Taxes - February 2007

My husband and I own a home and a piece of land that we intended to build on, and sell our house.
We have instead decided to sell the vacant land and our current home (lived in for 6yrs) and put a down payment on a house with the land profit money. My question is, will we have to pay a capital gain on our land profit if we are putting it back into the new house? If so how much will we be taxed on our profit?
Is there any way to avoid being taxed on the land profit?

2007-02-27 04:27:46 · 4 answers · asked by Anonymous in United States

2007-02-27 04:22:05 · 3 answers · asked by jennifer_jackson14 1 in United States

must I file for IRS taxes if no taxes were taken from SSDI monies but taxes were paid through the house property taxes???

2007-02-27 04:19:40 · 6 answers · asked by Anonymous in United States

I have contacted this employer numerous times regarding this issue and owner has refused to talk to me about it. I have also contacted the IRS and they are going to send a letter to the employer, but if the employer still refuses to send another copy? The employer sees this as a hassle.

2007-02-27 04:14:57 · 9 answers · asked by Heidi R 2 in United States

I am a bit confused as to what the difference is between a W4 Form and a W2 Form.
Some people are telling me, since I am a student and working part time, I should ask the employer to do a W4 from instead of the W2.

I am under 24, my parents still claim me on their taxes, and I am except. Does that help?

2007-02-27 03:54:16 · 6 answers · asked by guessgirl 2 in United States

for the hope credit it says you can take it for the first 2 years of postsecondary education. does this mean 2 years as in 730 days after starting college, or until an associates degree is completed. if i went part time to college for 4 years and the fifth year went full time and completed a 2 year associates degree could i claim the hope credit the fifth year if i have never previously claimed it?

2007-02-27 03:53:27 · 1 answers · asked by photogeek 2 in Other - Taxes

I was told that as a sole proprietor owner I just file expenses on my own personal filing not as a business... any help from business overs out there?!?

2007-02-27 03:23:40 · 3 answers · asked by dustbaum 2 in United States

2007-02-27 03:16:32 · 1 answers · asked by Delores Victory 1 in United States

2007-02-27 03:15:06 · 18 answers · asked by barefootbabee 1 in United States

I filled about 4wks ago and still havnt got them back i called hrblock and they said it was pending review and should be done in the middle of march. Why would my state taxes be pending review?

2007-02-27 03:01:36 · 3 answers · asked by tajbug 1 in United States

2007-02-27 02:46:57 · 4 answers · asked by fhjccy 1 in United States

2007-02-27 02:42:15 · 4 answers · asked by Peaceful 3 in United States

not federal forms i know to use a 1040ez for a federal return. i need the nc state tax form?

2007-02-27 02:33:39 · 2 answers · asked by canice 1 in United States

The FairTax plan is a comprehensive proposal that replaces all federal income and payroll taxes with an integrated approach including a progressive national retail sales tax, a rebate to ensure no American pays federal taxes up to the poverty level, dollar-for-dollar revenue neutrality, and the repeal of the 16th Amendment.

This nonpartisan legislation (HR 25/S 25) abolishes all federal personal, gift, estate, capital gains, alternative minimum, Social Security, Medicare, self-employment, and corporate taxes and replaces them all with one simple, visible, federal retail sales tax – collected by existing state sales tax authorities.

The FairTax taxes us only on what we choose to spend, not on what we earn. It does not raise any more or less revenue; it is designed to be revenue neutral. So it is also cost neutral – the final cost for goods and services changes little under the FairTax. The FairTax is a fair, efficient, transparent, and intelligent solution to the frustration....

2007-02-27 02:28:04 · 3 answers · asked by Keith C 2 in United States

is there anywhere i can file an amended return online?
i have already filed (e-filed), and forgot 2 w-2's
so please tell me if you know of anywhere?
thanks

2007-02-27 02:25:55 · 4 answers · asked by Anonymous in Other - Taxes

i submitted my taxes last night online and got a pretty good refund on the federal side and owed only $99 on the state side. i thought that was pretty good because i usually owe the state $700+. i just went back on HR Block just now and punched in the numbers again to make sure i did it right. after i punched in the federal section, it's asking me if i want to file state w/ HR Block and says that the average return for my income for 2005 was $585-620. i'm just worried now if i did something wrong because i owe $99 but it says the average person w/ my income got a REFUND of over $500. last night i was just happy that i only owed $99 instead of owing the usual $700+.

so, my question is, if i double check here and realize that i did something wrong to OWE money rather than to receive a refund, what can i do? is it too late to do anything?

