SAN FRANCISCO (KGO) — Have a query about taxes or submitting your tax returns? 7 On Your Aspect is right here to assist.
On Wednesday, March 5 from 3 to 7 PM, 7 On Your Aspect and a workforce of tax consultants will reply your questions on adjustments to the tax legislation, new deductions, deadlines, and rather more.
We’ll publish viewer questions and their solutions on this web page, so be looking out to your query proper right here — plus you could study new issues by means of different individuals’s questions!
Viewer title: Richard
Viewer query: I’m a self employed contractor and I exploit my house as my workplace. Lately I had my water examined and located it contaminated with completely different particles. I needed to set up a water filtration and a reverse osmosis system. I had to do that to guard my well being. It did price hundreds of {dollars} . Can I deduct this or any a part of the price on my taxes?
Volunteer title / group: Norman M. Golden, EA California Society of Enrolled Brokers
Reply: Try to be at present depreciating a portion of your residence for the workplace in house primarily based on the share of your house. The brand new filtration system can be a everlasting enchancment that ought to be capitalized and added to your foundation. Your deduction would be the improve in your depreciation.
Viewer title: Grace
Viewer query: I’ve a rental property that has been vacant since early 2022. In 2024, I did $100,000 value of renovations because it was vacant. Can I deduct insurance coverage, property tax, and renovation prices on this 12 months’s rental property earnings tax schedule E although I didn’t get any rental earnings?
Volunteer title / group: Norman M. Golden, EA California Society of Enrolled Brokers
Reply: So long as you’re holding the rental property out for lease, you could proceed to deduct the insurance coverage and property tax. The renovation prices might should be capitalized and deducted by way of depreciation expense.
Viewer title: Miriam
Viewer query: I’m a preschool instructor in Alameda, California. My employer claims {that a} portion of my annual wage isn’t taxable for federal withholding. In 2024, $29,200 was not withheld for federal tax. It has been ongoing for 4 years, inflicting me to owe curiosity and penalties of $10,000 to the IRS, Please assist.
Volunteer title / group: Norman M. Golden, EA California Society of Enrolled Brokers
Reply: First, I’m not conscious of how or why a portion of your wage is not taxable. Second, I would want extra info as to why there wasn’t withholding.
Viewer title: Rainalda
Viewer query: Our CPA did not file our tax returns for 2023. Each time I referred to as the workplace I acquired some excuse … I to this date haven’t had my calls returned. Yesterday, I went to the native IRS workplace in Santa Rosa and advised them of my challenge. They checked on line and advised me that my taxes weren’t filed nor an extension. When you’ve got any recommendations as to whom to contact, please let me know. I left messages that I used to be going to inform the Police, IRS and the California Board of Accounting. Thus far, I’ve solely gone to the IRS.
Volunteer title / group: Norman M. Golden, EA California Society of Enrolled Brokers
Reply: I’d log on to www.CSEA.org. On the Dwelling Web page is “Discover an EA”. You possibly can enter your zip code and discover numerous Enrolled Brokers in your space who shall be ready that can assist you along with your previous and present taxes. Be affected person and be ready to probably occurring extension to your 2024 tax returns. The EA you discover, with an IRS Energy of Lawyer, will be capable of contact the IRS and purchase you some extra time for the 2023 returns, given the circumstances. Additionally, I’d discuss the the EA about submitting a Type 14147 with the IRS, which is able to launch an investigation into your former CPA
Viewer title: Regina
Viewer query: We submitted an addendum paperwork in 2023 for having photo voltaic panels on our home utilizing HR Block. In June 2024 , the IRS requested further paperwork which we offered. Our HR Block consultant advised me he spoke with the IRS weekly to assist resolve points like this. By the tip of July 2024 the IRS stopped speaking to him about this challenge. We nonetheless haven’t acquired our greater than $8000 rebate. Are you able to please assist us?
Volunteer title / group: Chris Housh, EA, Esq.
Reply: There’s a important backlog in that unit of the IRS exams. Proceed to watch your mail for the IRS to reply. There have been cases the place the IRS requests the data once more or strikes the case ahead to a Discover of Deficiency, the place you need to reply appropriately to the brand new deadline.
Viewer title: Juliana
Viewer query: I simply acquired a 1099-NEC tax type from them, however I’ve by no means labored for Uber in any capability, which makes me suppose somebody is utilizing my Social Safety quantity. I’ve searched in every single place however cannot discover a cellphone quantity or an actual particular person to speak to. What ought to I do?
