Unanswered Tax Questions

Personal Taxes

I am full retirement age and need to know how much additional income can I make this year without paying taxes on my social security income

Home Ownership

which is the right way?

I JUST STARTED A LLC FOR HOUSE MY MOM GAVE ME IN MAINE. I LIVE IN NY. LLC FORMED IN MAINE. MY QUESTIONS IS THAT I JUST TRANSFERRED THE PROPERTY FROM MOM TO ME. I HAVE TO GET LENDING AND SHOULD I TRANSFER PROPERTY FROM ME TO THE LLC? WHAT IS THE BEST WAY TO DO THIS AND THIS IS THE ONLY PROPERTY THAT IS GOING TO BE IN THIS LLC AS IT IS A FAMILY HOUSE THAT WILL BE RENTED FOR INCOME. SHOULD i TRANSFER TO LLC AND KEEP AS A LLC? OR SHOULD I MOVE EVERYTHING TO A FAMILT TRUST NOW. AND ALSO CAN i MOVED ALL THIS INTO A FAMILT TRUST LLC LATER. WHICH WILL HAVE LESS TAX IMPLICATIONS KCEMLLC@YAHOO.COM

Credits

EV tax credit

I bought Tesla mode Y in June-2023 and want to understand if I am eligible for the $7500 tax credit. For 2023(current year), AGI will be more than $300k (filling jointly) Tax will be due at filing >$7500 For 2022, AGI was $220k (filled jointly) Tax due was 0 (got refund) As per IRS ev credits are Jon-refundable but you can use AGI of the previous year. Please help me to find out if I can get this credit or not. If we can then I would like to schedule a call with you so we can prepare my taxes for this year. Thanks.

Family Issues

Ex-husband's debt took my tax return

My ex-husband and I divorced in 2022. The tax debt was ruled by the court for him to pay because it was his debt. I filed Head of Household for my 2022 taxes. The IRS took my refund and applied it to my ex-husband's debt. It sounds like when reading about Injured/Innocent Spouse, that I have no recourse because we did not file jointly. Is that correct and can I file anything else to try and retrieve my refund?

Frequently Asked Questions

Bitcoin/Crypto

Hi I was just hoping to get some information regarding buying Bitcoin/crypto. Is there a certain amount that we can buy without having to report it on our taxes? Or does any amount we buy in crypto have to be reported? I want to check before investing any money in it.

Tax Law Changes

Will insurance Paypal payment be taxed?

I was involved in a car accident in 2023, and the insurance payout for my car was sent to me through Paypal. I understand any payments higher than $600 will be reported to the IRS, but have also read insurance payouts aren't taxed. I withdrew the money to get my replacement car and the parts needed to repair it, but now I'm unsure how it will affect my taxes next year. I do not run a business through Paypal, it is only for personal purchases.

Personal Taxes

Federal taxes

Why don't my employer take federal taxes out of my checks?

Personal Taxes

Can a wife as her tax transcipts independently from her previously receive joint file

I need assistance with a tax-related question. In a scenario involving a husband and wife, they have jointly filed their 2022 tax return. The wife has been requested by a federal office to provide her tax transcript. However, the husband is uncooperative and unwilling to submit a joint transcript. I would like to know if the wife has the option to independently request a copy of her own federal tax transcript from the IRS, which she can then submit to the federal office while maintaining confidentiality.

Deductions and Write-Offs

Gig tax advice

I am an online gig worker. Need to report to social security.

Deductions and Write-Offs

How to write off time spent at rentals

I keep track each time I go to work at the Rentals iPhone. What is the best way to do that? Can I only write off mileage? Or the time spent working? Do I pay myself for work done?