Unanswered Tax Questions

Miscellaneous

Estimated taxes rental.property sale. Purchased 1974 for $23,k selling for $500k claimed depreciation

Payments and Penalties

401k buy out

Will I have to pay taxes if I’m bought out of my current home with them using their 401k money. The amount is 100,000

Nonresident Tax Issues

Inquiry about Tax Obligations for Wyoming LLC and Australian Online Business

Hello three, I recently applied for a Wyoming LLC. I live in Australia and intend to operate online businesses, such as dropshipping. I believe that anyone starting an online business in Australia needs to have their ABN (Australian Business Number) and GST (Goods and Services Tax) applied to online business invoices at a rate of 10%. Thus, my question is whether I have to pay any taxes here in Australia or anywhere else. If not, how should I proceed, like what contact details should I use for the company, and is this approach legal? Additionally, if I encounter any problems, whom should I reach out to for assistance?

Personal Taxes

Working part time on social security

I’m a 70 year old man who is on social security but need to work at a part time job to make ends meet. Taxes are taken out of my SS. How do I figure my federal tax responsibility? I take the standard federal deduction.

Home Ownership

Deductions for Sale of Second home

We 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.

Personal Taxes

Earned tax credit info

How can I find how much earned tax credit was for year 2005-2011?

Investment and Finance

Vacation property turn into a full time rental

I 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'?

Investment and Finance

Taxes on brokerage withdrawal

How much would I be taxed for withdrawing money from my brokerage account?

Family Issues

Back child suport and garnishment

If 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.

Small Business

How can I go about dissolving an LLC formed in NYS?

I 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?