Volunteer title / group: Loreley Fernandez-Davila, EA- California Society of Enrolled Brokers
Reply:
Viewer title: Mary
Viewer query: Does the IRS have a fee plan, the place you do not have to pay the total quantity due straight away? That is for a present quantity due on 4/15/2025. I am not asking about taxes which can be delinquent.
Volunteer title / group: Frank Hood EA
Reply: The IRS does provide fee plans. Nonetheless your late stability will nonetheless be topic to penalties and curiosity even you probably have a fee plan in place. You will want to contact the IRS as your particular tax state of affairs will decide which fee choices can be found to you. Relying in your tax state of affairs, you might be able to apply for a fee plan on-line at IRS.gov.
Viewer title: Alisa
Viewer query: It is our first 12 months submitting in a registered home partnership and all the data is complicated. How, in easy plain English and in sequential steps can we file our state returns? I personal a house (not group property) and itemize. No funding earnings, only one W2. He recordsdata 1040EZ customary deduction. Thanks.
Volunteer title / group: Amanda Boston, EA California Society of Enrolled Brokers
Reply: Submitting as RDP in CA is THE MOST sophisticated tax submitting. You file separate for federal and joint for the State of CA. All of my purchasers that had been RDP earlier than similar intercourse marriage was acknowledged determined to only get married as a result of it was SO A lot simpler. There isn’t a “easy” solution to clarify tips on how to file these returns. I counsel hiring an expert that focuses on your tax state of affairs and pay them for his or her companies. It is going to be value it. You possibly can fin an Enrolled agent right here: https://www.csea.org/CSEA/FindaTaxExpert/Find_A_Tax_Expert.aspx
Viewer title: Tricia
Viewer query: My father receives $1505 social safety advantages and $392 pension a month. Final 12 months he earned $1580 curiosity from financial savings. Can I declare him as a depending on my taxes?
Volunteer title / group: Frank Hood EA
Reply: By way of earnings, your father meets the {qualifications} to be your qualifying relative dependent. For tax 12 months 2024, the earnings restrict for qualifying kinfolk is $5,050 and this restrict doesn’t embrace nontaxable earnings. Nonetheless to say your father as a dependent there are further situations. You should have offered greater than half his help for the 12 months. He can’t be submitting a tax return as married submitting collectively except solely to say a refund of taxes paid or withheld. He additionally should be a U.S. citizen, resident alien or nationwide or a resident of Canada or Mexico, cannot be claimed as a depending on a couple of tax return, and he cannot declare a depending on his tax return.
Viewer title: Raymond
Viewer query: If the IRS hasn’t acquired our tax return despatched on Feb 1, and 4 weeks have handed — what’s smartest thing to do? File for extension? Ship a replica tax return? Simply examine day by day to see in the event that they acquired it? Do one thing else?
Volunteer title / group: Amanda Boston, EA California Society of Enrolled Brokers
Reply: I assume you mailed your return. You need to sooner or later file electronically to keep away from this challenge. DO NOT file for an extension or duplicate return. Processing of mail is completed by people and takes loads longer than e-filed returns. I’d wait till March fifteenth and examine again then to see if it has been acquired. In case your return has nonetheless not been marked as acquired it’s best to ship a replica publish marked earlier than April fifteenth.
Viewer title: Ladeana
Viewer query: I filed my taxes and I did not know what I used to be doing by means of Turbo Tax. I utilized my private bills as enterprise (like Bart charges, bus charges, gasoline charges) and now I am being penalized. Can I do an modification to pay the right taxes as a substitute of sending the proof receipts? I work at home so I assumed these had been my enterprise bills. Now I’ve a 44k invoice with curiosity. This has turned my life the other way up. Please assist. My husband is within the navy and we have to repair this.
Volunteer title / group: Norman M. Golden, EA California Society of Enrolled Brokers
Reply: I’d log on to www.CSEA.org. On the Dwelling Web page is “Discover an EA”. You possibly can enter your zip code and discover numerous Enrolled Brokers in your space who shall be ready that can assist you.
Viewer title: Lerry
Viewer query: Are there any financial savings renters can get on their taxes? One 12 months a tax preparer advised me sure then the following 12 months it was no. Why are issues so wishy-washy for individuals who lease, as a result of we won’t afford to purchase in CA?
