Other financial discussions

Hello, I am selling a personal home that I purchased on November 8th of 2019, I will sell it on November 1st of 2021. I cannot change the closing date. The profit will be 30k, if I reinvest into another home, will I have to still pay capitol gains as it is within the same months to almost be 2 years? I am moving for work and it will be over 200 miles away

Hi, I applied my wife's ITIN on Mar 3, 2020, through visiting the IRS office, so it's been more than 3 months. The paper instruction is saying that the mail will be delivered within 9-11 weeks, however, I still don't get any mail for the result yet.I've called the number [phone number removed](on the instruction) but there's no option to choose for the ITIN application status.I'm assuming this delay may due to the covid19, but I still wondering the status of my application, since my 2019 tax filing will be processed once we have my wife's ITIN. And also, because of this delay, I couldn't get the stimulus check since my 2019 tax filing is not done yet.Anyone have the same issue or know how to check the status of the ITIN application??Thanks in advance! 

I was just asked asked to submit a w9 for a job I just did but, I'm not a registered business.  How do I handle this? Am I a sole proprietor or something? Any help is appreciated!

So everyone knows the IRS Portal is now open for you to adjust your direct deposit information if you need to. First it will let you check your status-then it may allow you to update your payment method. I was able to do so successfully. I was not immediately told how long it will take for the funds to come into my account.  FYI- the status of my payment originally was that they didn’t have enough information to send my payment based on my most recent tax return. So basically I got the Turbo Tax Debit Card-no advance, and not a Rush card just the normal Green Dot Turbo Tax card-and basically somehow Turbo Tax has my information all screwed up because the IRS didn’t have enough info to send me my stimulus payment. Everyone around me is getting theirs and I’m sitting here like a fool come to find out it’s because of Turbo Tax. I paid $230 to get my taxes done by them and they screwed me on both my tax refunds and the stimulus. I won’t be back to do business with them again.  &n

I am retiring next year at age 65. I will be working for 3 months before I receive my Social Security benefits. Will my first 3 months earnings before I get social security count against my earnings limit for social security? Also, will my earnings limit increase when I reach full retirement age(66yrs 6 months). Thanks!

I have a Healthcare Savings Account (HSA) with a significant balance. I realize this money is for medical expenses. I would like to know if any part of that HSA can be used for my burial or other related funeral expenses.  Would my beneficiary inherit this HSA balance?Death is certainly very medical 🙂 

My CPA did wrong last year, he allocated all loss to one share holder. Instead of amend last year return, because it is too much trouble, there are several shareholders, if we amend business return, personal returns will be amend too. can we make internal agreement, allocate all the loss to other members for the following years?

I sold an investment property.  In order to avoid paying capital gains taxes on the property, I plan on buying some equipment for my business.  Do I have to pay cash this year in order to get the capital gains loss, or may I just take possession of the equipment and pay it out?

Does anyone know how taking witrhdrawals from an IRA will affect Medicaid eligibility?  My parents currently have Medicaid, buy if they decide to take distributions or withdrawal from their IRA, they would go over the income limit.  Question is, can they take out just enough money so that it is offset by the standard deduction and still qualify for Medicaid?  I know eligilibility varies from state to state, so anyone familiar with NY would be helpful. To get into more specifics, they are 65 and get a combined ~ $1400 in social security a month.  That's their only source of income currently.  The combined value of their retirement accounts is about $300,000.  If they take withdrawals from their IRA that is less than the standard deduction of $24,800, will that still make them eligible?  Or would that withdrawal still count in determining Medicaid eligibility? Thanks.      

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Hi,I received an email that TurboTax will debit from my account for the tax service which was $115.  My tax return is delayed since being accepted 5/30.  I do not have these funds at this time, so is it possible to setup a payment plan or pay when my tax return is received?  I selected the option to take the amount due from my tax return.thank you.

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Anyone know whether the early withdrawal for medical expenses has to be specifically for the owner of the IRA? Or can the funds be used to pay medical expenses for the spouse and their children?

Hi, if I transfer my home that I’ve lived in for 4 years and is fully paid off to my brother using a quick claim deed and gift it to him with no money exchanged and he sells it does he also get my “holding period” so he isn’t charged as much capital gains?

i need my money back you charge me 130.32  i wont thas product that you ofer me wwwwwrrtthhhhhh....

What happened to the 1800 I was supposed to get for covid

My home was foreclosed ion and sold and sent a notice it  went above asking price will this taxable inTexas considered a lost are income. 

I need to let a family member Borrow 11k for a down payment. I will get the money returned once the current home sells. The financial institution wants me to pay the Loan people directly. If I do that and then the money is returned directly to me how that will affect my taxes and will it be considered income? It is coming out of a brokerage account.

How do I alert the IRS that I’m pregnant and due oct 2021 to include that newborn in my advanced child tax credit

Hi, I got a 5071C letter and I'm trying to get my stimulus check. I need to verify my identity on the IRS website but I don't know how they want me to put in my address since I live in an apartment. I've tried so many combinations of my address that I don't know what to do anymore. I've also tried calling the number they gave on the letter an unreasonable amount of times for 3 days straight now and it always tells me they are too full.  It's like the IRS is trying to completely block me from getting this money I need! Can someone please explain how I'm supposed to input my address into the ID verification website? 

I've seen conflicting information from the IRS and TurboTax.  Here's a scenario:  2020 AGI as filed before the stimulus bill was $169,500Married, filing jointly with each spouse receiving more than $10,200 in unemployment I saw an IRS published clarification recently that taxpayers could deduct the $10,200 for each tax payer before calculating their adjusted AGI - so in this case: $169,400 - $20,400 = $149,400 adjusted AGI, so refund qualifiedHowever, on the TurboTax site it states that the AGI must be below $150,000 as filed to qualify, i.e. you cannot deduct the $10,200 (or $20,400 for two) unemployment first to qualify for the AGI limitWhich is correct?  Any guidance is appreciated. 

So I changed my address with the IRS back in March. They still haven't updated my info. Also I filled my taxes in April and received my state refund but my federal refund is still pending but was approved.what should I do?

Can the state take the relief checks that are coming out?

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*update Just got access to the IRS where's my payment. Entered my info. Used the federal tax return total only. Do not combine state and federal. Theh just want federal amount. I added my REAL bank acount information. Accepted. I suggest anyone else that had their tax refund sent to their debit card with TURBO do complete the above process.     *original post* I am not receiving the code to my phone to log into the debit card account. The app keeps crashing and I can't access my account. I am trying to access the account to see if the stimulus is deposited. I received the code to access my turbo account but the debit card account is having problems. Is anyone else having this problem? *edit  Since some people are missing my other posts. I am able to log in. No issue checking my balance now. The issue is now I have no stimulus. I check the stimulus payment information on the IRS website and it says no bank info. I tried entering in my tax info and it would not accept it!