asked
As an H1B visa holder with SSN, I am helping a Dutch company owned by a friend rent an apartment in Chicago by paying the rent monthly and receiving the same amount from the company's bank account. Will I have to pay tax on this money, and should I mention this on my tax return?
June 14th, 2023
I'm trying to fill out a new W-4 since I got married in September. We are planning to file taxes next year married jointly. I'm confused about how to handle the part about multiple jobs (step 4) worksheet since each of us has one job. Additionally, I'm under workers compensation income and my husband just started his job in September 2023. Should he include my workers compensation income in his W-4 calculations? Also, how should I include my mortgage in my W-4, and do we need to complete the worksheet for step 3 and 4 if we don't have dependents?
December 25th, 2024
I moved to Maryland in 2020 and am selling my rental property in DC for $1,075,000. After expenses, I'm netting $776,000. How much do I pay in IRS, Maryland, and DC taxes, or what is the best way to minimize capital gains tax? I was considering investing in DSTs but am $10,000 short of the $1 million requirement. The property is a 4-unit apartment building, initially won in a DC lottery for $1,000 and fixed up with a $155,000 bank loan.
May 14th, 2024
If I have a shop that I rent and it needs to be repaired, should I expense the whole amount or depreciate it?
February 24th, 2023
Can you tell me how much I have overpaid the past couple years? I need to know the credits with the IRS as I finish filing my 2022 tax forms.
July 28th, 2024
Elijah is single. He has a $35,500 AMT credit from 2021. In 2022, his regular tax liability is $88,750 and his tentative minimum tax is $75,438. Does Elijah owe AMT tax in 2022, and how much of the AMT credit can he use in 2022?
June 11th, 2024