Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsTax for income outside of US only
Asked onWednesday, April 02, 2025 by MarenHi, I opened the LLC last year, but there is zero income in the US only outside. I assume I still need to file something, even though tax is 0. Please help me with this. Thanks
1099c
Asked onSaturday, March 29, 2025 by johnWhat do I do with 1099c for closed s corp ? What do I do with a I received a 1099c for tax year 2024 for a credit card that had last payment paid 5/2017. The s corp was closed/dissolved 12/2022 and final tax return filed. 1099c has taxpayer id as 00000000 and box 5 borrower was personally liable for repayment thank You
Help Needed for Nonresident Tax Filing (OPT, TPS, Incorrect W-2)
Asked onMonday, March 24, 2025 by GianHello, I need assistance with filing my 2024 taxes as a nonresident alien for tax purposes. Here’s my situation: I was on an F-1 visa with OPT for most of 2024, and I am now under TPS (Temporary Protected Status). As an F-1 visa holder for less than 5 years, I am exempt from Social Security and Medicare taxes, but my employer mistakenly withheld these taxes from my paycheck. My W-2 is incorrect because it does not properly reflect my earnings or tax withholdings. However, my employer provided a separate document showing my gross and net earnings so I can calculate and pay what I actually owe. I need to file Form 1040-NR and Form 8843 to notify the IRS of my tax status. I also bought and sold $10 of cryptocurrency, which I need to report. My main priority is correctly filing my taxes and ensuring I pay only what I actually owe while also addressing the W-2 issue. Where can I find a CPA or tax expert experienced with nonresident tax filing for individuals on OPT/TPS? Would you be able to assist me, or can you recommend someone?
Wash Sales Rule Question
Asked onThursday, March 20, 2025 by AbhishI started day trading in 2024 and ignorant of wash sales, traded in December 2024 continuing into 2025. So I am assuming I incurred some wash sales tax in 2024. Now in 2025 I want to avoid this and decide if I should continue with day trading. So lets say in 2025 I started with $10000 and I kept trading only SPY options daily (multiple times daily) and net in one day I lose $1000 and next day I make $1000 and this keeps happening for all the trading days of the year. In the end in my account, I didn't make or lose any money. So if I trade all the months of the year, with 250 trading days, I should be paying tax for $125000 gains I made is what I understand from Wash sales rule. Is that correct? Now if in the the month of December 2025 I don't trade. What kind of tax would I have to pay for 2025? Will it be zero is my question. For keeping it simple assume I am in the highest tax bracket. Also I have another job and don't have an LLC or Mark to Market.
Gift of equity
Asked onTuesday, March 18, 2025 by JacksonI'm buying a house from my girlfriends parents. They are gifting us 300k in equity. Does anyone have to pay taxes on that equity
Can S-Corp install Solar Panels and will it still get 30% off in tax credit?
Asked onThursday, March 13, 2025 by AlexCan my S-Corp install Solar Panels (on my own residential property) and will it still get 30% off in solar tax credit? Can I further claim depreciation on the Solar Panels against other S-Corp incomes?
Irrevocable Trust With Interest Rolled Over
Asked onTuesday, March 04, 2025 by LauraMy wife and I have an irrevocable trust with the interest rolled over. For the past couple of years, we have been declaring the interest, even though it hasn't been disbursed, by filing a 1041. Is what we've been doing correct, or should the Trustee claim the amount when the trust is disbursed? Thanks John
Forfeited deposit
Asked onSunday, March 02, 2025 by JesusI wanted to buy a house in Spain as an investment. In the process of buying the house you need to give a 10% deposit to lock the house. The deal didn't move forward. Can I claim that 10% as capital loss?
Travel Nursing
Asked onSaturday, February 22, 2025 by StevenI live in Indiana and have a tax home. I am a travel nurse that works in Michgan 13 weeks a year, 3 days a week. What state taxes should come out?