Taxes - March 2007

The money is being reinvested into the property to fix the defects, which I believe makes it non-taxable. How do I report this money without being taxed? If I enter the 1099 info., it automatically calculates the tax.

2007-03-14 15:07:56 · 6 answers · asked by spygirl 4 in United States

I am 65 years and my husband is 75 years depending on SSS income.

2007-03-14 15:07:55 · 6 answers · asked by Belen S 1 in United States

Which of the following statements regarding distributions of stock is not true?

a. Distributions of stock and stock rights are never treated as property.
b. Stock rights are distributions by a corporation of rights to acquire its stock.
c. Distributions of stock dividends and stock rights are generally tax free to shareholders.
d. Expenses of issuing a stock dividend are not deductible but must be capitalized.

2007-03-14 15:06:38 · 1 answers · asked by Ruben G 2 in United States

They emailed me when my federal and state efile was excepted and being processed, but does anyone know if they will email you when the processing is done and is being direct deposited into your account.

2007-03-14 14:42:34 · 2 answers · asked by Anonymous in United States

2007-03-14 14:35:13 · 1 answers · asked by Leslie H 1 in United States

I sold covered calls on a stock I own (short-term holding period) and identified them as a straddle with the stock I own. They are not qualified. (I sold them less than 30 days before the expiration.) They expired worthless. I know I have a short term gain, but how/where do I report it? A single line on Schedule D like I would for a stock or do I have to use form 6781? If I have to use 6781, what do I put on what lines? I've never used that form before and don't really understand it.

Second situation: A few days after the previous expiration, I wrote new options against the same stock (and identified them as a straddle). I later bought the options back for a loss. I didn't have any more options transactions for 3 months, so this shouldn't be a wash sale. Because this is an "identified straddle", I think I add the loss to the basis of the stock. What, if anything, do I report on which forms? Again, if it's 6781, please help me understand what I put on which lines of 6781.

2007-03-14 14:14:09 · 2 answers · asked by Dave W 6 in United States

2007-03-14 13:49:22 · 2 answers · asked by dsasso04 1 in Other - Taxes

2007-03-14 13:28:15 · 2 answers · asked by eject911 3 in United States

If a teacher goes to school on the weekend to help coach the basketball team, can he claim those miles as a business expense, along with those where he drove to seminars etc?

2007-03-14 13:27:51 · 4 answers · asked by LC 2 in United States

Or does the IRS have them online somewhere?

2007-03-14 13:25:09 · 4 answers · asked by anissia 6 in United States

I was wondering if an accountant can charge for taxes when they aren't for there job? I know people aren't allowed to charge unless their a CPA but I don't know if a regular accountant is allowed to.

2007-03-14 13:22:25 · 4 answers · asked by bruic2000 1 in Other - Taxes

would it be good for thoes who are waitresses, dish washers, factories works and so on, to have tax breaks, beacuse they have jobs that may be considerd "undesirable" by most?

2007-03-14 13:21:24 · 2 answers · asked by Anonymous in United States

2007-03-14 13:19:57 · 6 answers · asked by deltonabill 2 in United States

Here's another one. If I can't find the name of an organization on the IRS's list of approved charities, do I not allow the client to deduct that contribution? Is that list all inclusive? Should I send her back to the organization for more info?

And on a related note, if someone volunteers for an organization that provides help to the needy but it's not on that same IRS list, should I still put in the mileage for it?

Can't find info for this in my Master Tax Guide or IRS.gov and since I'm doing this "on the side," I can't ask my coworkers!
Thanks!

2007-03-14 13:11:44 · 5 answers · asked by LC 2 in United States

2007-03-14 13:06:25 · 6 answers · asked by pookierock 1 in United States

like 240 pence in a£1.00

2007-03-14 13:05:01 · 12 answers · asked by a p 4 in United Kingdom

2007-03-14 13:03:54 · 9 answers · asked by AnswerGirl 3 in United States

I am engaged to a man that owes back taxes, and I am curious if we get married can the IRS come after my assets to pay his back taxes. Or can they garnish our taxes we file together in the future.. Also I would like to see this get paid. What is the best way to work with the IRS on a payment plan?

