Taxes - March 2007

My parents live in the U.K., I live in the U.S. They want to gift cash from their estate to me, wife and kids.

As they are not U.S. tax payers, the gift exclusion doens't matter (correct?), but would I incur any tax liability for out of country gifts? Thanks!

2007-03-10 13:02:21 · 3 answers · asked by J K 1 in United States

how is it deducted, when is it deducted, what is it used for, what is the average percent deducted, definition.

2007-03-10 12:44:32 · 6 answers · asked by (rebəl) 2 in United States

i got this info from the child suport office can any one help thanks

2007-03-10 12:00:29 · 4 answers · asked by Kim M 1 in United States

Been trying for months........

2007-03-10 12:00:05 · 5 answers · asked by Anonymous in United Kingdom

The past tax year I was 17 until September. And I was wondering if I could combine mine with my mother's and sister's, who was 16. If the answer is a yes, how can I do that? Thank you.

2007-03-10 11:57:37 · 5 answers · asked by Khatera F 1 in United States

well basically last year and this year on my taxes i am giving back to Uncle Sam rather than getting,. I thought if you have a child that you will get money back. before my daughter was born i was actually getting back every year, now the last 2 years i have been giving back. What's up with that?

2007-03-10 11:50:53 · 2 answers · asked by pendrago77 1 in United States

I mailed mine in on February 19th, how long does it take to get it back using automatic bank deposit.?

2007-03-10 11:34:59 · 3 answers · asked by glencairngirls 2 in Canada

would I apply it to the adjusted cost basis as an improvement.

Or neither?

2007-03-10 11:31:11 · 1 answers · asked by Jace 4 in United States

Hi, I just opened up a traditional IRA today. I put in $2,000 and the APY is 1.85%. I'm new to all of this and to sum it up I got screwed. Is there any way I can cancel this account Monday morning or transfer it over to another institution that offers an IRA CD with a 4.4% rate? Please help!! Is it too late for me? The lousy bank I opened it with is Bank of America.

2007-03-10 11:30:39 · 4 answers · asked by Anonymous in United States

My ex and I are divorced. I just found out he claimed our son. When we divorced we agreed that I would claim him every year. The papers are filed in court. My tax person said I can go ahead and claim my son, but can my ex go to jail for tax fraud?

2007-03-10 11:27:23 · 6 answers · asked by metalwife 3 in United States

is there a deadline for this thing?

2007-03-10 10:53:25 · 8 answers · asked by dynamiccharge 2 in United States

do we each just claim 1/3 of everything? For instance Do we each take 1/3 of the cost to sell the home, and 1/3rd of the cost of improvements?

Are there any special forms we have to submit showing that we each only had 1/3rd of the home?

2007-03-10 10:45:11 · 5 answers · asked by Nishell P 1 in United States

2007-03-10 10:44:18 · 5 answers · asked by ? 2 in United States

when using improvements to figure our the adjusted basis for a home do I use:

1. The actual cost of the improvements
Does this include my labor?

or

2. The value added by making the improvements? For instance I built a $3,000 Deck and I think it increased the value of my home $5,000.

2007-03-10 10:33:08 · 5 answers · asked by Nishell P 1 in United States

For 2 years I have been an independent contractor and get 1099-Misc forms from the company. Last year I entered the amount on the "other income" line and paid a couple of hundred dollars in taxes.
This year, I used the same software -Taxact - and there was no "other income" question. The software had a "are you a business" question and I went through the questions and have to pay $2000 in taxes and $973 in SS and medicare taxes.
Did the IRS change their policy? On the 1040 form there is a line for "other income". Should I just scrap Tax act and do the taxes manually and add the $7000 income on "other income" line?

2007-03-10 10:31:32 · 4 answers · asked by wright_0048 1 in United States

2007-03-10 10:26:23 · 1 answers · asked by poweraidman6963@verizon.net 1 in United States

2007-03-10 10:13:59 · 6 answers · asked by Genis W 1 in United States

My boyfriend just told me that everyone in CA who has a phone (landline) is entitled to an extra $30 back this year on their taxes. He said it was something about a court settlement because people were overcharged?

