Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsReduce RE rental taxes
Asked onThursday, July 06, 2023 by JeffI 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.?
Tax implications for wife living separately but remaining on title of home
Asked onWednesday, July 05, 2023 by SteveMy 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.
Question about selling my previous home and capital gains
Asked onWednesday, July 05, 2023 by DominickHi, 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
Will I have to pay capital gains taxes on my former primary home?
Asked onWednesday, July 05, 2023 by DominickHi, 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
Tax write-offs
Asked onWednesday, July 05, 2023 by ReneeHello. 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.
How much will my taxes go up if I increase my property by 43,560 sq ft
Asked onWednesday, July 05, 2023 by Connievacant lot
Tax write offs for car payments
Asked onWednesday, July 05, 2023 by SethIf I buy or lease a car and primarily use it for business, can I deduct all of my car payment as a business expense?
Gambling income on taxes
Asked onTuesday, July 04, 2023 by Ethan Jerelso 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?
Firm 8379
Asked onMonday, July 03, 2023 by JanetTrying to fill out form 8379. My deceased son filed separately and I'm trying to fill out part 3. Not sure how to fill this part out to get his tax return
tax required on inhearted 401k
Asked onMonday, July 03, 2023 by charleswhat are the tax on a inharted 401k for my son