asked
We are considering installing solar panels on our primary residence. One source mentioned that 30% of the total cost can be used as a tax deduction and can be carried over to the next year if not fully used in the year of installation. Another source suggested that the expense can be added to the cost basis. Which is correct?
November 16th, 2023
I have a Net Operating Loss (NOL) from 2013 that I want to carry back to 2011. My husband passed away in 2012, and since I can only apply the NOL to my taxable income, there is no benefit to the carryback. My taxable income, figured as Married Filing Separately (MFS), is zero before the NOL deduction, so there is no tax refund and no benefit to filing an amended 2011 tax return. My specific questions are: 1) Should I still file an amended 2011 return to show that I did figure the carryback to the 2nd year? (Since it is too late to elect to forego the carryback) 2) If I do file the amended 2011 return, do I report the full amount of the NOL in line 21, even though the Adjusted Gross Income (AGI) will show as negative, yet the tax will remain the same as before the NOL carryback? 3) In figuring the NOL Carryover to 2012, do I use (for column A, Line 2, Schedule B Form 1045) only my taxable income that existed before the NOL carryback (which would be zero), rather than the joint return taxable income before NOL carryback?
January 21st, 2024
What is the best way to distribute a large sum of money to my siblings without incurring significant gift tax penalties, and how can I ensure that the transactions are processed quickly?
February 17th, 2024
I started a personal trainer business at 19 and didn't file taxes for the last 5 years. I've made about $485,000 and have many deductions but no organized receipts. I hired Optima Tax Relief, who said I could owe $170k and charged $10k for their services. Should I continue with Optima or hire a CPA to get on track with the IRS?
January 15th, 2024
I sold some stocks in 2013 and neglected to claim the sale on my taxes because I didn't receive a 1099 from the clearing house. The IRS has assessed taxes on the entire sale amount, not the gain. The brokerage firm doesn't have the purchase price information needed to calculate the gain. My investment account was transferred to three different firms over the years. How do I report this to the IRS and where can I find the historical purchase prices?
December 25th, 2023
As part of an acquisition, former owners will be paid a non-compete over 3 years and will also be employees of the acquirer. Are these payments includible in the W-2? Or is there a position to say the first one is part of the sale proceeds? Or are all three (even after employment begins) part of the sales proceeds?
December 11th, 2024