self employed and have been looking into purchasing a new 2023 tesla model 3. I qualify for the $7,500 federal tax return, and want to double check that the “self employment tax” that I pay is categorized as federal, so I can take full advantage of this credit rebate. Thanks.
Changing filing satus
Asked onFriday, August 25, 2023 by LarryHello, I have been claiming Head of Household for the past three years but will file as single this year. Will this trigger an audit from the IRS?
Rental income
Asked onThursday, August 24, 2023 by SamI need help with taxes related to rental property. My wife and her 4 siblings have a quick claim deed for a house. The house has been rented to my son for the last few years and at below market value. I run all the rental income thru my taxes. Is that ok? Next, I have forgotten in the past to put how many days the property is used for personal use. Because of son living there. But I have put down that it was rented below market value. When I change the return to show that personal use was at 365 days last year it does not change any amount due. Can you help answer these questions?
Capital Gain Eligibility
Asked onThursday, August 24, 2023 by StephenWe are selling our home because we need to move closer to our recently divorced daughter. She and her two sons will be moving in with us after the divorce is final. We had the home built and moved in December 2021 so we will be in it less than 2 years. We will have probably have about $200,000 in capital gains from the sale. Will we be eligible for any of the capital gain exemption due to the circumstances?
Roth 401k rollover to Roth IRA
Asked onThursday, August 24, 2023 by SeanHello, I am looking for some tax advice on how I can handle my Roth 401k that I rolled over into my Roth IRA. I opened my Roth IRA in 2016 and I rolled my Roth 401k over into it last year. I contributed $19,000+ to my Roth 401k in 2019, 2020, 2021, and 2022, so I could take up to $76,000 out of my Roth IRA if I needed to right? What are the exact codes that should be on the 1099 form that Merrill Lynch issues to me for the withdrawal? Do we only need to say $0 in box 2a? And then use codes B and 2 in box 7 to ensure I pay no taxes, no penalties, and avoid an IRS audit? I reviewed these two resources to try to determine how Merril Lynch should prepare my 1099 for me. (https://www.dwc401k.com/form-1099-r-distribution-codes) (https://twonline-20.taxwise.com/Help/WebHelp/Content/IRS%20Codes/English/Miscellaneous_Codes/1099R_Codes_for_Box_7.htm) Thanks, Sean