Volunteer title / group: Frank Hood EA
Reply: The State of California has a renter’s credit score you could qualify for if:
-You paid lease in California for no less than 1/2 the 12 months
-The property was not tax exempt
-Your California earnings was:
$52,421 or much less in case your submitting standing is single or married/registered home associate (RDP) submitting individually
$104,842 or much less if you’re married/RDP submitting collectively, head of family, or certified widow(er)
-You didn’t dwell with somebody who can declare you as a dependent
-You or your partner/RDP weren’t given a property tax exemption in the course of the tax 12 months
It’s completely doable that your eligibility for the credit score will change from 12 months to 12 months.
Viewer title: Randal
Viewer query: I’m going playing and I get a bunch of 1099 kinds from the on line casino. I believe I’ve over 100 this 12 months. Do I have to enter these one on the time on my tax type or can I exploit the Win/Loss assertion that the on line casino sends out? Or what’s the right solution to enter these 1099 kinds? Thanks.
Volunteer title / group: Chris Housh, EA, Esq.
Reply: You possibly can enter the entire winnings on line 21 of the 1040. The losses are itemized deductions on Schedule A line 27. Don’t attempt inserting the web winnings on 1040 line 21, or the IRS will ship you a letter claiming you didn’t declare the entire winnings.
Viewer title: Molly
Viewer query: The Windfall Elimination Provision (WEP) was a federal legislation that lowered Social Safety advantages for some individuals with retirement pensions. The Social Safety Equity Act eradicated the WEP on January 5, 2025. This variation doesn’t influence CalPERS pensions, but it surely does influence Social Safety advantages. It’s retroactive to 1/24. Social Safety is simply paying out NOW for the previous 12 months. I simply acquired my fee. QUESTION Do I now want a Revised SSA-1099 assertion for 2024? Or as a result of the precise payback is in 2025 – will or not it’s accounted for on the 2025 assertion & taxes?
Volunteer title / group: Norman M. Golden, EA California Society of Enrolled Brokers
Reply: Particular person taxpayers are cash-basis taxpayers. That means that you just acknowledge earnings when it’s acquired, so it is going to be reported by SSA on a SSA-1099 for 2025 and go in your 2025 tax returns. Congratulations on lastly getting the cash you deserve.
Viewer title: Patricia
Viewer query: I filed my 2021 tax return however by no means acquired my funds. I went to The place Is My Refund: it says your return has been acquired, it has been that approach for two years. Now whenever you go there the 2021 part is not on the location. How do I get my refund?
Volunteer title / group: Amanda Boston, EA Ca Society of Enrolled Brokers
Reply: You want to name the IRS to ask them what’s going on along with your return. The deadline for 2021 submitting for stimulus funds was simply prolonged to April fifteenth of 2025. So they could reopen the info on-line, however it’s best to name and plan to be on maintain for no less than 3 hours.
Viewer title: Edith
Viewer query: I received $1000 from the lottery and I am on Social Safety incapacity so I do not do my taxes. How do I pay taxes on this?
Volunteer title / group: Frank Hood EA
Reply: It’s probably you’ll not have to pay any taxes on the lottery winnings. Taxes are primarily based in your earnings as a complete and you’ll solely owe taxes in case your whole taxable earnings exceeds the usual deduction. The usual deduction quantities for 2024 are: $14,600 for Single, $21,900 for Head of Family, and $29,200 for Married Submitting Collectively. Moreover, you do not want to file a tax return in case your taxable earnings is under the usual deduction, so long as you aren’t married and submitting separate tax returns.
Viewer title: Stephanie
Viewer query: Is there a simple solution to know if I ought to file “Married submitting collectively” or “Married submitting separate”, or is the one solution to know to do them each methods and see which has the decrease quantity? From two very confused newlyweds.
Volunteer title / group: Norman M. Golden, EA California Society of Enrolled Brokers
Reply: It’s not a simple reply. Sure, it’s best to run the numbers each methods. What it’s a must to perceive is that California is a group property state, which implies that from the date of your wedding ceremony half of your earnings is your partner’s earnings and vice versa, except you have got a pre-nuptial or post-nuptial settlement. Normally for most individuals, Married Submitting Joint would be the higher solution to go. Good luck.
Viewer title: Peter
Viewer query: What objects qualify as enterprise bills?