Does anyone else know about this or where I could find the info on it?

2007-03-10 10:13:34 · 2 answers · asked by Banana Slug 3 in United States

My boyfriend was supposed to get his income tax refund back either Saturday or Monday. Today, Saturday, he received a letter from the IRS. The letter confirmed the amount that he will receive back, but no check inside. By the way the letter read, it sounds like the check should have been inside together with the letter. This is his first income tax return so he doesn't know if the IRS forgot to put the check in there, or somebody stole it, or the check would come in a separate mail later on. Had anybody experienced this? I'm so confused.

2007-03-10 10:03:07 · 6 answers · asked by ross1987 2 in United States

Here I am on weekend with all these questions and I hope someone can help me!

I've been waiting for my refund since 1/26 and now know I'm under audit. I was given a list of what I need to gather and there is a chance my refund could be released this week, so I have to get this right!

Part of my income is Schedule C and I have to prove this. I do have some cash income and logs of dates received, what I received it for, etc. Now I have a feeling that if I send a copy of this log, it will be questioned....but what do I do?? Some of the income was from a company that closed, so I didn't get a 1099. I want to be honest and report all of my income, but how in the heck do I prove this income?? The thing is....the extra income increases my refund by $50, and I'm tempted to amend it and change it, but wouldn't that be illegal??

I was looking through phone bills and realized I probally qualify for more on the telephone tax refund, but mostly from 04-05. Should I ammend this?

HELP!

2007-03-10 09:52:28 · 5 answers · asked by Riannaa 2 in United States

will the irs penalize them or me? can i file my other W-2 forms without that one?

2007-03-10 09:32:15 · 5 answers · asked by stoney7997 1 in United States

Do commuting miles apply?
Situation: My husband subcontracts for local stores and also has his own clients, but no office to speak of. He sometimes picks up his materials from the stores that contract him, and other times he drives directly to the customer's home. Does the drive to/from the store and/or the customer's home count as a commute or are those work-related miles that are deductible?

2007-03-10 08:52:05 · 3 answers · asked by kina99 2 in United States

Lived in Wisconsin and Washington in 2006. Washington has no state income taxes and Wisconsin does. I've never done my own taxes (yeah.. my mother did them) and have to this year. Can I go out and buy turbo tax basic for my situation? Or is there another route I should use? I've never done my own taxes and am a little intimidated. And I would like to avoide HR Block. Thanks!

2007-03-10 08:48:48 · 1 answers · asked by Anonymous in United States

Do F1 student needs to pay tax for "California State Tax" on "interest income" from "Saving Account" (Assuming the F1 Student is at his first 5 years in US)?

From the Federal Tax, the F1 student for the first 5 years is NR status, as the result , he doesn't need to pay tax on interest income to federal.

But how about for the California State Tax?

Thanks

2007-03-10 08:43:01 · 2 answers · asked by BodyWeapon 1 in United States

2007-03-10 08:32:14 · 4 answers · asked by cdsforever 2 in United States

My mom told me to call H & R block and set up an appointment to file taxes through them. So i called her andd explained things. and she told me that if i dont have any w2's back, or if i hadnt worked at all, i wouldnt be able to claim my daughter.

2007-03-10 08:30:34 · 4 answers · asked by o0o_tknbbygrl_o0o 1 in United States

2007-03-10 08:27:53 · 3 answers · asked by Funk_5_13 2 in United States

Or do I just claim her earnnings in the part where I claim her as a dependent. She made about $1200 last year.

2007-03-10 08:26:47 · 3 answers · asked by Dellajoy 6 in Canada

Is it wrong (legally) to file your federal taxes without filing your state taxes? I can't file my state right now because Turbo tax charges and I don't have money right now.

2007-03-10 08:25:47 · 7 answers · asked by mae_mae 2 in United States

Received letter stating I owed around $4000 for 2005 taxes filed. It didn't match up to their records and I was over paid. I do not have this kind of money. Nor can I afford for them to keep my tax refund each year, until it is paid back. How can I get out of paying it at all? Or at least half of it, if possible.

2007-03-10 08:17:51 · 7 answers · asked by g_davis58 2 in United States