Taxes - October 2006

I understand that NRIs are not eligible to invest in immovable properties in India in their own names. I would like to know any logical reasons behind it

2006-10-14 05:33:26 · 3 answers · asked by Chandrasekaran G 1 in India

my aunt wants to help me out financially, but does not want me or herslf to be stuck paying some kind of taxes, is there a creative way we she can give me money without ether one of us getting hit with taxes ?

2006-10-14 04:34:29 · 10 answers · asked by Sharing Life 1 in United States

my aunt 95 yrs old just sold her home for 470,000 and will use some of that money to payoff my mortgage of 116,000 and two other bills of mine that are 14,000 each and move in with me so i can take care of her, she has also named me the trust of her estate, she and I would like to keep the IRS from getting in our pockets as much as possible.

2006-10-14 04:08:10 · 4 answers · asked by Sharing Life 1 in United States

household of 1 adult & 1 child

2006-10-14 03:06:11 · 3 answers · asked by Gloria B 1 in United States

I do not reside in the United States, however, I do maintain a U.S. address (a friend's address actually) so that my U.S. clients can mail my checks and 1099s with ease. However, does this mean I have to pay taxes on this income? What are the exemptions on income for Americans living abroad? In my case, technically I earn my living FROM the United States (my clients are based there) but I work remotely and don't live there.

2006-10-14 02:43:42 · 6 answers · asked by Wendy D 1 in United States

estate planning, QDOT allows to defer estate tax if surviving spouse is non-US citizen, does C Trust (QTIP) have similar benefits and what are differences betweend QTIP and QDOT.

2006-10-14 02:19:01 · 0 answers · asked by Gerry H 1 in United States

I am abroad now but I need to file my income tax returns. How can file it through email or internet what is the ID ?

2006-10-14 01:47:11 · 3 answers · asked by Rajeev K 1 in India

We were having a talk about weather or not you had to claim all or 50% of your pay as far as tips. Cause if you work at like Pizza Hut you only have to claim your tips if they are 50% of your pay.

2006-10-14 01:21:09 · 3 answers · asked by A D 2 in United States

2006-10-14 00:43:01 · 2 answers · asked by outsidethebox108 1 in United States

When I go have my taxes done should I bring all the paperwork from last year's (that I didn't file)? Will I be fined if I don't owe money?

2006-10-14 00:25:53 · 12 answers · asked by th25tina 3 in United States

I need to recover my tax return info from last years E-file, but lost the email that said how to do that. I waded around in their "helpful information section" for about an hour looking for the answer.
How can i get a copy of my previous years return?

2006-10-14 00:19:10 · 2 answers · asked by oogabooga66 2 in United States

2006-10-13 17:32:20 · 11 answers · asked by srinivas b 1 in India

I am about to start a new business entity (probably an LLC), but I have already been earning income (intended for this business) under my name and personal bank account, since the LLC has not been formed yet and I do not have a business bank acount yet.

I will probably be filing IRS Form 8832 so that the LLC is taxed like a corporation, and can seperate my personal income tax from my business income tax.

Can I transfer income related to the business that i personally received before starting the LLC into the LLC so that the business would be taxed on it, and it would not be applicable towards my personal tax? How would this be done?

The income was received within the 2006 tax year, so I'm assuming i may need to start the LLC within 2006 as well?

2006-10-13 17:30:11 · 3 answers · asked by Matt 1 in United States

Sorry ... Frist time homebuyer.

2006-10-13 16:30:32 · 6 answers · asked by ujenfo 3 in United States

wishing to have a higher wage and lower property & sales tax along with low cost of living.

2006-10-13 15:43:37 · 12 answers · asked by Anonymous in United States

I know that one of the requirements for being able to deduct educational expenses, regardless of whether or not it qualifies the employee for a new trade or business, is that the employer requires the further education in order for the employee to retain his/her current employment status. In this case, the employee in question is the sole officer and employee of an S corporation. He has an Illinois Real Estate Broker's License and decided that it would be beneficial to also obtain a CPA license to use in conjunction with the RE Broker's license. Can he require himself to obtain a Master's of Science in Accountancy degree to get the 30 qualifying hours for the CPA exam, thus allowing him to deduct the expenses?

