Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsAdvice on how two owners pay themselves from the business
Asked onFriday, July 14, 2023 by JamieI'm co-owning a business curious on the best way to pay myself and other advice on setting in place a system that helps me get the most taxes breaks.
inherited stocks JTWROS
Asked onFriday, July 14, 2023 by GrangerMy mother passed away in nov22 She had a raymond james brokerage account JTWROS Her and Me (her son). I understand that jtwros will only get a 50% step up in basis however, i thought there was an exception as i am not a spouse and never contributed to the joint account...?
Ev Tax Credit
Asked onFriday, July 14, 2023 by ScottI am looking into purchasing an electric vehicle and have a question about the $7,500 tax credit. I know that it is a non refundable credit. Does this mean that anyone who would normally receive a refund at the end of the year would not benefit from the credit since we don’t have to pay anything?
Selling a jointly owned lake house
Asked onFriday, July 14, 2023 by DebbieMy sister and I own a lake house we want to sell. We know we will have to pay long term capital gains. Will we only pay tax on each of our portion of the profit from the sale?
How do I deduct a $100,000.00 donation to a church from my Traditional IRA Account?
Asked onThursday, July 13, 2023 by CarlI receive Social Security Benefits of $34,160 annually and normally file my taxes with the standard deduction. The RMD on my IRA this year is approximately $28,000. I want to donate $100,000 to the church I attend to expand the Sanctuary to accommodate more members and allow our church to grow. Is there a way to do this without paying personal income tax on the $100,000? Even when I used itemized deductions I was only to deduct $3,000 per year on a loss of a large amount of money by theft.
Saving money over retirement per month
Asked onWednesday, July 12, 2023 by MichaelIf I make over what the retirement plan is if I make $950 more per month can I put that in a 401k or somewhere
Keeping Inventory and Accrual method
Asked onWednesday, July 12, 2023 by TanishaHello, I am a very small business owner in Maryland, I make beauty products , lip gloss, lip oils, lip scrubs and body oils, and I would like to know what is the best method to choose on my schedule C form of my taxes, accrual or cash. Also, do I have to keep and value my inventory for taxes? Thank you
Payment to irs
Asked onWednesday, July 12, 2023 by DeborahI sold my home of 26 years in 2022. What write-offs can I clam to get the amount owed down
Recasting mortgage, avoiding capital gains tax.
Asked onWednesday, July 12, 2023 by GregMy wife and I recently moved back to our home state and purchased a new home in order to move my aging parents in with us to take care of them. When they sell their home they were going to give us a portion of that money to put towards the new home. We were then going to make a lump sum payment, recast the mortgage and add their name to the mortgage. My question is what would be their tax liability? For example, if they sell their home for $400,000 and give $250,000 towards the new home purchase is their tax liability going to be on the remaining $150,000? What can they do to avoid the capital gains tax, if any?