2007-03-14 12:59:10 · 4 answers · asked by Tawni F 1 in United States

I work from home as a freelancer and recieve 1099's under my name. I do not have a business name. I also recieved payments for freelance writing services for which I did not recieve a 1099. How do I file all my earnings?

2007-03-14 12:53:07 · 6 answers · asked by operaphantom2003 4 in United States

I received five 1099-R's this year (never received these before.) I am not sure which one's considered income as opposed to the ones that are considered distributions. Do I have to report all of them regardless or only those that they withheld federal taxes from. I can't afford to pay for someone to do my taxes for me. I have tried to find answer to this question on IRS website but was unsuccessfull.

2007-03-14 12:42:51 · 9 answers · asked by Anonymous in United States

I am single, have 0 children & own no property. I usually do my own taxes (not itemized, only taking the standard deduction), but I keep hearing that I should have someone do my taxes. I have around $50,000 taxable income for 2006. I've been told that anyone who does their own taxes & takes the standard deduction is not getting back everything they should. I don't want to pay someone $100 to get an extra $50 back. Do you know of an easy & free way to figure this out?

2007-03-14 12:36:11 · 3 answers · asked by sarah 1 in United States

i'm doing a project for school, and we're setting up a salon. and also have a few questionst to answer...What do you pay taxes on? we also have to choose how to do our taxes quarterly or yearly...which one is better???
Please help...

2007-03-14 12:26:09 · 3 answers · asked by urda14eva 1 in Other - Taxes

2007-03-14 12:24:15 · 4 answers · asked by bob s 1 in United States

2007-03-14 12:06:33 · 1 answers · asked by aone1 1 in Other - Taxes

I clean houses, work for cash....but I am going to school next semester. For financial aid I have to claim some income for 2006. In 05, I had taxable income, since then...no. Any thoughts appreciated. Documented facts better. Thank you.

2007-03-14 12:05:29 · 5 answers · asked by Tina S 2 in United States

The donation will be made to a 501c3 charity. Donations are generally tax deductible to the donor. But what about people who buy tickets to our event (proceeds from the ticket will contributed to the charity)?

2007-03-14 11:56:25 · 3 answers · asked by Anonymous in Other - Taxes

I had this as an essay question and I am curious as to the answer. The situation sites: A woman and man have been married for over 25 years, unhappily. They no longer reside in the same residence, she works part time and has filed her taxes separately. The man works full time and has not filed his for the past 5 years. However, he came home one day and coerced his wife to sign a paper stating she would pay all the taxes he owed or he would personnally harm her. Five years go by, and the man goes to a lawyer to settle his taxes for the past ten years since he recieved a notice from the IRS. What will happen? The essay also poises the question, "If the wife signed the paper and it is in his posession, will she be responsible for everything? Can the IRS take her home and land? Could she file for innocent spouse protection? I know this is a huge scenario, but totally one I got from the Prof...any ideas ladies and gents???

2007-03-14 11:49:53 · 6 answers · asked by AnswerGirl 3 in United States

How do I figure out my state tax liability?

2007-03-14 11:40:16 · 6 answers · asked by steve m 1 in United States

I want to do cost segregation. From what I know, it involves identifying fair market values for short life assets. Do I have to pay for like an appraisal? Can't I just tell my CPA my fridge costs X amount and my new carpet it Y amount?

2007-03-14 11:37:53 · 5 answers · asked by Doris H 1 in United States

Soon the working class people of the UK will no longer be able to afford to live in a house. I work full-time, pay £500 rent a month for a tiny flat as i cannot get a mortgage for anywhere decent, pay £150 council tax a month which leaves me with under £100 to live on a month. Things are going to get worse now there's yet another increase in council tax. The UK government have got things so wrong. Soon we'll all be living out in the street with nothing and sleeping rough. What next? Go to work and recieve no pay? Does anyone else feel completely ripped off and angry???

2007-03-14 11:25:55 · 13 answers · asked by . 7 in United Kingdom