Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
How does it work?
Doubledown class action settlement
Are the settlement payments from the Doubledown class action settlement taxable as they are a refund of payments from an illegal gambling game? Case settled 6/1/23.
Asked Sunday, August 06, 2023 by Donna A.Sign in to Answer
Short term capita gain taxes
Hello, Reddit friends I am a student and new to investing. Wanted to earn some extra money and wanted to know if I frequently buy and sell the same stock for 30 period how do the tax rules imply on tax gain? Just giving an example below: APL stock bought at 30 and sold at 40, 10 shares at profit of $ 100 APL stock again bought at 45 and sold at 60, total gain for 10 shares at 150 APL stock again bought at 62 but sold at 82 for gain $ 200 For 30 days, total gain= $ 450 Additional questions: -So it's for same stock and within 30 days frame so how much tax will I pay? -Cost is based on each order cost basis or always $30 dollar cost will be calculated for capital gain, all shares were sold before buying new ones. - As there is no loss, I assume wash sale tax doesn’t matter here?
Asked Sunday, August 06, 2023 by Mohona D.Sign in to Answer
What aspects are needed to open llc properly to avoid issues in the long run?
Hello I would like to know what things besides ein and maybe the operating agreement does one need when setting up an llc for forex day trading? For example, virtual addresses, good standing papers, business liscencing papers and things of those sorts. What parts do I need for when I’m trying to open an llc?
Asked Saturday, August 05, 2023 by Kheandre S.Sign in to Answer
Binary Options
I am looking into binary options trading via a broker and I am hearing conflicting information as far as taxes on any profits. What I’m being told is the broker pays the taxes and reports it to the IRS on my behalf , but how to I report it when I am doing my personal taxes?
Asked Saturday, August 05, 2023 by Jennifer N.Sign in to Answer
Social security income taxable?
My mother is 91 and the only income she receives is social security. Does she have to pay tax on that or file a return? Thanks.
Asked Friday, August 04, 2023 by william t.Sign in to Answer
Married Puts: do not affect the holding period of the stock?
I am looking for an official IRC/IRS source to confirm the above. Pub550 does not appear to specifically address this situation. Thanks in advance.
Asked Friday, August 04, 2023 by Jake W.Sign in to Answer
Filing question
If my spouse and I both Bork but he makes more than me, together we made over $100,000 should we be a married filing jointly and should I have multiple jobs or spouse works marked as yes?
Asked Friday, August 04, 2023 by Amber H.Sign in to Answer
Is it more beneficial to be married or domestic partnership?
I'm 34 female, partner 36 male. We live in El Paso tx. We're thinking of getting married or domestic partnership, I make around 87,500 a year and partner 31,200.
Asked Friday, August 04, 2023 by Diana R.Sign in to Answer
Tax penalty
I got my taxes done by someone but the left off my 1099. So now I need to amend my taxes. I’m using free tax USA to do it but I don’t know where to enter the $26.00 estimated tax penalty that on the original return. So my amount owed do match I’m off my that $26.00
Asked Friday, August 04, 2023 by Twana B.Sign in to Answer
Business expense
I have an LLC, and wish to obtain a certificate to further my education in the field of my business. Would that be considered a business expense?
Asked Friday, August 04, 2023 by Ryan M.Sign in to Answer