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Rick *****
Construction contractor
Q. I inherited an annuity Cost basis $26,000 Death benefit $71,900 (lump sum) Taxable gain $46,000 I need the cash for a home improvement project and thought I'd increase my 401k contribution to the max of $30,500 to reduce my taxable income since I plan on taking the lump sum. I know I will recognize a tax increase, but i feel like overall my net increase of tax for the year will be less than $5,000. Your thoughts?
Getting a lump sum from the annuity will probably boost your taxable income for the year, potentially pushing you into a higher tax bracket because of the $46,000 taxable gain. Raising your 401(k) contribution to the max of $30,500 can offset some of the tax consequences by reducing your taxable income. However, the ultimate tax impact will depend on various factors such as filing status, additional income, and expenses. Take into account all factors before making a decision.
Cash *********
Healthcare professional
Q. Hello, I am a W2 employee who works full-time for a non-profit. My partner is a full-time W2 employee that works as a hair stylist. We are not married and my partner owns her own home. We reside in Massachusetts. Are there any tax deductions that we could take advantage of given our professions the state we live in and the fact that we are not married and have children? Thank you, Cash
Deductions for mortgage interest, property taxes, and home-related expenses may be available to you and your partner. If you have dependents, you could be eligible for the Child Tax Credit, which offers a credit of up to $2,000 per child. The Earned Income Tax Credit may also apply based on your income and family size. As W2 employees, you are not entitled to business deductions. To ensure you are maximizing your tax benefits, consider consulting with a CPA.
Ethan *****
Freelance marketer
Q. I received money through apply pay for a service. How do I claim this on my taxes? Apple Pay can’t send a 1099 form and the business is unable to send me a 1099 since they paid it through Apple Pay. Just confused on if I can claim it since and it was over $600. Thanks.
Make sure to report any income obtained through Apple Pay on your tax return, even if a 1099-K was not issued. Disclosing all income to the IRS is crucial, irrespective of whether you have the correct documentation. Claim the income and provide the required information when you file your taxes.
Brian
consultant
Q. 19 years ago, house purchased from parent for $10. Never rented it or used as business/depreciation, etc. Married and lived in home throughout the entire time, file jointly. If I sell the house for $1,150,000, what is my capital gains tax potential? Assume $500k married deduction and about $200,000 in improvements over the years. What do I use as the cost basis? At time of sale, the NYC Finance Dept determined market value to be $563,000 and the assessed value for tax purposes was $51,000. Do I use one of these for cost basis?
In the scenario where the house was acquired from parents for $10 and underwent $200,000 in enhancements, the cost basis would be $200,010. After being sold for $1,150,000, with a married filing jointly deduction of $500,000, the taxable gain would be $449,990. The assessed value for tax purposes plays no role in determining the cost basis.
Christina ********
Cleaning services
Q. Hello, In 2014 I was hired to clean my husband's office building for $400/month. However, in 2023, my two oldest kids (ages 14 and 16) took over the cleaning and received 100% of the income. For the sake of simplicity we kept it in my name so the checks still come to me, but I then transfer the money to their accounts. Since their annual earnings only come to $2,400 each, they shouldn't owe any tax....correct? Nor should I since I kept $0 of the income earned. I do not have an EIN or registered business name. How do I go about filing for each of the kids since they don't have an official 1099 from me? Thanks so much for your time. Christina
Earning $2,400 or less in 2023 from cleaning services means your children probably won't owe federal income tax. You are not obligated to pay any taxes either since you didn't keep any of the income. Seek assistance from a tax professional to file taxes for your kids without a formal 1099.
Cash *********
Healthcare professional
Q. Hello, I know you can do a 1031 exchange with a investment property. My question is how can you make that happen with a home that is currently your primary home? Do you simply have to live somewhere else for a certain time period to have that home no longer be designated the primary home? Thank you!
