Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsFiling 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.
Reduce 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