Volunteer title / group: Amanda Boston, EA CA Society of Enrolled Brokers
Reply: Bills utilized in your enterprise which can be strange and obligatory for the manufacturing of earnings. In the event you get artistic along with your bills the IRS or FTB might need to look at your return and your receipts to see why your bills are increased or out of line with different enterprise in your space and line of labor.
Viewer title: Loretta
Viewer query: If I had a refund final 12 months because of my 2023 taxes and had my accountant ship in to use to 2024 taxes- Ought to I be paying estimates or will I be penalized for not sending any estimates?
Volunteer title / group: Norman M. Golden, EA California Society of Enrolled Brokers
Reply: It relies upon. Tax legislation requires that in the course of the 12 months you pay no less than 90% of your tax legal responsibility by way of a mix of withholding and estimated tax funds. In the event you do not and owe $1,000 or extra, you could be topic to an underpayment penalty. One exception is in case you pay 100% or 110% of the prior 12 months’s tax, then there isn’t a penalty. Your accountant ought to have mentioned this with you.
Viewer title: Bob
Viewer query: I filed an amended 2022 return it was acquired by the IRS on 4/30/24. I’ve been on web site and referred to as however all I get is that it is being processed and to attend. I simply need them to inform me what’s wanted or in error so I can present the right info. Are you able to assist me? Thanks
Volunteer title / group: Chris Housh, EA, Esq.
Reply: Sadly the IRS is considerably delayed on processing amended returns (even earlier than the current staffing conditions). If the IRS doesn’t present the amended tax return as acquired, then you definately would want to resubmit. In your state of affairs, the unit that you just submitted the amended return to can be the one one that may evaluation what the timeframe is for finalizing the evaluation. (Some topics on the amended returns are having extra scrutiny than others.)
Viewer title: Linda
Viewer query: I contracted with a consulting group throughout 2024. I canceled my contract close to the tip of that 12 months. I’ve not acquired a 1099 from that group for 2024 despite my contact makes an attempt. What do do I then give my CPA for my 2024 tax return prep?
Volunteer title / group: Amanda Boston, EA Ca Society of Enrolled Brokers
Reply: You do not want the 1099 to report the earnings you acquired. You possibly can go by deposits and financial institution statements to report your earnings. You need to ask your CPA how they need the info, it might be a spreadsheet with full again up or only a quantity primarily based in your deposits. All of us acquire knowledge in a different way.
Viewer title: Randy
Viewer query: Offered inventory acquired from earlier employer final 12 months – not assured I will get a 1099-B – the corporate retains procrastinating. How do I estimate the price and price foundation because it was a inventory possibility grant. Types 8949 and 4852 do not look like the right ones as urged by the IRS. What’s the very best type or motion subsequent? Thanks.
Volunteer title / group: Amanda Boston, EA Ca Society of Enrolled Brokers
Reply: The 8949 is the shape that you just use to report the inventory sale in your tax return. You possibly can solely calculate your achieve primarily based on what you paid for the inventory and what was reported as earnings in your tax return. There are not any kinds that can assist you calculate your achieve from the IRS, it might solely be out of your employer. The IRS rule is that in case you can’t show your foundation then there’s NO foundation. So no matter you acquired whenever you acquired the inventory is what you could calculate foundation. The 1099-B is required to report the sale to the IRS.
Viewer title: Candace
Viewer query: Why is curiosity paid on bank card debt not deductible (like different loans)? Banks are amassing tons of cash on playing cards.
Volunteer title / group: Chris Housh, EA, Esq
Reply: The legislation was modified in 1986 to make it the place you would not deduct private bank card curiosity or curiosity on private loans. Enterprise bank card curiosity is deductible. In case your bank card is used for each private and enterprise, you’ll lose the flexibility to deduct the curiosity.
Viewer title: Charles
Viewer query: I need to promote a 1031 trade property (I personal) to my little one. She has been renting from me for 1.5 years. Are there any IRS points for her?. Will I owe capital beneficial properties on the unique property trade?
Volunteer title / group: Frank Hood EA
Reply: You’ll owe capital beneficial properties tax on any beneficial properties from the sale of the property. The beneficial properties shall be attributed to the tax 12 months throughout which the sale is made. You’ll not owe taxes on the trade immediately, however reasonably will owe taxes on the quantity the gross sales value of the property you acquired within the 1031 trade exceeds the adjusted carry-over foundation of the property you gave within the 1031 trade. As your daughter is a associated get together you can not declare a deduction for a loss on the sale.
