Taxes - April 2007

a will is set up by the father it has (2) trusts (a) & (b) then some of the other properties have the mother as the owner. when father passes DOES IT MEAN THAT ANY PROPERTY THAT DID'NT HAVE MOTHERS NAME is split 50-50 between(a&(b trust?????

2007-04-22 16:12:45 · 3 answers · asked by big_daddy 1 in United States

For financing purposes on an investment property, I sold my partner all but 1% of my shares (no compensation was received). My CPA tells me that this will trigger capital gains treatment on my negative capital account. Can't my 1% ownership fully retain that negative capital account?

2007-04-22 16:12:32 · 3 answers · asked by Mitt 2 in United States

my husband and i were separated last year my son stayed with him and he got audited he needs to pay back. i don't think this is fair what can we do? we sent in all the info but they denied it. HELP

2007-04-22 16:12:02 · 3 answers · asked by s8nt22 2 in United States

I have a stock account and am looking for the best way to make the most of my return (after tax). If I make 10% return this year (let's say $100) . How much would I have to pay in taxes (what is the rate)? If I converted that account into an IRA or Roth IRA or some other account (can I do that?)...how much would I have to contribute monthly and how much tax would I have to pay at the end of the year (on that return)? If I cashed in early on those IRAs (sold some of the stock and took the cash and bought, let's say, an apartment), what penalty rate would be applied to that withdrawal?

This basically boils down into: Is it better to hold stock in a regular (i.e non IRA etc) account (so I can withdraw $ whenever I need to) and pay tax on that, or hold it in an IRA (or other type) account and then pay the penalty, if I need to withdraw?. Any advice is appreciated. Thanks!

2007-04-22 16:00:54 · 4 answers · asked by Anonymous in United States

Only my state income W-2 box 16 changed.

2007-04-22 15:57:42 · 3 answers · asked by sj b 1 in United States

We are facing foreclosure on tuesday on our home, the people have not payed the property taxes in a while and we need to pay it before tuesday...is there any way we can extend the due date, or anyway we can stop this from happening?? please any help is really appreciated

2007-04-22 15:54:37 · 3 answers · asked by Anonymous in United States

contributions, loans

2007-04-22 15:35:57 · 3 answers · asked by nonoy 1 in Other - Taxes

If a person is receiving a non-taxable retirement income in California, will it still be non-taxable in other states, such as Tennessee or Mississippi in regards to state taxes?

2007-04-22 15:34:51 · 4 answers · asked by confused and unsure 1 in United States

My property appraised at $100k before I rented it out. 4 yrs later, I suspect it would appraise higher - how can I change the basis for calculating depreciation? I am going to move back in for ~5mo this year, then rent it out again. Can I get it appraised and go with the new basis then? THanks!

2007-04-22 14:28:13 · 9 answers · asked by tackage 1 in United States

This table shows the tax rates for a single taxpayer in 2002.

Tax Rate Tax Bracket
10% $0 - $6,000
15% $6,001 - $27,950
27% $27,951 - $67,700
30% $67,701 - $141,250
35% $141,251 - $307,050
38.6% Over $307,050


2.4. An accountant claims that she has found a legal way for the single individual who earns $100,000 to shelter $1 of taxable income. (Sheltering some income means avoiding income tax on that income. For example, someone who has $50,000 in income and shelters $10,000 pays income tax only on $40,000.) What is the maximum amount that the single individual earning $100,000 is willing to pay to learn this strategy and reduce taxable income by $1?




A. $0.50

B. $1.00

C. $0.30

D. $0.24

Please tell me how you got to the answer, so i can learn to do this on my own

2007-04-22 14:25:37 · 3 answers · asked by Aditya G 1 in United States

I have a business and I have spent a good amount of money to obtain copyrights on the work that I produce. I assume that I can deduct this as a business expense. However, the government doesn't issue me a receipt for this expense. How can I show proof to the IRS for this expense?

