Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsCapital Gains status after acquisition
Asked onMonday, July 10, 2023 by GregoryI have owned stock in VMWare for over 2 years. Broadcom is acquiring VMWare. When (and if) that is complete, I will have an option to either sell the VMWare stock at a set price or have it converted to Broadcom shares at a rate of 0.252 per share. My question is, if I take the share conversion and then sell, would they still be considered long-term gains, or does that clock reset as they are new shares?
Minor tax
Asked onMonday, July 10, 2023 by Asafhow much is the interest rate on 150k in california for a minor
Buyer certification of FIRPTA exemption for estate with Canadian beneficiary?
Asked onSunday, July 09, 2023 by DanThis question is about FIRPTA withholding for the sale of a US Real Property Interest when the seller is an estate, and the beneficiary of the estate (the heir of the deceased) is Canadian. The buyer / transferee is a married couple, both US citizens. The sale price is less than $300K. The buyer is willing to certify that - buyer is acquiring the property for use as a residence, and - buyer has definite plans to reside at the property for at least 50% of the number of days the property is used by any person during each of the first two 12-month periods following the date of transfer. Would such buyer certification exempt from FIRPTA withholding the transfer to the estate of the net proceeds from the sale? Does the answer depend on whether the estate is domestic (US) or foreign (non-US)?
Casino winnings
Asked onSunday, July 09, 2023 by StacieHi. Im wondering how to file taxes when I have casino winnings. My income is social security, & surviors benefits income check from va. How do I file my win/ loss on that type of income
Cashing in annuity while on Social Security
Asked onFriday, July 07, 2023 by DuaneIs a lump sum distribution more tax efficient than annual withdrawals?
Filing mutual fund taxes for last fiscal year
Asked onFriday, July 07, 2023 by PhillipI withdrew quite a bit of money from my mutual fund last fiscal year, and I paid the penalties and taxes each time I withdrew funds, so if I requested 5,000$, I would receive a check for 4,200 or whatever the total would be. I estimated the amount of taxes I paid last fiscal year, and it was conservatively around 40,000$. I'm about to file my taxes for this past fiscal year, and my question is I will get a portion of this back correct? I realize I am in a higher tax bracket and the amount I'll get back won't be as great as a lower bracket, but I will get some of this back won't I?
Paid for gig but need to pay out others, how much do i set aside for taxes
Asked onFriday, July 07, 2023 by HenryHey there-I'm a local musician who plays shows throughout Los Angeles, and I recently played a private show which paid $1500. I filled a w-9 out for the gig, and will receive a 1099 from the person who hired me. I have to pay out 4 other musicians for the gig, and my question is what makes the most sense for going about paying them? Will I end up paying taxes on $1500 or can I pay them out and claim that as payroll and only pay taxes on my portion ($300). Alternatively, should I just get w-9's from them and pay them out their money. Please let me know what makes sense and thank you for your help!
Do I need to file estate or estate income taxes for my fathers estate
Asked onFriday, July 07, 2023 by MichaelMy 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.
filing an amended tax return
Asked onThursday, July 06, 2023 by TrudyCan 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.