Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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How are taxes handled for my selling personal items on ebay?
I am selling sports cards on ebay that I have pulled from opening sealed boxes of cards over the years. I am NOT buying and reselling. I am just trying to make some money by getting rid of cards I no longer want. From what I have read online, it looks like I am going to have to pay income taxes on all of the gross sales money that I receive and I can't make any dedections as a personal (non-business) tax filer. Is this correct? This doesn't make any sense to me because I spent a ton of money to obtain these cards over the years so the amount I sell them on ebay for is definitely not all profit if it is at all. This just doesn't make any sense to me that I have to pay income tax on something that I had to buy my self/already own and really am making a very small profit on if any at all. Is there anything I can do to avoid paying these taxes or reduce the tax I will owe? Please provide any other advice so I can save/keep as much money as possible, which I believe is rightfully mine anyway and not the government's!
Asked Friday, June 09, 2023 by Justin P.Sign in to Answer
If I take retirement money out to pay off HELOC will it count as income?
I am a 69 yo woman, mostly retired. I live in southern california area. my main income is social security benefits. I qualify and receive MediCal. I have a HELOC from 2014. They say it is time to refinance. I am thinking about using retirement funds to pay it off (currently $26,000). It will save me ~$225/m If I take out money from 401k or retirement IRA or other retirement fund to pay off HELOC will it count as reportable income for taxes?
Asked Friday, June 09, 2023 by Dee C.Sign in to Answer
HSA investment k1
I have a k-1 for a HSA and I was not sure if box 1 for ordinary business income or loss should be passed through to sch E as passive income
Asked Thursday, June 08, 2023 by leyna q.Sign in to Answer
Form5701C
filed my taxes supposed to get 5701c but haven't gotten it. How can get it
Asked Thursday, June 08, 2023 by Norma M.Sign in to Answer
Will trust have to pay taxes if Idaho property is sold?
What is the Idaho state tax law for selling real property that is in her trust? The owner is elderly and her income is SS. She has owned property for 47 years.
Asked Thursday, June 08, 2023 by Nancy Q.Sign in to Answer
Is indirect service a business expense?
I'm starting a membership business where members pay to support specific activities. For example, members might vote to have me go buy ice cream for 100 random people. None of the members get the ice cream, they aren't paying for the ice cream, they are paying for me to go buy the ice cream and give it to other people. So if 100 members pay $5 per month, then I have $500, and let's say I spend $400 on buying and distributing the ice cream, so I have $100 left. Would the $400 be a deductible business expense? So then my profit would be $100 and I would be taxed just on the $100 and not all $500? Note: This isn't what my business actually does, but the model is the same. Because my members pay for my business to do different activities, I want to make sure the cost of the activities (which is the core service my business provides) are deductible business expenses. If I am paid $500 and taxed on $500, but it costs me $400 to produce the activities, then I will lose money.
Asked Thursday, June 08, 2023 by Paula P.Sign in to Answer
person tax
Georgia, age 75, single , no debt, ss 22548 (my check), interest income 18,000. will I have to pay taxes for 2023?
Asked Thursday, June 08, 2023 by david s.Sign in to Answer
What does the IRS need to know about the house I bought my son?
Last year my wife and I bought a small house ($140K) for our disabled son. We paid cash. We pay the real estate taxes and insurance. Our trust, of which we are the trustees, is the owner of our home and this second house. My son pays for the monthly utilities. He does not pay us rent. What does the IRS need to know about this, if anything?
Asked Thursday, June 08, 2023 by Ray W.Sign in to Answer
EV Tax Credit
Hi, I have a question about the EV tax credit in the inflation reduction act. Starting in 2024, the $7,500 EV credit is supposed to turn into a point of sale rebate. If i don't have $7.5k in taxes for 2024, will I still be able to use the whole amount, or will I only be able to use what I have in taxes?
Asked Thursday, June 08, 2023 by Sawyer M.Sign in to Answer
Powerbank franchising
I am franchising powerbanks and want to know how I will be taxed on the dividends
Asked Wednesday, June 07, 2023 by Coen C.Sign in to Answer