2007-04-22 13:39:42 · 3 answers · asked by Johnny K 1 in United States

2007-04-22 13:35:29 · 10 answers · asked by nc_kickz 3 in United States

2007-04-22 12:40:37 · 6 answers · asked by Anonymous in United States

Hi. I'm single and I'm filling out my w-4 form. When I did my taxes this year, the guy told me that next year I would owe money if I didn't have more taxes taken out. So that is why I'm filling out a new one at work so I can have more money taken out. Should I claim zero? Currently I'm claiming one. There is also a spot to have them take extra and I don't know if I should do that as well.

Additionally, if I fill all the things from A to H then I'm supposed to put in that amount below - but that makes me claiming too many. My son is 18 and makes a lot of money, so I prob can't claim him next year. So I'm confused if I should put that amount below even if I want to claim zero. Please help!! Thanks!

2007-04-22 11:49:41 · 4 answers · asked by Sha Sha 2 in United States

Im sick of paying ridiculous monthly fees for taking a bus to the city every day, so Im thinking of taking the little shuttle buses that run in the downtown section of my town for less money. The problem is, these little immigrant buses dont give receipts for riding their bus, you just pay and go to NY. Will I still be able to put the money i spend on the ride as a tax deduction next year?

2007-04-22 11:49:30 · 5 answers · asked by Bool 2 in United States

2007-04-22 11:13:10 · 3 answers · asked by naidan23 1 in United States

I have capital loss carryover from previous years in my individual trading account.
If I open a joint account with my wife, can i still apply/deduct the old capital loss carryover (from individual a/c) against my profits in my joint a/c ?
or is there any restriction that i can only apply my capital loss carryover against my profits in my individual account?

2007-04-22 11:09:21 · 2 answers · asked by springs50 2 in United States

I want to contribute toward the tuition of a graduate student who is unrelated to me. Is it possible for me to get a tax break of some kind?
Do they have to set up some sort of fund?

2007-04-22 11:04:10 · 3 answers · asked by herycz 2 in United States

2007-04-22 10:46:25 · 3 answers · asked by herycz 2 in United States

Im 16 and make $10K+ per year, btw.

2007-04-22 10:06:58 · 8 answers · asked by Anonymous in United States

for an economics project i need to calculate how much taxes i would have to pay as a neurologist who earns about 140,000 a year. are there any websites that can help me find how i can figure this out?

2007-04-22 09:50:40 · 3 answers · asked by frances.bacon&eggs 3 in Other - Taxes

We recently found out that the IRS is garnishing my dad's social security check as well as his part-time paycheck due to previous unpaid taxes. Is this something they determine by a percentage? He has had emergency heart surgery, several complications, and it doesn't look like he'll be getting back to that part-time job. So would the IRS take less out of his social security check now? He won't have enough to live on if they don't decrease what they're taking out. Thanks for any help out there.

2007-04-22 09:41:36 · 5 answers · asked by georgia_peach 2 in United States

I need to know before I go to gamestop so I can make sure I have enough money for this one game.

2007-04-22 09:34:47 · 2 answers · asked by Shadow 1 in Other - Taxes

2007-04-22 07:38:20 · 2 answers · asked by pdrltda 1 in United States

Okay, so I owed $601.00 last year to the IRS. I entered a payment plan where I was paying $50.00 a month. Everything was going well, but then I had a new Student Loan to start paying on. I kind of let the IRS Payments go. Now, I got my taxes done this year and I owe $2437.00. I want to pay these amounts, but I am a little scared. If I write them a letter of apology and explain to them what happened and tell them that I want to pay it, and maybe send like $100.00 or something with it, do you think they will give me a second chance? I know there will be fees and penalties, but do you think they would let me have another chance to pay?

2007-04-22 06:43:04 · 5 answers · asked by buebla 1 in United States

what is this

2007-04-22 06:36:54 · 3 answers · asked by PRAMOD G 1 in United Kingdom

2007-04-22 05:46:30 · 2 answers · asked by CP 2 in United States

Hello, as a self employed individual, or as an S-Corp, is a lease payment on a vehicle tax deductible? I know that a regular car payment that you have financed is not, but I have heard a lease payment is?

2007-04-22 04:34:48 · 3 answers · asked by Helen R 1 in Other - Taxes

2007-04-22 02:32:19 · 6 answers · asked by Anonymous in United States

2007-04-22 02:30:06 · 6 answers · asked by Hennie 1 in United States