Taxes on an Inheritance My brother and I received an inheritance about 6 months ago. Part of the inheritance was a home. Long story short, we are about to sell the property and split the profit in half. My main question is taxes. I believe whatever the Capital Gains are will be what we pay taxes on. I was hoping to get a little better understanding on this matter so we…

Withholding state taxes I live in arizona and started a new job, and our company is requiring us to select a percentage to withhold for state taxes. Being in Arizona, our income tax is 2.5%. Should I select 2.5% or should I go a bit higher to 3%? submitted by /u/lunardownpour

Taxes on a Stock Sale My company gives me free stock, but then I also purchase stock through them. I far as I can tell on my eTrade, it’s all lumped into my shares. Say I sell some stock. To calculate cost basis, I need to know how much I paid for each share, right? I won’t know that, because some were purchased by me, and some were given to me by the employer. Will …

Accountant filed taxes for me, after I realized they are Georgia taxes. I live and work in Florida. Title pretty much says it all. I work for a franchised chain store in Florida, I live in Florida about 5 mi from the Georgia border. My franchise owner was a big wig for a huge pharma company and “knows what he’s doing” exaggerated eye roll but seems to flounder a lot. He’s been through three office managers in the less than a year I have been h…

Taxes after maxing 401k This is the first year i can afford (well, attempt to afford), maxing my 401k contribution. Looking at my paystub, it appears that taxes are withheld on the basis of my gross pay. Is it worth adjusting my withholding, is that what most folks do? Or do i just not mess with it and get a refund? How do i figure out what the right withholding is? I’…

How do taxes work? Thinking about starting a store and I just want to know how taxes work so I don’t go to jail? In the us btw. submitted by /u/Professional-Ad6429

LPT – Owing taxes on a 529 college fund + back taxes So in 2021 i recieved around ~ $18000 from a college fund set up by my grandmother. I was told that if I use the funds to pay for schooling I would not have to pay any sort of taxes on it, but being stupid(I did not use it for schooling) , I used it to fund other things. At the time I was living with my girlfriend and we were going through some …

Inheritance taxes vs. gift taxes, I think? I will consult a tax lawyer in the spring, but I’m trying to figure this out now. My dad passed away in May. He wanted to leave my half sister something in the will to prevent her contesting it, which he did, $10K. He left me the same amount for appearances’ sake – he didn’t want her to argue with me. He left my full sister everything and asked …

Paying taxes in your Country I am thinking of starting to sell on Amazon FBA, and I wonder if I have to pay more taxes to make the money I earn “legal” in my country. This is for when I sell outside my country of course. Do I have to declare the money I make and pay more taxes in my country or the taxes paid in the country I sold are enough? I am talking in a small scale, n…

Claiming cash for taxes Question do I report the cash I get such as 300-800? I do report the checks I get but what about cash? Someone told me to claim the cash submitted by /u/dreamup1234

Home purchasing and taxes My parents were gonna wire transfer money in full to buy a house that’d be in my name. Apparently this warrants a gift which means they’d also have to pay 100k in taxes. The contractor didn’t require a gift letter but I assume it’d still be considered a gift. What are the other options we can do—like put my parents on the title? submitted by…

HELOC for back taxes? So me and my wife recently applied for a HELOC and was approved. Our goal is to put a new roof on our house and potientally pay off back taxes with some of the money. We inherited her grandparents house with the back taxes of 32,000. This is our first house and I’m honestly scared just knowing that debt is there. But would a HELPC be the right c…

Have we been doing taxes wrong? How exactly can we fix this? My partner and I are independent contractors. I’ve been doing contacts since 2018; usually it’s a 2-12 month contract with a company like Apex or TEKsystems, I complete it and then move on to the next one. Around February I gather up my documents, file on TurboTax, and pay whatever they tell me to. For the past couple of days, I’ve been looking…

Taxes on membership fees My client has a website that sells primarily physical products. But customers can also buy a membership which gives them access to members-only products. My question is, do I charge sales tax on the membership fee? If so, should it be calculated using the customers address or the stores address? Edit: the store is based in the US and only sells…

Domestic partner and taxes I recently quit my Job July 14th, my Domestic Partner started working this year August 1st. At the time I was employed she had not worked all year up until now. I had her claimed as a dependent along with our son while I was taking care of paying all the rent, bills, utilities etc. She is now working and will exceed the income limit of 4,400 dol…

What to do about son’s taxes? We live in New York State if it makes a difference. My 15 year old son got his working papers so he could get a job for the summer to save for a car. We figured he’d probably find some jobs lawn mowing for an old lady and earn a $10 or $20 each time, or doing something for someone off the books and bring home cash each week. He actually got a jo…

Help with Back Taxes *throwaway account for privacy So I fucked up. The past two or so years I exempted myself from fed taxes. I did not file. The past two years. I know I owe more than 5 figures. I know I should contact them before they contact me. However, my question is, what should I do. What should the conversation be? I clearly don’t have the money now. So I…