Taxes - February 2007

I own two houses in two different states. One house I've owned for almost three years but have rented it for the last year. I didn't claim it as a rental last year, but if I don't sell it soon I guess I have to claim it as a rental. Do I have to pay capital gains on a rental property even though I've owned it over 2 years? Also, we've lived in our house now for almost a year and therefore didn't claim it last year. My wife and I combined probably make less than 20 thousand/year. How much capital gains will we pay in this lower tax bracket? Also, is it legal and also advisable to take out a 2nd mortgage to decrease the net gain to pay less capital gains? Is that possible? Someone told me to pay off everything we could with that 2nd mortgage to be less targetted by auditors. Does this sound reasonable? Any help soon would be greatly appreciated!

2007-02-03 13:25:16 · 4 answers · asked by uoynossip 1 in United States

Do I need to file taxes for this form?

2007-02-03 13:24:54 · 4 answers · asked by saleen10power 1 in United States

My 20 yr. old grandaughter lived with me this year she only worked one day .I made less than $20,000.Can I file for earned income?

2007-02-03 13:24:43 · 5 answers · asked by Patricia B318 1 in United States

I am currently a student, getting ready to file taxes. My mother does not have any income (besides SSI). I work a job while going to school and during the summer and I have helped her with many of her bills. A freind of mine told me that I am able to claim her as a dependent. Is this correct? And if so is this any in partciular that I would have to fill out, etc.?

2007-02-03 13:22:53 · 5 answers · asked by pgoods05 2 in United States

just personal tax records...I don't have a business or anything.

2007-02-03 13:20:59 · 18 answers · asked by mrsleslie_lady 3 in United States

my dad gave me some money (a LOT of it) during Sept - Dec. of 2005. then he got his boxers in a wad and said he didn't, this year (two days ago) he sent me a Misc. Income form from his company. Wouldn't he have had to do that when I filed my taxes in 2006 for me to claim it? or do i have to claim it this year?

2007-02-03 12:46:27 · 2 answers · asked by TrekkieGirl 3 in United States

say if my pro. tax was 84 dollars,do i pay it a month or a year?

2007-02-03 12:41:29 · 3 answers · asked by Pooki3 1 in United States

My son was homeschooled thru July, turned 19 in August. Tax book says he still qualifies up until age 24 if "full-time" student for at least 5 months of the year, but is not specific about which "full-time" school actually qualifies. Haven't had a problem with homeschool and tax forms all of these years until now. We live in Texas. I have searched the web as much as possible and cannot find an answer - help, please...

2007-02-03 12:21:30 · 7 answers · asked by Anonymous in United States

I graduated from college in April 2006 and am now a teacher. I made $18,000 in 2006. Since I didn't get income until August, my mother said that she could claim me as a dependent. However, one of the criteria for dependent status is being a student for 5 months, but I was only in school for one semester in 2006 (4 months). Can I still qualify for dependent status for this year? Will that mean that all of my federal income withheld in 2006 will be refunded to me?

2007-02-03 12:09:32 · 6 answers · asked by coolman293472 2 in United States

2007-02-03 11:50:48 · 3 answers · asked by rapturefuture 7 in United States

2007-02-03 11:27:43 · 8 answers · asked by ken 1 in United States

I just filed with Turbotax. I don't have to send in anything. Is there any check that the IRS does of my return to match it against a central database of W2s? I am kind of kicking myself for not underreporting of income/overreporting the amount withheld. Is electronic filing really based on the honor system?

2007-02-03 11:09:26 · 14 answers · asked by Mike K 2 in United States

I tried to e-file my taxes, but the IRS rejected my return because my mother already filed her taxes and she claimed me. The help center at turbotax first told me that I would have to file by mail, but if the IRS rejected my e-file why wouldn't they do the same if I file by mail? Then they told me to change my dependent status on my taxes and e-file again, but that doesn't solve the problem that I was illegally claimed. What should I do to get the refund I'm entitled to?

