Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsProp trading firm
Asked onTuesday, October 15, 2024 by FredI tried getting into trading through a prop firm and it didn't work out for me. I invested about 4900 between subscriptions and tools and would like to write these off as a loss. The prop firm company normally issues a 1099misc for those that receive income however, I never received a positive income and wasn't issued a 1099. I typically file my own taxes using an online tax software and would like to get advice on how to report this loss on my taxes. Thank you for taking the time to read and assist. It is greatly appreciated.
Eligibility for Energy Efficient Home Improvement Credit?
Asked onTuesday, October 15, 2024 by MatthewI own House A, and lived there as my primary residence from the start of 2023 through late October 2023, at which point I moved into House B. I also rented out at (a) room(s) in House A throughout 2023, meaning I had one or two tenant-roommates while I was living there, and then it became pure rental in late October when I moved out. In December, I made an improvement to House A -- I had a new heat pump installed. That may make me eligible for the Residential Energy Efficient Property Credit: https://www.irs.gov/credits-deductions/energy-efficient-home-improvement-credit To be eligible for the credit, the improvement has to be made to my "main home", which is "generally where you live most of the time" according to the IRS link above. This is the only further clarification I see: "In most cases, the home must be your primary residence (where you live the majority of the year). You can't claim the credit if you're a landlord or other property owner who doesn't live in the home." Since I lived in House A for the vast majority of the year, does that mean I can treat it as my "main home" for the whole of 2023 for the purpose of claiming the credit? Or does it have to be "where I live most of the time" at the specific moment I make the improvement?
Starting day trading on h4 without ead
Asked onWednesday, October 09, 2024 by RyanSo I am on h4 visa situated in the USA without ead and I want to start day trading and ead takes 1-3 years, how do I start now, there must be some alternative like paying tax in my home country or anything else
IRS 5472 form
Asked onFriday, October 04, 2024 by PeterHi, Could you please shed some light into this question. If a European citizen formed a US LLC that has been inactive for a few years, which means it doesn't conduct any business in the US and doesn't have a bank account, does this company still have to fill out the IRS 5472 form? Does it have any other reporting obligations? Thank you very much
offsetting long term losses with short term gains from stock trades
Asked onThursday, September 26, 2024 by EarlEx: After reconciling short term losses with short term gains for the year I wind up with a gain of $10,000. After reconciling long term gains with long term losses I end the year with $13,000 in losses. On the tax return does the short term gain offset $10,000 worth of long term losses?
Does selling inherited property affect your tax bracket?
Asked onSunday, September 22, 2024 by AnnaMy father passed away, and I inherited his condo, but I'm selling it. Will the money I receive from the sale affect our tax bracket on our taxes? Or is it separate from our income/what determines our tax bracket for the year?
Income tax and Annual Report Filing penalties
Asked onSaturday, September 21, 2024 by SebastianHello, I will present some context to my situation. I have an LLC set up in Wyoming since November 24th, 2023, and I haven't paid any taxes whatsoever or I haven't even filed my Annual Report File. I am based in Colombia and my LLC is a single-member foreign LLC. I just spoke with a local CPA and they told me that I owe taxes, as well as the annual report, and ever since April, there has been a penalty added to me for not paying any income tax or filed any annual report. I wanted to know how much of this is true, and if so, is there a way to appeal as a First Time Forgiveness, since this CPA told me there is a way to appeal that. Also I wanted to know what can I instantly do to solve this at the moment? I have an invoice from my Registered Agent that I can pay that is for the Annual Report Filing. Do I still have to pay extra for the penalties added every month? I need help and I need to know what to do in this case, can I file the income tax now and be able to appeal the penalty?
Stepped up basis for property in probate
Asked onFriday, September 20, 2024 by EricI am the sole heir and executor of an estate which includes a piece of property located in Virginia. If I were to sell the property through the estate, while still under probate, would the estate be able to claim stepped up basis for capital gains tax? I don't want to make the mistake of selling it under the estate and having a larger tax liability than if I waited until the property was transferred into my name.
ROTH Conversion
Asked onThursday, September 12, 2024 by DougI am 70 yrs old, retired, & have both an existing Roth I have been drawing on & also have a 401k worth less than 200k. I am expecting some investment return $'s to go into the 401k account but I would like to convert that to a ROTH BEFORE those funds shows up. My question is if I do that conversion will I have to wait 5 yrs to access those funds, or because I already fulfilled more than 5 yrs on my ROTH account would the investment returns be immediately available?
CPA for LLC
Asked onSaturday, August 31, 2024 by EdoardoI'm the owner of a digital LLC (foreign single member) in Wyoming, and I'm looking for a CPA who can assist me with documents and taxes. Can you help me find the right CPA for my business?