Taxes - January 2007

Must I report that I sold my condo when I file my income taxes? What would happen if I do not report it?

2007-01-13 16:20:41 · 5 answers · asked by missanglgrl 3 in United States

Last year I worked in Mexico....I made the equivilant of 5,000 US dollars for the entire year, as a part time university english instructor. I paid taxes to the Mexican government while in Mexico, and I spent all of the money before returning to the US. so....do i need to report this income when i file my taxes this year in the US? i hope not, because that wouldn't make sense to me, it would be like paying taxes twice!

2007-01-13 16:18:16 · 5 answers · asked by Anonymous in United States

2007-01-13 16:17:26 · 5 answers · asked by rsmith9891 1 in United States

2007-01-13 16:07:48 · 4 answers · asked by chrisatyourservice 1 in United States

I was injured at work and had to recieve 4 months of workmans comp while off work will recieve a w2 in the mail and have to claim it as a income on my taxes?

2007-01-13 16:03:34 · 3 answers · asked by KEVIN B 1 in United States

I get an offer from PC World and in the back page, there is a writing: "IMPORTANT: Your subscription may be tax deductible. Consult your accountant or tax professional."

2007-01-13 15:53:49 · 6 answers · asked by ronaldo1287 2 in United States

2007-01-13 15:45:46 · 8 answers · asked by Anonymous in United States

My husband and I have been separated since March of 2006; I will not have any dependents except for my son who is in college. (he is 22) Can I claim Single? I know head of household is an option, but the home I live in is owned by my soon-2-be-ex's mother, and we have an agreement that my rent is in lieu of child support. I do pay the water bill, the electric bill and phone bill, the utilities are in MIL name and the phone bills are in soon-2-be-ex's, so if I had to prove the fact I pay more than half of the income, I may have a hard time coming up with proof. (Being these bills have been being paid from a joint checking acct, but coming out of my child support that is deposited into that acct. and then what I have left over the soon-to-be-ex gives me the balance I have left from my child support. This has changed as of this month, as I have my own checking acct. now my child support will be deposited into MY acct. now, but the past 6 months of proof is the problem.)

2007-01-13 15:24:44 · 6 answers · asked by Anonymous in United States

2007-01-13 14:18:00 · 13 answers · asked by Anonymous in United States

Do I Have To Report Social Security That My Husband Draws?

2007-01-13 14:15:39 · 4 answers · asked by nana b 1 in United States

my fiancé has not worked all year she has been a stay at home mom :) and i have been working but i Cant clam them together because i will not get any money back they will take it all for sure.. Can she still do taxes and clam the baby?? i know it a dumb question but had to ask

2007-01-13 13:56:11 · 5 answers · asked by oceancityguy_md 2 in United States

If I donate to a non-profit that is an approved 501(c)3 in their state but their federal charity status is pending, can I deduct the donation from my federal taxes. If not, I suppose I have to wait until they're an official federally recognized 501(c)3 and no longer in a pending period.

2007-01-13 13:54:01 · 4 answers · asked by ClicketyClack 7 in United States

2007-01-13 12:56:09 · 2 answers · asked by ferdi 1 in United States

I'd like to sell four-to-six month Far-OTM covered calls on ~50 stocks; I'd also sell new 4-6 month calls whenever the prior calls expire. I'll have to make about 5-7 c.call transactions per month.

Since I have a full-time job, are there any tax issues I should be worried about? Can this volume of covered call option sales (upto about 60 sales orders per year for total 100-150 contracts) make me at risk of becoming an "active" trader and having the premiums taxed as income instead of capital gains? And if the premiums do get taxed as income, could that then cause any sales of the underlying equities to be taxed as income as well, or would I be able to maintain capital gains treatment on the underlying stocks?

Each year I make about 40-50 stock buy orders about perhaps about 20 sell orders so I'm probably doing about a 30% yearly asset turnover. The options proceeds would probably be under $12k per year in a $250k portfolio.

2007-01-13 12:50:27 · 2 answers · asked by Anonymous in Canada

I have been told I cant touch it until I am in my 50's but I desperatly need some money now from it. Is there anyway I can sell it,borrow from it or anything. I have this money locked up but there must be some way of getting a bit of money from it now. I am 40 years old and and trying to find someway to unlock it or raise some money from it without having to wait until I am 55 years old. I cannot get credit and need some of this money now.

2007-01-13 12:34:25 · 1 answers · asked by Anonymous in United Kingdom

where do i find all this out for free.

2007-01-13 11:36:25 · 6 answers · asked by tina c 1 in United States

Question- If you find that your taxes from the previous year were not correct (in a good way$$$) Do you have the option to recalculate and refile or are you just stuck with it ???

2007-01-13 11:21:54 · 5 answers · asked by Anonymous in United States

tax?
A. Minnesota
B. Ohio
C. Neither
D.Both

2007-01-13 11:19:30 · 8 answers · asked by rmfurther3000 1 in United States

For Regular IRA tranfers to a Roth IRA for seniors over age70.5 can the minimum distibutions from retirement accounts (MRD) be subtracted from the adjusted AGI requirement of $100000 maximum.

2007-01-13 10:45:23 · 3 answers · asked by Senior Taxpayer 1 in United States

I started a side business this year (last three months of the year) that had income of $19,500 and expenses of $20,000 which gives me a small net loss for the year. Do I have to pay any federal taxes or social security or self employment taxes or any tax for that matter even though I have a net loss for the year? I am worried that I might need to make an estimated tax payment next week. please help....

