Unanswered Tax Questions

Tax Filing Tips

Where do I file my taxes

Hello, I have a bit of a complicated situation. I recently formed a Wyoming LLC through a registered agent. I am active duty military and stationed in Hawaii. However, my home of record is Washington state. All of my personal taxes are taxed through Washington state laws. My Business (LLC) is %100 online and is making money solely on commissions from digital products. I have no physical office anywhere (I work from my laptop/phone), I do not sell any kind of products myself, and I am the only member/owner on the LLC. From my understanding I DO NOT have to register my LLC in Hawaii or Washington as a foreign LLC since it technically is not doing any business in either one of those states specifically. So when I file my taxes for my LLC does it fall under Wyoming state laws or Washington (to go along with my personal taxes). My EIN does have its own EIN and the application for it to be taxed as an S Corporation is already in the works. Please let me know if you have any questions. I hope to hear from you soon! V/R, Arthur

Personal Taxes

Barn rental on a farm

MFJ return, has 80 acres and started a farm in year one of purchase of property (2021). Rental of barn 1 to an individual who lives in the upstairs barn and uses the rest of the first floor of barn stalls for horses owned by the renter. Barn also has a small arena. Property owner received 60k of rental income in 2022. Rest of farm is used by owner for breeding livestock (horses, cows, etc). Built another barn for about $300k to house their livestock. Typical farm expenses of feed, vet bills, property taxes, etc. Questions are how to treat the following. 1. Is barn 1 rental income schedule E and income is passive or is it possible to be included in schedule F? 2. Is barn 2 eligible for bonus depreciation? (barns are 20 year life so thinking bonus depreciation is an option). 3. New barn also has an apartment upstairs. Taxpayers are thinking either short term rental for horse shows (Airbnb) or long term (standard rental) in later 2023 or 2024). Does this impact 2022 taxes or not an issue until they actually have a tenant then what are the future tax issues? Husband is a physician. High income earner ($2M K1). Farm had minimal income but a lot of expenses in year 2 (2022)

Credits

Plug in hybrid rebate

I bought a 2016 Cadillac ELR plug in hybrid and was wondering if I can get the rebate even tho Im on SS with a small pension but dont have to file. Do I need earned income to qualify?

Tax Forms

Help on form W4P for 401K

My husband and I are both retired and receiving Social Security. I also have a 401K that I started receiving from when I retired in February. The amount is $1000, do I have to have federal taxes taken out of it?

Tax Law Changes

401k taxes on early withdrawal

Deductions and Write-Offs

Vehicle Expenses

After a work vehicle is fully depreciated, can I then deduct mileage in subsequent years?

Personal Taxes

Have not filed in over ten years..What do I do?

The 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..

Personal Taxes

Annual Exclusion

Wondering if both my husband & I can each gift the allowable $16k out of the same checking account in the same year & not get taxed?

Tax Filing Tips

Claiming a dependent

I 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

Personal Taxes

Tax implication of moving rental condo to llc

Hi. 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.