Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsChild 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?
Limits for qualified business deduction
Asked onMonday, July 31, 2023 by CassandreBoth my husband and I (married filing jointly) have W2 income, I also have substantial 1099 income in healthcare. What are the limits to get the qualified business deduction and does it pro rate over the limit?
Boat taxation in California.
Asked onSunday, July 30, 2023 by KevinIf I purchase a boat in California, do I pay sales tax and a luxury tax to the state at the time of purchase ? Do I pay a federal luxury tax ? Do we pay a luxury tax every year and personal property tax on the boat. People I know are getting these luxury tax bills on the boats, lots of confusion over it.
what do I need to startup
Asked onSunday, July 30, 2023 by mI'm setting up a small side hustle selling handmade pottery. I'm also going to operate as a notary public and possible a loan signing agent. I'm in Virginia. What is the best path for me? Setting up an LLC as an umbrella to cover all options, and then a DBA for my pottery business? Is an llc a good path to even take or is it unnecessary?
Taxes for American citizen opening business abroad
Asked onSaturday, July 29, 2023 by AbdullahHi there, I am an American citizen that has been living in Qatar since before I was eligible for taxes and always have filed my income as 0 as an international. I am in the process of opening a business here in Qatar with a partner and I have the following options in regards to the Commercial registration structure. At the moment my partner is planning on being 100% owner and then we have an internal agreement to split profits. This would help us circumvent local tax laws which don't apply if the owner is a local (such as my partner) Therefore I would be paying taxes on the profit as of it were my income. I could also take some share in the company (up to 49%) but then we would have to pay taxes here locally. My question is then, what structure would allow me to play as little tax as possible
As successor trustee, file 1041 before or after distribution
Asked onSaturday, July 29, 2023 by KimberlyI am successor trustee of my parents trust. We sold their house which was only thing in the trust. I’ve deposited that into trust bank account. Their cash was left to me payable on death. Can I deposit this cash into trust account and then distribute evenly between myself and 4 siblings? Do I file 1041 before or after distribution. And what are my tax implications personally?