Unanswered Tax Questions

Personal Taxes

My state income tax is more than federal income tax.

My husband and I filed for the first time together(jointly). We don’t have any dependents. My federal income tax is less than my state(CO) and his federal is higher than his state. Is this normal? I’ve resubmitted my W4 once already. Is this normal?

Retirement

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I am physically disabled, 61 years old. Can I make tax free withdrawals from a regular IRA

Tax Filing Tips

section179

I just started my real estate business this year and we are looking at buying a Tesla Model X. does this qualify? I tried looking up but got nothing and also my husband said we can't claim my real estate on our taxes for 3 years.

Small Business

Can I deduct the Paid in Capital of $60,000 when closing my sub s corp?

Personal Taxes

Why such difference

We recently filed one w2 income being 42280 in state of NC. Over paying taxes, medicare social security etc. Now we have a second w2 for 6311. Same, over paid. Any calculator says 0 fed owed. But when I put into amend it says we now owe over 1200 . How is it possible to owe more if amending to add??

Tax Filing Tips

Taxes and a pass-through arrangement with family member?

I had to put my YouTube channel in my mother's name. She receives the payouts on my behalf. I need to be sure that I am responsible for the taxes. Will this affect her taxes at all, or just mine? How can I ensure that I am the only person responsible for the income and taxes?

Tax Filing Tips

Selling goods on the side

I makes my own aprons. Recently I have had so many requests to buy some. Now I am not trying to start a business. Was thinking I could just do on the side. if I did sell is the profit something I can list 4 additional income on EOY taxes. I absolutely do not want to start a "business" just something I enjoy 2 pass time

Credits

1098T

If I got a 1098T form after I already filed my tax return, and got my refund, should I file an amended return? if so, how will that effect my return?

Personal Taxes

avoid capital gains

mom is selling lots from a piece of property she's owned for 50+ years. Can she gift the profits to children to avoid capital gains? Assuming less than 16k per child

Tax Forms

On IRS FORM 1310 not sure what boxes to check. Statement of person, claiming refund due a deceased tax payer.. I called IRS and I was on the phone for three hours talk to four people who could not help me with this.

On the form 1310 it’s asking Part 1 to check the box that applies to you. My question is Box B? They want me to check it if I was a court appointed or certified personal representative and it wants me to attach a court certificate showing my appointment. The problem is my mother is the one that’s deceased. She had a revocable trust and a pour over will in the state of Florida. If you have a revocable trust you don’t have to go to court so im not court appointed and I did talk to my attorney and she said that’s correct I was not appointed by the court, but I’m also the sole beneficiary of the trust, and the successor trustee. On her pour over Will I am sole beneficiary of the will, and her personal representative and executor of her estate. I am the only one named on the trust. Should I check Box B and send a copy of the Revocable Trust? Also note on 1310 form part two number three at the very very bottom, before signature it says, or other evidence that you are entitled under state law to receive the refund . Wouldn’t other evidence be the Trust? Also the instructions on form 1310. It states Personal representative - a copy of the descendants will cannot be accepted as evidence that you are the personal representative so I can’t send a copy of her Will they don’t accept it. Should I just forget about Part 1 Box B and check Part 1 Box C ? A person that’s not a surviving spouse or court-appointed but a person of the decedents estate. Please advise Thank you!