Unanswered Tax Questions
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Do I need to file estate or estate income taxes for my fathers estate
My father passed away in December 2020. I am the administrator of his estate. His estate does not exceed the amount required to file estate tax. So I believe that I do not have to file and have not. As for estate income tax filing I also believe that I don't have to file. The only thing I am wondering about is if his estate savings account makes me have to file. The interest never reached $600 and is currently closed and was payed to me as his only heir ( son). It was only used to pay estate bills and receive/cash estate checks/payments. It included his personal savings balance and an annuity closing payment to the estate. Do I need to file estate income taxes due to the savings account??? And if so how do I avoid penalties and interest due to it being late ??? Thank you for your help.
Asked Friday, July 07, 2023 by Michael E.Sign in to Answer
filing an amended tax return
Can i be legally compelled to file an amended tax return by my soon to be ex- husband? I filed my 2022 taxes in early March of this year. As I have been legally separated since December of 2021, I filed my return as Married filing Separately. He knew that was my plan. As he did not take the appropriate action at his place of work, he is insisting that we file an amended joint return. He and his lawyer have included this demand in a settlement proposal.
Asked Thursday, July 06, 2023 by Trudy H.Sign in to Answer
Reduce RE rental taxes
I am looking to reduce my tax burden for this year. I own a rental property in TX. I want to put it in a land trust and then an LLC to claim RE business for tax purposes. It still has a mortgage and the mortgage allows a title transfer to land trust. Is all of this necessary to claim RE business to deduct depreciation, expenses, etc.?
Asked Thursday, July 06, 2023 by Jeff M.Sign in to Answer
Tax implications for wife living separately but remaining on title of home
My wife and I are currently living separately. I am on the mortgage paperwork but we own the home jointly in the entirety. I am paying the mortgage myself. The Virginia property taxes are included with the mortgage payment and are held in escrow. What are the tax implications for my wife if we decide to file jointly or separately? Will she owe anything? Home is in Virginia, and my wife is staying in Maryland.
Asked Wednesday, July 05, 2023 by Steve K.Sign in to Answer
Question about selling my previous home and capital gains
Hi, I had moved to Massapequa, NY in November 2021. I had planned to sell my previous primary residence home in Queens, NY within that six months after. A few health issues and then some repair issues on the former home created delays to sell until now. Will I be subject to capital gains taxes since it’s over a year on my primary residence sale into my new primary residence? If so, is there a way to defend or excuse this? Thank you in advance
Asked Wednesday, July 05, 2023 by Dominick S.Sign in to Answer
Will I have to pay capital gains taxes on my former primary home?
Hi, I had moved to Massapequa, NY in November 2021. I had planned to sell my previous primary residence home in Queens, NY within that six months after. A few health issues and then some repair issues on the former home created delays to sell until now. Will I be subject to capital gains taxes since it’s over a year on my primary residence sale into my new primary residence? If so, is there a way to defend or excuse this? Thank you in advance
Asked Wednesday, July 05, 2023 by Dominick S.Sign in to Answer
Tax write-offs
Hello. I am a new travel business owner, but I did not make more than $500 profit for 2022 tax season, while working a full time job (with w2). However, I have invested more than $1K through traveling, attending workshops and working my business. Am I allowed to write-off these items.
Asked Wednesday, July 05, 2023 by Renee J.Sign in to Answer
How much will my taxes go up if I increase my property by 43,560 sq ft
vacant lot
Asked Wednesday, July 05, 2023 by Connie H.Sign in to Answer
Tax write offs for car payments
If I buy or lease a car and primarily use it for business, can I deduct all of my car payment as a business expense?
Asked Wednesday, July 05, 2023 by Seth B.Sign in to Answer
Gambling income on taxes
so far this year I made 765 dollars in profit from social casinos however the total revenue is 1798 dollars meaning I wagered 1033 dollars to profit. am I able to itemize my wagered amount of 1033 dollars as a loss when filing my taxes to deducted it from the total amount I have to pay?
Asked Tuesday, July 04, 2023 by Ethan Jerel E.Sign in to Answer