Viewer title: Daniel
Viewer query: Hey, I’ve a problem regarding my Roth IRA contribution. Between raises from my outdated job and IHSS I ended up making an excessive amount of for my 2024 Roth IRA restrict, $146k. Sadly, I already contributed to my Roth IRA for 2024 within the 1st half of 2024. I revamped the higher restrict for any $ to remain within the Roth IRA and the entire $7k contributed for 2024 is in violation, assuming IHSS $ has to rely towards the Roth IRA restrict. BUT, I misplaced my outdated job and simply have IHSS at present, and heard one thing about with the ability to rely that 2024 contribution for 2025. I solely have IHSS earnings now. Please assist.
Volunteer title / group: Norman M. Golden, EA California Society of Enrolled Brokers
Reply: If you’re ineligible for a Roth contribution for 2024, then it’s a must to withdraw the $7,000 plus the earnings by April 15, 2025. You possibly can then make a Roth contribution for 2025, if you’re eligible. I all the time advocate to my purchasers to attend till the next 12 months to make their IRA contributions to make sure that they’re eligible. You may have till April 15, 2026 to make your 2025 contribution.
Viewer title: Charlene
Viewer query: My property tax evaluation contains “particular tax assessments” for my photo voltaic panel buy in ADDITION to the “AD VALOREM” taxes. Q: Are the tax assessments deductible together with the advert valorem on my federal earnings tax return?
Volunteer title / group: Norman M. Golden, EA California Society of Enrolled Brokers
Reply: Particular assessments in your property should not deductible, however could also be added to your foundation.
Viewer title: Cathi
Viewer query: When my mom in legislation passes I shall be in command of allotting inheritance funds. Will I have to file 1099’s the next 12 months for these funds?
Volunteer title / group: Norman M. Golden, EA California Society of Enrolled Brokers
Reply: No. Distributions of particular bequests should not reported on a 1099. If a beneficiary is to obtain distributions that embrace a portion of the earnings that the property earned after the decedent handed, then you could have to file a Type 1041 and challenge Schedules Okay-1 to these beneficiaries. I counsel you to hunt the companies of an Enrolled Agent or CPA who makes a speciality of property taxation.
Viewer title: Janice
Viewer query: I do know eBay points 1099-Okay for gross sales over $5k however do I have to file or report if my gross sales had been round $700 for 2024? Do I exploit schedule C if I haven’t got a enterprise tax ID?
Volunteer title / group: Chris Housh, EA, Esq.
Reply: I’d advocate reporting it on the Schedule D, displaying the sale value, minus the acquisition value to make it the place you’re taxed on the revenue of the sale. The Schedule C for self-employed earnings ought to be used if you find yourself making gross sales with intent of doing a enterprise (IRS typically appears to be like on the variety of hours you’re concerned in the course of the 12 months and in case you can show a revenue motive to indicate Schedule C as a substitute of a interest).
Viewer title: Paula
Viewer query: My mom handed away 12/29/24. I’ve all the time achieved her taxes for her and handle all her on-line accounts as POA. I by no means acquired a 1099 from the Social Safety admin and so they seem to have reduce off entry to her on-line account. I waited on maintain for 1.5 hours and gave up. How do I get this 1099? Do I would like to enter an workplace?
Volunteer title / group: Loreley Fernandez-Davila, EA- California Society of Enrolled Brokers
Reply: Sure, it’s best to go into an workplace to request one if you do not have on-line entry. If that does not work, you’ll be able to request an earnings transcript from the IRS. It is going to present social safety earnings.
Viewer title: Kimberly
Viewer query: I had my id stolen 3 years in the past. I’ve been ready for any details about what has been achieved. I’ve continued to file yearly. I’ve but to get a refund. What ought to I do?
Volunteer title / group: Loreley Fernandez-Davila, EA- California Society of Enrolled Brokers
Reply: Do you have got an IP PIN? You haven’t acquired a refund for yearly filed? We’d like extra info, however you’ll be able to file type 1310 to request the refund. For extra info you’ll be able to contact the IRS at 1-800-829-1040, be ready to carry for some time.
Check out the questions and solutions from final 12 months’s tax chat right here.
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