Author Topic: any accountants out there that i can ask a question?  (Read 490422 times)

Offline YOSSI170

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Nov 2015
  • Posts: 414
  • Total likes: 31
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Brooklyn
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

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Aug 2012
  • Posts: 7961
  • Total likes: 1044
  • DansDeals.com Hat Tips 3
  • Gender: Female
    • View Profile
  • Location: brooklyn
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#.
My favorite cause: cssy.org

Offline YOSSI170

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Nov 2015
  • Posts: 414
  • Total likes: 31
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Brooklyn
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

  • Dansdeals Gold Elite
  • ***
  • Join Date: Jul 2021
  • Posts: 244
  • Total likes: 22
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: New York
  • Programs: Hilton Diamond, National EE, Hertz PC, Marriott Gold
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?

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 4377
  • Total likes: 1318
  • DansDeals.com Hat Tips 7
    • View Profile
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.

Offline sguitarist18

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jul 2011
  • Posts: 1781
  • Total likes: 884
  • DansDeals.com Hat Tips 6
    • View Profile
  • Location: NY
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

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2015
  • Posts: 1611
  • Total likes: 491
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: KBLM
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

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Nov 2013
  • Posts: 545
  • Total likes: 65
  • DansDeals.com Hat Tips 1
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #2207 on: March 10, 2022, 12:58:30 AM »
Hi - I’ve 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 I’ve lived there for over 5 years. Anyway To get the personal residence exception to avoid paying capital gains tax?

Offline David61

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jan 2011
  • Posts: 457
  • Total likes: 153
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: NYC
Re: any accountants out there that i can ask a question?
« Reply #2208 on: March 10, 2022, 08:54:57 PM »
Hi - I’ve 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 I’ve 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

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2015
  • Posts: 1611
  • Total likes: 491
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: KBLM
Re: any accountants out there that i can ask a question?
« Reply #2209 on: March 10, 2022, 09:00:08 PM »
Hi - I’ve 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 I’ve 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 don’t 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 home’s 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 Tom’s 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.

Offline S209

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2016
  • Posts: 7469
  • Total likes: 3930
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
    • Gowns By Shevy
  • Location: Lakewood
  • Programs: Marriott Gold, Star Alliance Gold, Hyatt Explorist, Hertz PC, National EE, Rock Royalty Wild Card, Wyndham Diamond, MLife Gold, Caesars Diamond, Hilton Diamond, Uber VIP, IHG Platinum Elite, ANA Platinum, DDF Lifetime Prez Platinum Elite, AmEx Platinum
Re: any accountants out there that i can ask a question?
« Reply #2210 on: March 10, 2022, 09:03:45 PM »
Hi - I’ve 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 I’ve lived there for over 5 years. Anyway To get the personal residence exception to avoid paying capital gains tax?
Didn’t you already go through this a year ago?
Quote from: YitzyS
Quotes in a signature is annoying, as it comes across as an independent post.

Offline Euclid

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Jun 2010
  • Posts: 4911
  • Total likes: 6141
  • DansDeals.com Hat Tips 5
    • View Profile
any accountants out there that i can ask a question?
« Reply #2211 on: March 10, 2022, 10:25:35 PM »
Didn’t 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

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Aug 2017
  • Posts: 499
  • Total likes: 22
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: USA
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

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jul 2019
  • Posts: 254
  • Total likes: 61
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: baruch hashem not lakewood!!!
Re: any accountants out there that i can ask a question?
« Reply #2213 on: March 31, 2022, 01:33:19 AM »
If I’m 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

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Apr 2018
  • Posts: 1723
  • Total likes: 349
  • DansDeals.com Hat Tips 2
  • Gender: Male
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #2214 on: March 31, 2022, 08:18:53 AM »
If I’m 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

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Dec 2016
  • Posts: 3078
  • Total likes: 1277
  • DansDeals.com Hat Tips 1
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #2215 on: March 31, 2022, 09:11:10 AM »
If I’m 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

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Aug 2012
  • Posts: 7961
  • Total likes: 1044
  • DansDeals.com Hat Tips 3
  • Gender: Female
    • View Profile
  • Location: brooklyn
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.
My favorite cause: cssy.org

Offline yoruel

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: May 2013
  • Posts: 765
  • Total likes: 11
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: New York
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

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Dec 2016
  • Posts: 3078
  • Total likes: 1277
  • DansDeals.com Hat Tips 1
    • View Profile
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

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Aug 2012
  • Posts: 7961
  • Total likes: 1044
  • DansDeals.com Hat Tips 3
  • Gender: Female
    • View Profile
  • Location: brooklyn
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?
My favorite cause: cssy.org