2006-10-13 14:52:45 · 4 answers · asked by Anonymous in United States

Okay I got my first pay cheque in the US, in Texas.... What are these tax terms..... What the hell is W/H TAX??!?!?! HELP !!!
Do I get any of it back ?!?!?!?!?! maybe?

FICA-OASDI
FEDERAL W/H TAX
FICA-HI

2006-10-13 13:52:31 · 5 answers · asked by swma76 2 in United States

I am under 18 and I am filling out a W-9 form because it is required for us referees in Austin, TX. Do I sign the part in Part ll or does my parent/guardian? No bad answes plz

2006-10-13 13:34:20 · 3 answers · asked by A 3 in United States

2006-10-13 12:02:56 · 4 answers · asked by ameylee 1 in United States

2006-10-13 10:54:48 · 2 answers · asked by james s 1 in United States

i wanted to know exactly what it is and how it is treated in the books of a/c.s according to AS-22. also treatment under the Income Tax Act?

2006-10-13 10:26:27 · 7 answers · asked by Anonymous in India

I work at a grocery store and so many people come in there with like 6 kids, their nails done, and they are buying steak and icecream with food stamps! It makes me so mad because they don't have a job or are just having kids to get foodstamps! Im sick of my taxes going to people like that. How do you feel about it?

2006-10-13 10:15:07 · 12 answers · asked by jkeys00 3 in United States

Let's say I have 80K in adjustable gross income, and a capital gain of 200K from sale of a non-primary residence real-estate that we have owned for more than one year. The filing status is "married filing jointly."
Here is a link to the 2006 tax schedules:
http://www.irs.gov/formspubs/article/0,,id=150856,00.html

Will I pay "$8,440.00 plus 25% of the amount over 61,300" for the 80K plus 15% of the 200K capital gain?

Or will I pay "$42,170.00 plus 33% of the amount over 188,450" for the entire $280K? So is the 15% capital gains tax an extra tax on the 200K?

I think I'm getting confused because I thought short term capital gains were taxed at a regular tax rate, but long term capital gains got the 5% or 15% tax rate. So how is the 15% applied in combination with the rest of my adustable gross income?

Thank you for any information that you can provide.

2006-10-13 09:43:28 · 4 answers · asked by quizzable 1 in United States

I have a list of all of the issues that I have purchased over the last 20 years. The comic books were "bagged and boarded" prior to their sale. I have not sold all of them yet. They are not being sold as an entire collection. So far, 100 of 4000+ comics have been sold.

2006-10-13 09:29:29 · 9 answers · asked by mlviola 1 in United States

2006-10-13 09:02:20 · 3 answers · asked by Connemara E 1 in United States

I need help. I've done tons of research but neet to know if anyone can point to to a definite answer. I spent 17 months building a house only to find out 2 weeks before closing on it that my husband was being let go from his job. He works in a highly specialized feild and we had to move to another state to find work for him. Needless to say we sold put the house up for asle the same day we closed on it. We bought it for 398k and since it too 17 mos to build sold it for 560k. We owned the home for 3 months before we sold it. My question is are we eligible for any kind of tax break on the capital gains because of the unforeseeable circumstances (moving for a job)? The irs mentions this, but doesnt go into detail. I need to know so i can plan in advance or find out if i am going to be stuck with a huge tax bill. My profits went into our new house in the new state, so I need to start planning now.

2006-10-13 08:48:00 · 11 answers · asked by Anonymous in United States

It's actually a large lone so I can pay off my bills, I will have to pay it back, but how do I put all this money in my acct. without the IRS snooping arould?

2006-10-13 08:38:20 · 11 answers · asked by Anonymous in United States

I have a full time job and I will also be working part time as a real estate salesperson. Are professional association fees, franchise fees and other expenses incured in the real estate business tax deductible? if yes, what income tax form will i report the expenses?

2006-10-13 08:00:18 · 3 answers · asked by Ferdi 1 in Other - Taxes

I am a college student and it is my first time doin them.

2006-10-13 07:42:18 · 6 answers · asked by cowboyup 2 in United States

Hello my wife is deaf and partially blind we are forking out almost 5k on service dog training. Does anyone know or can reference anywhere I can find out if this would be tax deductible? Also does anyone know if Hearing aides are tax deductible?

2006-10-13 06:38:32 · 3 answers · asked by ncblkgy 3 in United States