2007-01-13 10:40:53 · 5 answers · asked by pirate 1 in United States

I HAVE BEEN HAPPYLY MARRIED FOR ALMOST 2 YEARS NOW. MY WIFE AT SOME POINT OWES THE IRS/GOVERNMENT FOR STUDENT LOANS. LAST YEAR WHEN SHE FILED SHE HAD NO RETUNE BECAUSE OF HER DEBT. SHE FILED MARRIED/HEAD OF HOUSEHOLD. I IN TURN WHEN I DISCOVERED THIS I FILED MARRIED/ FILING SEPARATE AND I HAD MY RETURN AS DUE. SO MY QUESTION IS IF WE FILE JOINTLY THIS TIME WILL THEY TAKE WAY MY OWN SHARE OF RETURN DUE BECAUSE SHE IS STILL OWING THE GOVERNMENT AND HAS NOT FINISHED PAYING HER STUDENT LOAN. WHAT WILL IS BE IF WE BOTH FILE MARRIED BUT SAPERATELY. EITHER WAY WHICH WAY WILL I GET THE BEST OF MY RETURN. IF WE ARE TO FILE SAPERATELY WHO HAS TO FIL AS HEAD OF HOUSEHOLD AND WHAT WILL BE THE ADVANTAGE IN TERMS OF THE MOST MONEY WE/ I CAN GET FROM MY RETURN. (Sorry for the caps I had already typed in the question)

2007-01-13 10:40:09 · 5 answers · asked by fun_easyintelligent 2 in United States

I paid over 10 grand in 2006 on interest on my new home. $2300 to property tax....how much should I expect back roughly. Me and my hubby made between 50 and 60 grand combined. Just a rough answer would be great....or any tips on itemizing since this is my first year owning a home...Thanks!

2007-01-13 10:37:44 · 4 answers · asked by Sandie 1 in United States

2007-01-13 10:34:51 · 1 answers · asked by Anonymous in United Kingdom

what is the maximum amount a parent can give a child for college and still be tax deductible? This child will be living in the home and be a deduction on the parent's income tax....I assume there would be no changes in the rest of the dependence tax issues, but correct me if I'm wrong

2007-01-13 10:23:09 · 3 answers · asked by Ford Prefect 7 in United States

My husband and I just discovered that my $3000 bonus will put us into a new tax bracket that effectively forces us to pay $6000 more in taxes. What should I do? Refuse the bonus? Find some other deductions?

2007-01-13 10:20:32 · 10 answers · asked by groovesinheart 1 in United States

If a US citizen is married to an undocumented immigrant, how could the US citizen file taxes since the spouse has no SSN? I've heard of something called an ITN number that the IRS gives to immigrants just for filing taxes. Would the immigrant have to get an ITN before the US citizen could file their own taxes (since they are married)? Does it matter if they file separate or joint? The couple in question would prefer to file separately if possible. Also, would the US citizen spouse be held liable for any tax problems of the immigrant from before the marriage? Is there tax preparation software that could handle this, or should they see someone who specializes in this area of tax law? Any personal recommendations for accountants and such (SF/East Bay, CA)? Please post names and links, thank you.

2007-01-13 10:05:39 · 4 answers · asked by xicanaocelotl 2 in United States

Hi, I just got my W2 today and noticed that no federal taxes were taken out all year for 2006. In Jan 2006, I changed my W4 from claiming 0 dependants to claiming 3 dependants. I figured that with 3 kids, I needed the money more during the year. I also recieved a raise in Jan 2006 and because my check only went up about $50 per bi-weekly check, nothing clicked that something could be wrong. As far as looking at my check stub, I get direct deposit and the stub is sent in the mail. When I get it I file it away. Well, I learned a lesson. But my question is, should changing my dependants to 3 make my employer take out 0 for federal taxes? Or did they screw up somewhere?

2007-01-13 09:58:10 · 4 answers · asked by Bug's Mom 2 in Other - Taxes

Hi, I just got my W2 today and noticed that no federal taxes were taken out all year for 2006. In Jan 2006, I changed my W4 from claiming 0 dependants to claiming 3 dependants. I figured that with 3 kids, I needed the money more during the year. I also recieved a raise in Jan 2006 and because my check only went up about $50 per bi-weekly check, nothing clicked that something could be wrong. As far as looking at my check stub, I get direct deposit and the stub is sent in the mail. When I get it I file it away. Well, I learned a lesson. But my question is, should changing my dependants to 3 make my employer take out 0 for federal taxes? Or did they screw up somewhere?

2007-01-13 09:57:57 · 6 answers · asked by Bug's Mom 2 in United States

When they say donations and home equity loans are tax deductible, what does this mean? Does a $1000 donation mean $1000 less federal income tax? Does $1000 paid in interest on a home equity loan mean $1000 less federal income tax?

2007-01-13 09:46:46 · 4 answers · asked by djchuang 2 in United States

I know that books are; and perhaps cakes too, but there must be other things that are VAT free. So what are they?

PS: I do think it's poor form to charge VAT on women's sanitary products. What do you think?

2007-01-13 09:10:33 · 5 answers · asked by Neil_R 3 in United Kingdom