Renee M. asked
I am an F1 visa holder and I want to sell a luxury bag for a gain of $400. Will this be considered business income and do I need to pay tax on this gain?
August 3rd, 2024
Marissa M. answered
The sale of personal items, such as a luxury bag, is subject to capital gains tax, not self-employme...
August 3rd, 2024
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I received a letter 4883c and need to prove my identity to get my taxes back. I received the notice last week and have not received similar notices in the past. My ID.me account has been temporarily suspended, and I'm having trouble contacting the IRS for assistance. What should I do?
December 28th, 2024
I need an estimate of the impact on federal and state taxes if I take advantage of a short sale settlement offer from the bank SPS Select Portfolio Servicing. The bank is offering to release their lien for $144,000 on a $1.4M payoff. We originally purchased the property for $370,000 in 2004. Tax documents estimate the market value as $684,000. Some Realtor market comps range from $600K to $800K. Questions include: 1) What is the estimated federal taxable gain for me and my ex-wife? 2) What is the estimated state of NY taxable gain for me and my ex-wife? 3) Since we are divorced but still on the mortgage and deed, will the IRS split the taxable gain such that each of us individually will incur 1/2 of the total taxable gain? 4) If the taxable gain results in us owing a large tax payment to the IRS or state, when and how is it payable, and what are the federal and state penalties for not being able to pay it all? 5) Is the offer too good to be true, considering the home has been upside down for more than 14 years with no payments, and how can we be sure the offer is valid?
December 30th, 2024
I filed a tax return by mail but did not check the correct box for a refund. I am wondering if the IRS processed my refund or refused it because I did not check the box nor file form 888.
May 1st, 2023
I have lost my tax file number and can't link mygovt to ATO services. I am a 61-year-old director of a company in Australia and need my TFN to get my DIN number, which the ATO now requires. I obtained my TFN probably 20 years ago. How can I retrieve my TFN and link it to mygovt?
March 11th, 2024
I just got a new job where I will work remotely in Florida as a resident and visit facilities in CA, TX, and Wisconsin possibly once per quarter for meetings. The company HQ is in Iowa. Where do I pay state taxes, and why was I asked to fill out an Iowa nonresident tax form during orientation?
July 7th, 2024