2007-02-03 11:08:27 · 13 answers · asked by jflwr 1 in United States

i drew unemployment for awhile last year and i haven't received anything from them. Will i get a W2 from them? Or can i go ahead with my return?

2007-02-03 10:59:29 · 8 answers · asked by nascarmommy 4 in United States

For example, say you have $5,000 in a 5% interest savings account. Which would be $250 in interest a year. At what amount do you have to pay capital gains tax?

2007-02-03 10:57:14 · 9 answers · asked by DavidFL 1 in United States

2007-02-03 10:57:03 · 5 answers · asked by Alex G 1 in United States

I have a business as an independant consultant. I have recieved income from several businesses. I have heard that if they paid you less than $600 during that year that you do not have to claim that income. I did recieve a W2 from one business where I was an employee, but only made $552.00.

2007-02-03 10:49:48 · 6 answers · asked by justme11 1 in United States

2007-02-03 10:42:44 · 2 answers · asked by Your Teeth or Mine? 5 in United States

I want to start s-corp company which provides consultancy servcies. I may work for my company. I mat not generate money immediately. How easy to file taxes when I have a company? Can I use some software to file taxes(taxact)?

2007-02-03 10:40:47 · 1 answers · asked by mitwa u 1 in United States

Her mother does not work and lives with her mother and my daughter. I pay child support . Can my ex girlfriends mother claim her over me.

2007-02-03 10:39:42 · 13 answers · asked by mbarre25 1 in United States

I received a clothing allowance check for $775.00. Taxes were deducted and net amount was $615.00. Can I list clothing purchases on my taxes or can I only list any amount over the $775.00 ? I have gotten conflicting answers and was wondering if anyone knows for sure. I'm too poor to hire an accountant.

2007-02-03 10:38:40 · 2 answers · asked by Kimmy 4 in United States

In prepararing my 2006 tax return using HR Blocks's TaxCut, one of the error stated, "An amount has been entered in the Taxpayers Roth contribution basis, but the sum of prior year contributions,entered in History of Roth Activites, are less than the contribution basis".

The reason was that I had filled $1000 as Roth IRA contribution in 2005. However, after filing my 2005 taxes, I made another $1000 contribution to my IRA and applied it to the 2005 tax year.

Hence, I actually made $2000 IRA contribution in 2005 as against the $1000 reported in my 2005 tax return.

How do I fix this problem in my 2006 return?

2007-02-03 10:37:34 · 6 answers · asked by spagi2010 1 in United States

My state tax refund form hasn't came in the mail yet and i already have my W-2 ready to go. Isn't there a website where i can download that form so i can get going with filing my tax refunds?

2007-02-03 10:29:20 · 0 answers · asked by Anonymous in United States

2007-02-03 10:27:41 · 4 answers · asked by judial21 1 in United States

2007-02-03 10:25:44 · 3 answers · asked by rapturefuture 7 in United States

2007-02-03 10:25:36 · 3 answers · asked by Kristen P 2 in Other - Taxes

2007-02-03 10:25:16 · 3 answers · asked by Joe D 1 in United States

I did my taxes online using H&R Block, but close to the end it asked me for a pin which I never used and how much I made in 2005 which I lost my paper work for. So can I just go to the store and do it over since they were prepared online but not filed

2007-02-03 10:24:47 · 3 answers · asked by Anonymous in United States

We got married in late November of 06. I was living in a house that we had bought in February of that year by myself making the payments while my wife was living with her roommates until we got married (We went the old fashioned route). I was wondering since we were only married for a short portion of the year if I could file as single, claim the interest deduction myself and then she could just file as she normally would. Or do we have to file as married now?

2007-02-03 10:20:39 · 5 answers · asked by projoe1979 1 in United States

In other words, do I have to do anything special?

2007-02-03 10:19:00 · 3 answers · asked by Anonymous in Other - Taxes