Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsHSA investment k1
Asked onThursday, June 08, 2023 by leynaI 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
Form5701C
Asked onThursday, June 08, 2023 by Normafiled my taxes supposed to get 5701c but haven't gotten it. How can get it
Will trust have to pay taxes if Idaho property is sold?
Asked onThursday, June 08, 2023 by NancyWhat 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.
Is indirect service a business expense?
Asked onThursday, June 08, 2023 by PaulaI'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.
person tax
Asked onThursday, June 08, 2023 by davidGeorgia, age 75, single , no debt, ss 22548 (my check), interest income 18,000. will I have to pay taxes for 2023?
What does the IRS need to know about the house I bought my son?
Asked onThursday, June 08, 2023 by RayLast 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?
EV Tax Credit
Asked onThursday, June 08, 2023 by SawyerHi, 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?
Powerbank franchising
Asked onWednesday, June 07, 2023 by CoenI am franchising powerbanks and want to know how I will be taxed on the dividends
Do I need to pay personal property tax in DC if I run my small business out of my rental apartment?
Asked onWednesday, June 07, 2023 by CamilleI'm filing out the FR-500 to register my LLC in Washington, DC. The form is asking if I will own or hold trust any tangible personal property located or available for use in DC? It says I have to answer yes if my physical address is in the district. My apartment is my business address but I'm wondering if this applies to people who rent?
Log term capital gains
Asked onWednesday, June 07, 2023 by Leywhat is my capital gains tax for long term stock sales and how can i offset any of these gains? I have an scorp.