Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsGifting 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
Taxes 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?