Unanswered Tax Questions

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Investment and Finance

1031 Exchange

Hello Gurus We have an LLC with four partners and under that LLC we have a four investment lands we are planning to sell one land with a good gain. Out of four partners one partners want to cash it out and other partners want to do the 1031 exchange, is it even possible? If it dissolve the LLC and make that land as a personal investor can each of the partners get their own share and then decide what to do with that gain correct? And I would like to understand how 1031 exchange work, let's see we bought a landing 100,000 and now we are selling it for $500,000 long term gain and then do the 1031 exchange for whole 500,000, with similar kind land or investment opportunity, and let's say that $500,000 grows in 10 years to 1 million do we pay taxes on just $500,000 gain or $900,000 after 10 years? Thank you very much in advance I appreciate your time and consideration Shetty

Asked Sunday, August 13, 2023 by Jay S.
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Personal Taxes

joint account

i have a joint account with my parent. when they pass can i take a portion of account and remove my name and put balance to their estate? or will i have to assume all amount on my taxes

Asked Sunday, August 13, 2023 by linda b.
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Investment and Finance

Capital Gains

I am a 1099 contractor but recently inherited a large sum of stock. I sold $30k of it to pay off my car. I’m worried that I’ll owe a lot of extra taxes this year for doing that. Could I sell more stocks to pay for the extra taxes? Would I have to pay tax on stocks sold to pay taxes owed?

Asked Saturday, August 12, 2023 by Neal J.
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Miscellaneous

Sales taxes

If I go to a hardware store and buy lumber, sandpaper, paint or stain ect. and then make something with said materials and sale it why must I charge sales tax in the price I would think that would be double dipping as I already paid sales tax on the items

Asked Friday, August 11, 2023 by Les O.
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Frequently Asked Questions

Inheritance money

I received money as a beneficiary and I would like to use some of it to payoff my house and vehicle. I plan on rolling the rest into an IRA. What are the tax issues I could expect and shoud I keep money available in a savings or high yield account to cover the taxes?

Asked Friday, August 11, 2023 by Manny A.
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Personal Taxes

Calculate 401k contribution limits.

I make 420k annually, 300k from W-2 job and 120k from self employed LLC business. How much total can I contribute to 401k with goal of maximum tax savings??

Asked Friday, August 11, 2023 by Adarsh G.
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Personal Taxes

Partner is a F-1 visa holder and haa not filed for taxes yet

Hi I am contacting on behave of my partner about some taxes relating to his f-1 visa. Supposedly he has not filed for the last 2 years since he was unaware he was supposed to. He is not working, has no income, only here for his university at the moment, and his grandparents from Taiwan are the ones funding his schooling so no loans. The IRS has never reached out to him and I'm now not sure if he is still required to even do so. I had him get the documents ready but want to know if he still has to file them regardless.

Asked Thursday, August 10, 2023 by Will C.
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Tax Forms

NC e500

I am a small artist and I'm behind on forms I didn't know would not be taken care of by H&R Block. I've never done this before and I'm not even sure if registering for Sales & Use Tax was necessary anymore.

Asked Thursday, August 10, 2023 by Jessica B.
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Personal Taxes

Roth IRA with no income

I lost my job this year but I used 1k from my saving to invest in a Roth IRA. Would I get penalized for it during tax season since I invested without having a job.

Asked Thursday, August 10, 2023 by Ana G.
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Tax Filing Tips

How much do i have to pay for live streaming

How do I know how much I have to pay for live streaming and how much do I have to make before I have to pay, I live in Texas.

Asked Thursday, August 10, 2023 by Strider M.
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