Author Topic: any accountants out there that i can ask a question?  (Read 328724 times)

Offline YOSSI170

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Re: any accountants out there that i can ask a question?
« Reply #2200 on: March 07, 2022, 07:05:15 PM »
Can I pay my taxes with someone else's bank account / debit card?

Offline ckmk47

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Re: any accountants out there that i can ask a question?
« Reply #2201 on: March 07, 2022, 08:40:21 PM »
Can I pay my taxes with someone else's bank account / debit card?
yes
As always, even using your own account, be sure to mark the payment with your SS#.
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Offline YOSSI170

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Re: any accountants out there that i can ask a question?
« Reply #2202 on: March 07, 2022, 09:44:00 PM »
yes
As always, even using your own account, be sure to mark the payment with your SS#.

Thanks!

Offline nonstoptravel101

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Re: any accountants out there that i can ask a question?
« Reply #2203 on: March 07, 2022, 10:10:21 PM »
Can part of my rent be deducted on a schedule c if I work from home?

Online cgr

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Re: any accountants out there that i can ask a question?
« Reply #2204 on: March 07, 2022, 10:14:35 PM »
Can part of my rent be deducted on a schedule c if I work from home?
Yes, but there are rules and limitations to this.
You can include a % of rent, utilities, renters insurance, etc.

Online sguitarist18

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Re: any accountants out there that i can ask a question?
« Reply #2205 on: March 09, 2022, 10:22:58 PM »
If I'm self employed, can I deduct toys that I buy for my kids so they'll let me work?

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #2206 on: March 09, 2022, 11:45:31 PM »
If I'm self employed, can I deduct toys that I buy for my kids so they'll let me work?
if its only for when you work (exclusive)
sort of like if you have Shabbos toys
/s (sort of)

Offline reed

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Re: any accountants out there that i can ask a question?
« Reply #2207 on: March 10, 2022, 12:58:30 AM »
Hi - Iíve been renting a home since 2016, bought it in June 2020 and will be selling it this week. It will be less than 2 years of ownership when I sell it but Iíve lived there for over 5 years. Anyway To get the personal residence exception to avoid paying capital gains tax?

Offline David61

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Re: any accountants out there that i can ask a question?
« Reply #2208 on: March 10, 2022, 08:54:57 PM »
Hi - Iíve been renting a home since 2016, bought it in June 2020 and will be selling it this week. It will be less than 2 years of ownership when I sell it but Iíve lived there for over 5 years. Anyway To get the personal residence exception to avoid paying capital gains tax?

not an expert but. . . .
Can you structure it as a rental for 3 months and then the sale occuring in June 2022?
Can you reduce the gain for amounts invested in improvements?
Can you reduce the gain for interest/paid on mortgage not already deducted from taxes? (for property taxes paid)?
Can that be considered taxed at long-term capital gains rate?

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #2209 on: March 10, 2022, 09:00:08 PM »
Hi - Iíve been renting a home since 2016, bought it in June 2020 and will be selling it this week. It will be less than 2 years of ownership when I sell it but Iíve lived there for over 5 years. Anyway To get the personal residence exception to avoid paying capital gains tax?
https://www.journalofaccountancy.com/issues/2002/oct/thehomesalegainexclusion.html

REDUCED EXCLUSION
Taxpayers who sell their principal residence but donít meet the ownership and use requirements, or who sell their home within two years of selling another home, may be eligible for a reduced exclusion. The reduced exclusion is available if a change in place of employment, health or unforeseen circumstances necessitated the sale. Neither the Internal Revenue Code nor the proposed regulations define the change in place of employment, health problems or unforeseen circumstances that would allow taxpayers to qualify for the reduced exclusion.

CPAs would calculate the reduced exclusion by multiplying the maximum dollar limitation ($250,000 or $500,000 for qualifying married taxpayers) by a fraction. The numerator of the fraction is the shortest of (1) the time the taxpayer owned the home during the five-year period ending on the date of the homeís sale, (2) the time the taxpayer used the home during the five-year period ending on the date of sale or (3) the time between the date of the prior sale for which gain was excluded and the date of the current sale. The numerator and denominator are expressed in either days or months. If the measure is days, the denominator is 730 days (365 days X 2 years). If the measure is months, the denominator is 24 months.


Example. On January 1, 2001, Sally, an unmarried taxpayer, buys a home and uses it as a principal residence. On July 1, 2002, 18 months later, Sally sells the home because her employer transfers her to an office in another state. Sally may exclude up to $187,500 (250,000 X 18/24) of the gain on the sale of her home.

