Unanswered Tax Questions
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Irs said showed i pd.to much 22 taxes
A lawyer got my taxes compromised, I didn't have money to pay them, don't have to pay back taxes, got a notice from irs said I pd. To much on my 22 tax return, so they applied it too my 2012 taxes, which was part of the compromised deal, said I could make payments, or all of it
Asked Monday, May 29, 2023 by Deanna B.Sign in to Answer
Capital Gains Tax On Sale of Rental Property
I’m selling a rental property for $65,000 in June, 2023. It’s in fairly poor shape with no improvements in the past 10 years. I’m a full-time, unpaid caretaker for my elderly father. The only income I’ll have in 2023 is $3,000 in rent. Will I have to pay capital gains tax on the rental property sale of $65,000?
Asked Monday, May 29, 2023 by Leann (Lee) M.Sign in to Answer
can mom give me $155k for a down payment?
Mom sold her house. I would like to take out a mortgage on a house that she will live in. She would provide $155000 for a down payment I would carry the mortgage. What is the best way to accomplish this without triggering gift tax or other tax issues?
Asked Sunday, May 28, 2023 by Richard B.Sign in to Answer
Tax taken
Will there be alot of tax taken and paid if I withdraw my tsp funds when I retire from employment. I reciece va disability and retirement
Asked Sunday, May 28, 2023 by Judith B.Sign in to Answer
Filing separate
I'm separated, but not legally divorced. My wife and I haven't lived together in over 5 years...how can I not file her on my taxes if we don't live together, but I still by law have to check married?
Asked Saturday, May 27, 2023 by MICHAEL B.Sign in to Answer
Filing taxes on earnings from last year
I have earned income this year to file taxes on, however I may sell my business also this year. My question is, it would benefit me to file on the sale of my business next year, what are the benefits/penalties of filing on the sale of my business earnings the next year?
Asked Saturday, May 27, 2023 by TD S.Sign in to Answer
Form 8919
I received both 1099-NEC and W-2 from my employer for the tax year 2022. I only worked for my employer as an employee so I should have received form W-2 only. The income included on the form 1099-NEC did not have any tax withholding. I filed form 8919 with reason code H. It indicated not to file Form SS-8. The online tax filing software that I used required me to file Schedule 2 and pay self employment tax as well. The tax return that I filed was accepted. It has been 1 month since I filed the tax return. I did not get any message about me getting the self employment tax back. Please advice on how Form 8919 reason code H works and how long is the wait time. And if I should file Form SS-8?
Asked Saturday, May 27, 2023 by Karan P.Sign in to Answer
Question on deducting donated rent amount to a non-profit school
Hi! We own a building and rent it out to a non-profit school and for their first year last year we donated their rent payments since they were trying to get on their feet. Can we deduct the $90,000 in rent we donated to them for the year on our taxes? We are in Texas.
Asked Saturday, May 27, 2023 by Amanda G.Sign in to Answer
Incorporating in a different state than where I live
I live in California, but I'm thinking of forming my new LLC in another state for tax breaks. We will still be doing business mostly in CA. What are the benefits to doing this? What are the cons? Thanks
Asked Friday, May 26, 2023 by Daniel F.Sign in to Answer
Trying to make sense of my situation
Does it make sense to liquidate a large portion of my inherited IRA to buy a home? Versus renting?
Asked Friday, May 26, 2023 by Steve F.Sign in to Answer