CPA Answers Your Tax Questions For Free

The I Will Teach You To Be Rich blog has a certified public accountant (CPA) guest posting for the next month who will answer reader tax questions for free.

The CPA is Dave Bergstein with 40+ years tax experience, including stints at the IRS and as an accounting professor.

You can leave your question in the comments over there or send in an email.

Neat, and useful If you’re stuck on a line item or there’s something about taxes you always wanted to know. Or you can just follow along and see what you learn from the answers to other people’s questions. — BEN POPKEN

Get your tax questions answered — free [I Will Teach You To Be Rich]

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  1. LindaCampana says:

    I would like to know the tax implications for me should I decide to withdraw $170,000 from my resource management account and IRA. Thank you. Linda Campana

  2. awrora says:

    Value of shares in housing cooperative were calculated by cooperative as of 11/30/07 but member didn’t receive funds from proceeds until 2008. If cooperative will report it as 2007 income to a member, is it any way to defer member’s income to 2008 since cash wasn’t received in 2007 and member is on cash basis.
    Thank you

  3. vkr_1952 says:

    I was injured at work and recieved workman’s comp payments for the time I was off. Are these monies taxable?

  4. catlvr12522 says:

    I had a car repossesed in 2006. I did not receive a 1099 for the charged off debt. The IRS says the charged off debt is income and I must pay taxes on it as well as penalties and fines. Is this truly the case? Should this be reported as income? Can I send in an amended form since I never received the 1099? If I owe this money how should I pay it off?
    Thanks

  5. TAX_08 says:

    I have a debt garnishment that takes my tax refund every year, I am currently married and my wife gets back considerably more then me for her refund. Is there anyway to keep her part of the refund from being taken? Or is there anyway to fight this? This debt is something I had before I was married to her.

  6. sunshineazchick says:

    I currently have been employed with the same company for 7 years. On the 2nd year of employment my employee changed directions of the business and it was verbally spoken that I would get a vehicle kick back. (a hand me down from one of my bosses when they get a new vehicle). On the 4th year I still had not received this “kick back”. I brought it up and they purchased a vehicle for me. Approx. 4 months later my employer stated for accounting purposes they would need to deduct a “payment” out of my paychecks to cover the purchase. My question is if there is a tax break or a way to cover this purchase without having to take it out of my check. It is a small business, could they not sell me back the vehicle for less than the original purchase price since it was supposed to be a gift to start?? What sort of tax liabilities are there on something like this?

  7. Anonymous says:

    Question: What is your suggestion on handling this matter:
    A non-profit organization with less than $25,000 a year is using an executive director who is handling the day to day operations, designing and manning the website, grantwriting–the whole works. The executive director is currently working for free until adequate operating funds are received. A $10,000 grant (half of the requested amount) is awarded for operations of which the grant application included funds for the director. The board approves to give the director 20% of the grant. Is the director now considered a paid staff, consultant, or is this 20% considered a gift?

  8. Anonymous says:

    Looking at investing in an offshore FOREX trading company. Am I just taxed on the money I withdraw and transfer to my US account or is the whole amount taxable?

  9. Anonymous says:

    My Husband and I sold our home in 2008 due to us being PCS’d to Oklahoma from North Carolina. We purchased the home in 2006 May and sold it in 2008 April just 2 weeks short of 2 years. We had to pay money at closing to sell the home. I would like to know is there a way that we can use the Exception to ownership rules to not have to pay taxes. We did not make any money off the sale of our home and now we are very worried we will now have to pay the IRS money for selling the home. We need help badly with this problem.
    Thank you,
    Worried Army Wife

  10. Anonymous says:

    I just purchased a home in January. I’m not sure what the result of the Stimulus Plan will be and what, if any, tax credit I will qualify for. Suppose it is $8000 as speculated. Can I file for the tax credit on my 2008 return so that I can get it out of the IRS’s hands and not wait until 2009? If I do that, do I have to do my deductions for my closing costs when I bought the house or can I wait and do that on my 2009 return? What is the best way to do it?

  11. Anonymous says:

    I buy a house with my girl firend this year she can not clam the new home owner credit but can i clam it and all of it or is there a percent that i can clam. my name is the first on the house and she is the co-owner.

  12. Anonymous says:

    My father-in-law is trying to claim my wife and daughter on his taxes because he says I owe him money. My wife and I were married in 2007. We lived with them over 1/2 of the year during which I was unemployed for medical reasons (6 months without a job. I was just wondering about the legal stand point on this. My wife and I are bother over the age of 25. If you need anymore info. please let me knnow.

  13. Krystal Sohun says:

    hello my husband has an itin number and we filed jointly i was told that because of his itin number i will not qualify for the earned income tax and child tax credits is this true?

  14. Anonymous says:

    I have an LLC and Donated a Video Production and Service that raised over 2000.00 for a Non Profit. I have a letter from them on the amount worth. Can I deduct this?

  15. Anonymous says:

    I am currently looking to buy a home for the first time and I do qualify for the $8,000 tax credit. My question is do I get the full $8,000 or just the amount that I have paid in taxes?

  16. Anonymous says:

    We are a nonprofit organization that frequently sponsors mission trips to Africa. A participant paid the tax deductible deposit of $200 to go toward her trip. Later, an organization paid the $200 toward the trip for that individual. The individual is now requesting a refund of her original donation of $200. #1 – Is it legal to issue the refund, as long as we adjust the donor’s contribution record? #2 – Does our organization need a policy regarding issuing refunds? Thank you, Robin Palesano, CFO

  17. syl says:

    My domestic partner and I have lived together for 20 yrs. We have always filed separate returns, he retired last March 2009, ,since January of 2009 I have been carrying him on my health, dental and vision insurance, so my question is can I claim him on my taxes this year????? He has not worked since March and collects SS. Thank You