Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsDeductions for Sale of Second home
Asked onTuesday, August 08, 2023 by VickiWe recently sold our cabin, which was never rented out, or a primary residence. I came across an article about changes to capital gains after about 2008. I read that if you purchased before that date, the old method applies and you could use a percentage for your capital gains. We purchased our cabin in 1998 and sold in 2023. According to that formula the years prior to 2008 would be exempt, therefore a percentage of 10/25 would be an exemption amount on total capital gains. My question is this ONLY applicable to primary residence. IRS publications are somewhat unclear. Also, what are the criteria if you you sell a cabin because of health issues, do you need some certification from a doctor. Thank you for your help.
Earned tax credit info
Asked onTuesday, August 08, 2023 by BridgetteHow can I find how much earned tax credit was for year 2005-2011?
Vacation property turn into a full time rental
Asked onTuesday, August 08, 2023 by DerekI have a paid off vacation property that I want to turn into a full time long term rental- can I mortgage the property and deduct the interest at the same I start my rental business'?
Taxes on brokerage withdrawal
Asked onTuesday, August 08, 2023 by TajmaHow much would I be taxed for withdrawing money from my brokerage account?
Back child suport and garnishment
Asked onTuesday, August 08, 2023 by JaneIf someone has had paychecks garnished for years for arrears child support.. and has a new child also..but that persons federal income tax and now their earned income credit for the new child is being taken for arrears payments..where does that money actually go...and who keeps the records? The arrears total never goes down..the child or children live in a different state...that states total is far less than the residing states level by $11,000.00...how can I get help on this matter? $11.000.00 seems to have vanished..thank you in advance for your help.
How can I go about dissolving an LLC formed in NYS?
Asked onTuesday, August 08, 2023 by AshleyI have an LLC registered in NYS as "VALET FITNESS LLC" and a dba "Toujours Fleurs Naturals" under it... I'd like to dissolve it so I can form a new LLC in Maryland, USA for potential businesses including "Toujours Fleurs Naturals". I have started filling out an NYS document "Articles of Dissolution" and would like to know if I am filling it out correctly. Would it be possible to send you the draft?
Gifting money
Asked onMonday, August 07, 2023 by PatriciaWhat form do we use when gifting money for granddaughter for college
Filling my own tax returns
Asked onMonday, August 07, 2023 by NithyaHi. I recently moved to Halifax, Nova Scotia, and I currently hold an open work permit. While in the United States, I worked as an independent contractor for a US LLC. Can I continue working remotely for the same firm in Halifax? If so, how should I declare my Canadian earnings on my own tax return? Thanks.
Insolvency worksheet for form 982
Asked onMonday, August 07, 2023 by MI received a CP2000 for debt supposedly written off in a prior tax year. Confirming the debt forgiveness aside, I believe we were insolvent but I'm unsure as I've received mixed information on how to represent the home we purchased early that same year (paid down payment, but rest being paid with a mortgage). Two people at the underreporter unit said don't put anything for it under asset, just the mortgage under liability; one person there said only put the equity under asset and mortgage under liability; general search on Google suggests it's an asset based on full market value, as well as the mortgage being a liability. Which is it? Also, if we claim insolvency does that affect anything moving forward? I read something confusing about it affecting future sales of home and/or investments.
W-9 form info
Asked onMonday, August 07, 2023 by KellyHello, my business is registered in Texas but I live in Texas and Florida. I just got married and started renting a home in Florida, and my drivers license ID was changed to Florida. The Florida ID has my new name, and when I went into my bank in Texas and changed my name, they changed my w-9 form to my Florida address to match my ID. Will this change or impact anything related to my business being registered in Texas? Is there anything I should be concerned about? Thank you