We advise consulting with a professional before converting your primary home into an investment property for a 1031 exchange, as our expertise is in tax filing. It is not recommended to proceed with a 1031 exchange if the house is currently your primary residence. - Team FlyFin
Rick *****
Construction contractor
Q. I inherited an annuity Cost basis $26,000 Death benefit $71,900 (lump sum) Taxable gain $46,000 I need the cash for a home improvement project and thought I'd increase my 401k contribution to the max of $30,500 to reduce my taxable income since I plan on taking the lump sum. I know I will recognize a tax increase, but i feel like overall my net increase of tax for the year will be less than $5,000. Your thoughts?
Getting a lump sum from the annuity will probably boost your taxable income for the year, potentially pushing you into a higher tax bracket because of the $46,000 taxable gain. Raising your 401(k) contribution to the max of $30,500 can offset some of the tax consequences by reducing your taxable income. However, the ultimate tax impact will depend on various factors such as filing status, additional income, and expenses. Take into account all factors before making a decision.
Cash *********
Healthcare professional
Q. Hello, I am a W2 employee who works full-time for a non-profit. My partner is a full-time W2 employee that works as a hair stylist. We are not married and my partner owns her own home. We reside in Massachusetts. Are there any tax deductions that we could take advantage of given our professions the state we live in and the fact that we are not married and have children? Thank you, Cash
Deductions for mortgage interest, property taxes, and home-related expenses may be available to you and your partner. If you have dependents, you could be eligible for the Child Tax Credit, which offers a credit of up to $2,000 per child. The Earned Income Tax Credit may also apply based on your income and family size. As W2 employees, you are not entitled to business deductions. To ensure you are maximizing your tax benefits, consider consulting with a CPA.
Ethan *****
Freelance marketer
Q. I received money through apply pay for a service. How do I claim this on my taxes? Apple Pay can’t send a 1099 form and the business is unable to send me a 1099 since they paid it through Apple Pay. Just confused on if I can claim it since and it was over $600. Thanks.
Make sure to report any income obtained through Apple Pay on your tax return, even if a 1099-K was not issued. Disclosing all income to the IRS is crucial, irrespective of whether you have the correct documentation. Claim the income and provide the required information when you file your taxes.
Brian
consultant
Q. 19 years ago, house purchased from parent for $10. Never rented it or used as business/depreciation, etc. Married and lived in home throughout the entire time, file jointly. If I sell the house for $1,150,000, what is my capital gains tax potential? Assume $500k married deduction and about $200,000 in improvements over the years. What do I use as the cost basis? At time of sale, the NYC Finance Dept determined market value to be $563,000 and the assessed value for tax purposes was $51,000. Do I use one of these for cost basis?
In the scenario where the house was acquired from parents for $10 and underwent $200,000 in enhancements, the cost basis would be $200,010. After being sold for $1,150,000, with a married filing jointly deduction of $500,000, the taxable gain would be $449,990. The assessed value for tax purposes plays no role in determining the cost basis.

Facts and figures about
Unicoi County, Tennessee

tennessee
population

17,698

County Population

population

Erwin

County Seat

population

186 sq mi

County area

population

9.75%

Unicoi County sales tax rate

😵‍💫 1 Tennessee CPA for every 300 residents results in high CPA rates

😓 19 million taxpayers missed the filing deadline last year

😨 30 million taxpayers miss deductions without the right tax expert

😣 Almost 1/2 of all Americans pay more tax than necessary

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Tennessee State Income Tax Rates & Brackets for 2023

The following tables represents Tennessee's income tax rates and tax brackets:

SINGLE FILER

Brackets

Rates

n.a

none

MARRIED FILING JOINTLY

Brackets

Rates

n.a

none

Filing Status

Standard Deduction Amt.

Single

n.a.

Couple

#VALUE!

Unicoi county Sales Tax Rates for 2023

City

Sales Tax Rate

Tax Jurisdiction

Erwin

9.75%

Erwin

Unicoi

9.75%

Unicoi

Flag Pond

9.75%

Unicoi

Frequently Asked Questions

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