2007-02-27 02:01:59 · 7 answers · asked by tom l 3 in United States

I did my taxes online yesterday and I just wanted to know generally when I can be expecting my check. My boyfriend agreed then when I get my check we can definitly get a puppy!!!!!! So needless to say I am very anxious to get my check!!!!

2007-02-27 01:52:44 · 8 answers · asked by bree_1384 2 in United States

also about tax refunds.it will be useful 4 me if anyone explain the very basics about it

2007-02-27 01:50:58 · 8 answers · asked by Anonymous in India

i need to work out how to take away 18 percent off any amount

2007-02-27 01:47:01 · 15 answers · asked by bpm 1 in United Kingdom

Is it necessary for a business to obtain the Federal Tax ID# from its commercial customers for record keeping purposes? Is this true ? Source would be much appreciated. Thank you

2007-02-27 01:25:04 · 4 answers · asked by cappy 3 in United States

2007-02-27 01:04:28 · 8 answers · asked by cuba_7575 1 in United States

What does this mean?
What rates are there that are higher than the family element?

2007-02-27 00:56:34 · 2 answers · asked by cigaro19 5 in United Kingdom

Hi there, I have wash sale related tax question - for example, Sold stock A on Nov 30th 2005, Bought and Sold the same stock at a LOSS on Dec 15th the same year. Therefore, it was a wash sale. There was no trade for the same stock in 2006. When can I report this loss for the tax purpose? Thanks.

2007-02-27 00:26:30 · 3 answers · asked by puzey 1 in United States

Hi all,

I just received my first pay slip from my new job. I earn a gross salary of £24,000, so this means the tax I should be deducted is 22%, which I was. But the NI deducted was £173.80. This is 8.65%. Is this really high? My total deductions were £613. This means I was deducted a total of 30.65%! Before this job I was temping and my agency told me the total of tax and NI deductions should work out at about 25%. Last week someone posted a calculator on here that calculted your earnings after tax and NI deductions. I tried it and it didn't work out at a total deduction of 30.65%! Also, the tax code on the P45 of my last employmer is different to the code that my new employer has used on my pay slip...does this mean anything.

Sorry, I'm not from the UK so not really sure how tax etc works here. Could someone tell me if the amount I was deducted is correct?

Many thanks

2007-02-27 00:10:01 · 10 answers · asked by schneiderw 2 in United Kingdom

2007-02-27 00:05:56 · 4 answers · asked by Anonymous in United Kingdom

Why should I have to carry such tax burden when I am the least impact to society. Now John Edwards and all the other Democrats want me to carry more of the weight with new medicare reforms. Its bullchit I dont knock up and have crackbabies runnin around. I pull my weight I support my elder family members. I feel cheated and used. I am fed up! I want sucess. but My goverment will give a foreigner a "GRANT" 50K GRANT but for me I get the bill! whatsupwitdat!!!!!
PLEASE IF YOU HAVE A RATIONAL EXPLAINATION PLEASE FEEL FREE AND TELL ME. Where did I hear Taxation without representation -It has got to be a farce.

2007-02-26 23:47:32 · 5 answers · asked by Anonymous in Other - Taxes

CAPITAL GAINS TAX

2007-02-26 23:41:18 · 3 answers · asked by sweatblob 3 in United Kingdom

I filed a return in MA 2 weeks ago with 7,200 income paid in cash from babysitting in my home. I have now receivd a letter of intent to assess for MA DOR. Why and how should I respond? Also, I already received my federal return which was given due to Earned Income Credit. Is this going to be questioned by IRS also?

2007-02-26 23:28:40 · 1 answers · asked by quint2 1 in United States

I have received a notice of intent to assess from Mass. DOR. What is this and how should I respond? I babysit out of my home and get paid in cash.

2007-02-26 23:03:47 · 2 answers · asked by quint2 1 in United States

2007-02-26 22:02:39 · 4 answers · asked by om_chessking 2 in India