Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsWhere to show rental property used the entire year for personal use.
Asked onMonday, August 14, 2023 by WilliamIn 2021 I had a rent house that was rented out the entire year. In 2022 I used the house for personal use so I dod not list it on my tax return. Is there some place on my taxes to show this? On turbo tax when I said I used the house for personal use it was deleted from my taxes.
Newly married and need advice
Asked onMonday, August 14, 2023 by JensenHello. I am newly married. My spouse has received SSDI benefits since 2012 and has never had to pay taxes on them. I work earning about $26,000 a year. Since we are both new to this, how does filing taxes for myself differ? What is the best way to go to avoid their SSDI income ($18,500) being taxed or for me to get the highest refund possible? Do we file as married filing jointly or separately? I find this all so confusing and overwhelming. I appreciate any helpful advice.
Can your accountant be making you pay to much
Asked onSunday, August 13, 2023 by ArthurI have house and deductions for property taxes, interest, two.kids under 18 etc. Stll I wind up owing about 5000 a year. My brother in law is my accountant and I feel he always is too fearful based on what my wife and I make. I mean I made much less last year as a consultant but he said there was less withholding. This just doesn't make sense as we are married with zero dependents.
1031 Exchange
Asked onSunday, August 13, 2023 by JayHello 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
joint account
Asked onSunday, August 13, 2023 by lindai 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
Capital Gains
Asked onSaturday, August 12, 2023 by NealI 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?
Sales taxes
Asked onFriday, August 11, 2023 by LesIf 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
Inheritance money
Asked onFriday, August 11, 2023 by MannyI 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?
Calculate 401k contribution limits.
Asked onFriday, August 11, 2023 by AdarshI 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??