Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsTaxes on CD
Asked onMonday, August 07, 2023 by GeorgeI do not work and have zero income. My bank CD yields $60,000. What amount in taxes do I pay if I live in MA? What if I live in NH?
LLC to sole proprietor on my taxes
Asked onMonday, August 07, 2023 by HollyHow do I change from an LLC to a Sole Proprietor? I want to pay myself and keep the rest in my business checking account.
self employed
Asked onMonday, August 07, 2023 by StevenHi If i do a job for a home owner can they give me a 1099 at the end of the year? and if i do a job for a real estate firm like carpentry work can the give me a 1099?
Head of household filing status
Asked onMonday, August 07, 2023 by ValerieHave been filing head of household. Have been separated from spouse for twenty years
Doubledown class action settlement
Asked onSunday, August 06, 2023 by DonnaAre 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.
Short term capita gain taxes
Asked onSunday, August 06, 2023 by MohonaHello, 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?
What aspects are needed to open llc properly to avoid issues in the long run?
Asked onSaturday, August 05, 2023 by KheandreHello 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?
Binary Options
Asked onSaturday, August 05, 2023 by JenniferI 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?
Social security income taxable?
Asked onFriday, August 04, 2023 by williamMy 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.
Married Puts: do not affect the holding period of the stock?
Asked onFriday, August 04, 2023 by JakeI am looking for an official IRC/IRS source to confirm the above. Pub550 does not appear to specifically address this situation. Thanks in advance.