Example. On January 1, 1999, Tom buys and begins to live in a home. On January 1, 2001, Tom marries Ursula and she moves into Tomís home. On January 1, 2002 (12 months after Ursula began residing in the home), they sell the home because their employers transfer them to another state. Because only Tom has satisfied the two-year use requirement, the couple cannot use the $500,000 exclusion. Rather, their exclusion is determined by calculating the limitation amount for each spouse as if they had not been married. Therefore, Tom can exclude up to $250,000 of gain because he meets both the ownership and use requirements. Although Ursula does not meet these use requirements, she can claim the reduced exclusion because the sale is due to a job change. Ursula can exclude up to $125,000 (250,000 X 12/24) of the gain. Therefore, Tom and Ursula can claim a combined exclusion of $375,000.

Observation. Because the reduced exclusion is calculated by multiplying the exclusion, rather than the gain, by the appropriate fraction, CPAs will find the reduced exclusion provision allows most gains to be fully excluded from income.

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Re: any accountants out there that i can ask a question?
« Reply #2210 on: March 10, 2022, 09:03:45 PM »
Hi - Iíve been renting a home since 2016, bought it in June 2020 and will be selling it this week. It will be less than 2 years of ownership when I sell it but Iíve lived there for over 5 years. Anyway To get the personal residence exception to avoid paying capital gains tax?
Didnít you already go through this a year ago?

Offline Euclid

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any accountants out there that i can ask a question?
« Reply #2211 on: March 10, 2022, 10:25:35 PM »
Didnít you already go through this a year ago?
When did he have capital gains last year? He's only selling it in 2022.

Offline Dovdovmoneytree

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Re: any accountants out there that i can ask a question?
« Reply #2212 on: March 21, 2022, 02:59:16 PM »
I am due expense reimbursement from a company I am not an employee of. They sent me a request for a W-9 form. Isn't that only needed when they need to send me a 1099, whether for non employee income, interest, real estate transactions etc? I didn't think it is required/needed when it is reimbursement of expenses to a non employee? Am I correct?? TIA

Offline free123cc

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Re: any accountants out there that i can ask a question?
« Reply #2213 on: March 31, 2022, 01:33:19 AM »
If Iím expecting a refund and file late, what happens? (From googling I saw that for federal taxes there is no issue to file late in this case) but curious about Nj state tax and nyc and ny state tax (live in nj but work in nyc)

Thank you

Offline herb

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Re: any accountants out there that i can ask a question?
« Reply #2214 on: March 31, 2022, 08:18:53 AM »
If Iím expecting a refund and file late, what happens? (From googling I saw that for federal taxes there is no issue to file late in this case) but curious about Nj state tax and nyc and ny state tax (live in nj but work in nyc)

Thank you
also not a problem. Deadline is for owing taxes

Offline yitzgar

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Re: any accountants out there that i can ask a question?
« Reply #2215 on: March 31, 2022, 09:11:10 AM »
If Iím expecting a refund and file late, what happens? (From googling I saw that for federal taxes there is no issue to file late in this case) but curious about Nj state tax and nyc and ny state tax (live in nj but work in nyc)

Thank you
How does withholding work (working out of state)? If you owe anyone taxes, there could be a penalty

Offline ckmk47

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Re: any accountants out there that i can ask a question?
« Reply #2216 on: March 31, 2022, 09:57:04 AM »
How does withholding work (working out of state)? If you owe anyone taxes, there could be a penalty
Deadline is for owing taxes
So if you owe tax to any entity, file an estimated and pay more than enough to cover the bill.  It'll all get sorted out when you file.
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Offline yoruel

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Re: any accountants out there that i can ask a question?
« Reply #2217 on: March 31, 2022, 01:12:03 PM »
How can I up my FIT on the new W4 forms?
I want more with held, so I can get larger refund.
The new form is horrible, and not friendly.

Offline yitzgar

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Re: any accountants out there that i can ask a question?
« Reply #2218 on: March 31, 2022, 01:18:00 PM »


I want more with held, so I can get larger refund.

Can I ask what the reasoning behind this is?

Offline ckmk47

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Re: any accountants out there that i can ask a question?
« Reply #2219 on: March 31, 2022, 01:31:51 PM »

Can I ask what the reasoning behind this is?
forced savings.  albeit without interest, but how much does a bank give today?
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