Unanswered Tax Questions
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W4 info
When filling out a w4 wich option takes out more taxes from a paycheck? Married filing jointly or married filing singley?
Asked Wednesday, June 14, 2023 by Jeffrey B.Sign in to Answer
Cost Basis Step-up, 50% or can I apply to 100% of position
Father had a brokerage account solely in his name, a new account was created to include daughter (myself) JT WROS. The new account was set up the same month of my father's passing. I made no $ contribution to the account or exercised any trading. The account was only created so that the beneficiary would not be my elderly mother as my father was ailing. Can I justify that this was an inheritance and step-up 100% for cost basis?
Asked Wednesday, June 14, 2023 by Alisa M.Sign in to Answer
Wholesale
I would like to start a resale business, but am in need of advice. I know I need a Georgia Resale Tax Exempt Certificate, but what else and what should the business be listed under?
Asked Tuesday, June 13, 2023 by Anthony L.Sign in to Answer
Standard deduction for estimated tax worksheets
I retired in2022, for 2023 I am figuring estimated federal taxes using worksheet 2-4 in the 1040-ES instructions. Since my line 3 is smaller than the standard deduction in line 1, do I really lose out on the $13,850.00 single filer deduction and only qualify for the over 65 exemption and the earned income exemption (line 3? Ouch!
Asked Tuesday, June 13, 2023 by Lois B.Sign in to Answer
Proper Accounting for Product Sponsorship
We are an S-Corp Manufacturing company. We are starting to contract individuals as "sponsors" of our products. We have their W9 to provide them a 1099 at the end of the year for the total amount we sponsored them. I need to understand on the accounting side (QuickBooks Pro) how to account for the sales discount in this situation. I have currently set it up as a Marketing expense. In this way it shows the full value of the sale on our books even if we collected nothing but then that value as a marketing expense. I just need to know if that is correct or if we should account for it differently.
Asked Tuesday, June 13, 2023 by Keith S.Sign in to Answer
Do we file together or seperate
I was out of work for some time last year due to a surgery and I have a 14 yr old didn't make alot should I claim her or my sig. Other claim her
Asked Tuesday, June 13, 2023 by Danielle H.Sign in to Answer
Foreign property tax declaration
Hi, I am a non US citizen - non green card holder living in California. I was wondering if I should declare a foreign property when I file my taxes (or even via an amendment) even though I don't have any income from the property?
Asked Tuesday, June 13, 2023 by Mehrdad R.Sign in to Answer
How to sell my house to my sons...
Is there a way to sell my house to my oldest son and divide the profits between the 3 sons without anyone paying taxes on it?
Asked Tuesday, June 13, 2023 by Linda M.Sign in to Answer
Tax ramifications of cash gift from family member
I'm in Virginia. After my mother passed a bit ago (she lived in Michigan), my sister sold mom's house (it had been quit claimed to my sister's name shortly prior to mom's passing) and split the proceeds evenly between we three siblings. So, I received a check for ~$20,000. My question is: what are the tax ramifications of receiving that amount? I assume it would be considered a gift from a family member? If I am going to owe a substantial amount (to VA and/or federal taxes), can I pay that in advance?
Asked Monday, June 12, 2023 by David K.Sign in to Answer
selling rental home lived in 2 years
We purchased a home out of state in 2010 to move into later. It was a rental for 12 years (depreciated yearly) and we have now moved to AZ and live in it. If we live in it for 2 years is ALL of the appreciation (approx 350K) excluded under the 500k married filing jointly? There is about 60k of depreciation I understand is taxable and would go under income? Thx, Ann
Asked Monday, June 12, 2023 by Ann O.Sign in to Answer