Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsLoss Carryforward
Asked onWednesday, August 02, 2023 by JimHow do I apply a large loss in 2017 to offset a profit in 2020?
Taxes on fixed annuities
Asked onWednesday, August 02, 2023 by CarlWhat would the percentage of taxes have to be paid on a Fixed Annuity be on the investment, and would someone on social security have to file taxes?
NUA and Partial Distribution
Asked onWednesday, August 02, 2023 by MattI recently turned 59 1/2 and would like to rollover a portion of my 401k to an IRA for more investment options. about 20% of my 401k is company stock. vanguard has told me if i do a partial distribution it will come out in direct proportion to my current allocation. can i take this partial distribution and still use NUA option with my next triggering event, my retirement in 3 years? I realize i will not be able to do NUA on this partial distribution and i'm ok with that.
Help with tax information for art sold at suction
Asked onWednesday, August 02, 2023 by ChristopherHello, I am a teacher by trade, but on the side this year I have been consigning and selling several art pieces that I have purchased with Sotheby’s auction house, as investments. I have had to fill out a W-9 for the sales, but I wanted to reach out to see what to expect with these capital gains taxes. Also, I wanted to see if the purchase cost of the investment and other related costs of shipping, travel, etc are deductible from these investment pieces. Thank you for your help!
Inherited investment
Asked onWednesday, August 02, 2023 by mariannaIf a taxpayer inherited investment account from his father who owes money to irs, will taxpayer be liable for his father's tax debt?
Child tax credit
Asked onWednesday, August 02, 2023 by LeniseWhen I did my taxes this year I was told that I would not be able to claim my 17 year old child for 2022 she will be 18 in 2023. Is this true?
Fiancé claims Kids, I have Health FSA
Asked onTuesday, August 01, 2023 by Adrianne2 kids on fiancé’s health insurance. I’ve been a stay at home mom for 5 years and recently got a job. I have a health FSA through work. Can I spend the FSA on our kids even if he claims them as his dependents (they have his health insurance)?
How much is my tax
Asked onTuesday, August 01, 2023 by DaleMy income is $23,676. Per year. Is that poverty level?
Reunion - Registration Fees and Donation
Asked onMonday, July 31, 2023 by KetanWe are hosting a family reunion. Do we have to file taxes if we collect, save it in a non-interest bearing account (EIN-for banking purposes only) and spend all money collected, approx 100K? Is the donation money tax deductible for anyone donating? Can I registration money in 2023, keep it in the bank, and use it in 2024 and still not file for 2023?
Sale of a condo
Asked onMonday, July 31, 2023 by DavidMy mom is 82 and her only income is social security, dividend/interest income, and takes a small distribution from my deceased dad's IRA. I would guess her total income is around 45k, maybe less. My dad died in 2009 and we just sold her condo in FL and she moved into an assisted living facility in Georgia. After the commissions and fees her net from the sales was $647,000. The condo was bought in 1990 for 91k and it was worth 227k when my dad died in 2009. She put 50k in improvements into the condo so by my calculations her cost basis is $209,000. After she takes the 250k exemption I think she would be taxed on $188,428 of long term capital gains. My question is if she doesn't have much income in 2023, 45k or less, will she have to pay capital gains on that 188k or is her income too low. If she does do you know the percentage because if she does I would want to pay estimated taxes. If she is close to the income threshold of having to pay taxes on that 188k is there a way not to take social security temporarily or do we put the money from the sale into an account that doesn't pay interest?