Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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Real estate Tax
Hello . I have a question regarding taxes for the sale of my primary property. I recently sold my townhome on 4/25/2023 (closing date) . I did own it for two years. My question is that do I need to file the sale of the property with my 2023 tax filings or should this be excluded. I read on your site about an ownership test which explains how a tax exclusion would work.
Asked Tuesday, June 27, 2023 by Karl D.Sign in to Answer
Husband died widower pension 902.00 only income now what withholding ? No withholding or standard
My husband just died, I have papers from his work for the widower pension, I will receive 902.00 and that is my only income, we have nothing else like annuities ect… the tax papers sent to me want me to pick what withholdings on the pension check, I want to say non because that’s all I will have, I don’t have a job I’m 61 and disabled, I receive no disability. Should I claim non or standard?
Asked Tuesday, June 27, 2023 by Janet S.Sign in to Answer
1099 R question
Hello, In 2016 our company was dropping our 401k, at the time our house needed a new roof so instead of rolling the 401k over I closed the account. Should I have received a 1099r that year showing the amount of tax, federal and state that was taken out. The only thing I received was a check with a line that showed about 20% had been deducted for penalties and taxes but no other information. Without the form at the time of filling we did not realize we needed to add the tax paid with the taxes from our w2 for our total deduction which is causing tax issues now several years later. Any help to confirm if I should have received a 1099R would be helpful. My employer said they only needed to give me the amount that was deducted from the 401k and it was on me to calculate the tax.
Asked Tuesday, June 27, 2023 by donald k.Sign in to Answer
Mileage deduction
I know mileage between 2 jobs is deductible. My question is the mileage between 2 jobs still deductible is you make a stop at your house? ( the house is along the way)
Asked Tuesday, June 27, 2023 by Theodore R.Sign in to Answer
Non-tax stipends, end of year filing
I am a travel nurse and receive a non taxed stipends every week. I live and work in Pennsylvania. I've heard different amounts of time, but how long can I "travel" to one facility before being considered a full time employee and therefore need to pay taxes on that stipends? I've heard I just have to leave for a month before I can come back and work another 11 months and be ok. But I've also heard that is not correct.
Asked Tuesday, June 27, 2023 by Geneva J.Sign in to Answer
How to use my personal gift tax exemption
I heard every citizen or maybe even greencard holder has a gift tax exemption of $12.06M, is it right? I am thinking about giving a gift to my relative as a gift to his wedding, and the amount will be more than the annual gift tax exemption ($16K in 2022 I believe) . I believe some of them might involves with the gift tax exemption. I would like to know if I the giver (also the recipient) needs to tell IRS that I am using my gift tax exemption. What is the typical way to claim the gift tax exemption? Thank you. Johnson P.S.: please don;t call, SMS or email is preferred.
Asked Monday, June 26, 2023 by Johnson L.Sign in to Answer
Multiple Business Setups
I have several LLCs and a non-profit. I am trying to set up the business structure so that each of my companies can share resources . Is a CPA professional the right person to talk to about this?
Asked Monday, June 26, 2023 by Michael C.Sign in to Answer
Need help with W-4V form
How much taxes/percentage should be withheld for SS income? Right now it's my only source of income. I'm a single filer.
Asked Monday, June 26, 2023 by Carolyn B.Sign in to Answer
Can sole proprietorship OPEX be deducted against separate partnership K-1 income (same industry)?
Hi, I was wondering what the GAAP procedure would be for me to apply my sole proprietorship OPEX against Schedule K-1 income from a partnership. I maintain my sole proprietorship to retain ownership of my truck, tools, etc. and maintain a general liability and commercial auto insurance policy so my proprietorship remains viable in the event the partnership dissolves. We distribute net proceeds at the end of each project and our partnership agreement provides that we are each responsible for our own OPEX (COGS, with the exception of tools, is deducted from the contract amount to determine net proceeds). Essentially my partnership distributions go to me personally but my sole proprietorship bears the cost of allowing me to get to and complete my job responsibilities. Is it better (more accurate or preferred for tax reporting purposes) to record my sole proprietorship business overhead as a non-passive loss against my partnership Schedule K-1 income or should I invoice my business partner's LLC from my proprietorship for 50% of net proceeds per job and record it as income in my sole proprietorship? Thank you in advance for any professional opinion you can provide, Maurie
Asked Monday, June 26, 2023 by Maurie L.Sign in to Answer
What do i claim on my taxes
I’m married, my spouse and I both work, we file jointly, do we each claim 1 or 2 on our taxes?
Asked Monday, June 26, 2023 by Renee S.Sign in to Answer