Taxes - April 2007

we bought land and built a home in 2000 as primary residence. we had to relocate due to job as of July 2006 and placed the home in service as rental as of 7/1.
a) for depreciation against rental income, is our cost basis the actual cost of the house when built + improvements or is it the current fair market value cost of the house? Both the property land value and the home value have significantly increased since 2000.
b) is the depreciation taken on Schedule E

2007-04-02 03:30:21 · 3 answers · asked by D L 1 in Other - Taxes

How long and how many dependents can I claim on my taxes so I get the max from each paycheck without owing on tax day?

2007-04-02 02:54:44 · 3 answers · asked by rilash020100 2 in United States

I currently owe IN money, and I got nothing from IL. Isn't there a way that at least some of the taxes that I paid to IL should transfer over to IN since that is where I reside?

2007-04-02 02:44:25 · 2 answers · asked by geegee0834 2 in United States

I own a home based business of which I profited less than $5000 this past year. I had some loss from deductions. 2005 I profited $13,000 (so I claimed my income and itemized my deductions)...my question is I was told that if I make less than $5000, I can't itemize my deductions...is this true, do I not claim anything from my business this year?

2007-04-02 02:43:31 · 1 answers · asked by lizzieRN13 2 in United States

2007-04-02 02:42:21 · 2 answers · asked by Anonymous in United States

My hasbened on trainnig in army and i can't do it without him, he will be back just after april 20 th what i should do with taxes? wait him or go by myself?

2007-04-02 02:17:41 · 5 answers · asked by Veronichka 2 in Other - Taxes

I'm ready to send off my tax return with copies of W-2s.
Is there anything else I should send to the IRS? I own a home but have no other investments.

2007-04-02 01:49:11 · 3 answers · asked by Diggy 5 in United States

2007-04-02 01:34:42 · 1 answers · asked by epeshear 1 in United States

2007-04-02 01:29:56 · 26 answers · asked by jencharlishelbyiloveaaron 1 in Australia

Tax Q's galore! This yr, we owe $1242 to Fed and $384 to State. We filed jointly (married). He makes $35K and has 2 allowances on his w4 with NO additional w/holding. I make $14K and I have zero allowances on my w4 with NO additional w/holding. We are having our 1st baby in June. We have no other dependents.

What changes would you suggest we do to our w4's so that next year we can expect to "break even." We want our monthly net income to remain as high as possible because it is difficult to predict just how much this baby will cost us. We got pregnant with the conscience decision that we could afford the baby...but now, things suddenly changed when we got our tax return information!

Could my husband keep his W4 the same, and could I take the total fed and state that we owe, divide those amounts by the remaining months in '07, and claim those amounts as additional w/holding for state and fed on my W4 ? Also, can we expect a definite $1000 child tax credit (Fed)? Thanx!

2007-04-02 01:03:26 · 4 answers · asked by Sylves 3 in United States

2007-04-02 00:44:44 · 3 answers · asked by rilash020100 2 in United States

Do you still have to pay state tax?

2007-04-02 00:32:25 · 2 answers · asked by simojo 1 in United States

??

2007-04-01 17:48:09 · 3 answers · asked by Anonymous in United States

MAY I GET A TAX CREDIT FOR THE COST OF MY INLAWS DAY CARE?
I PAY $1000 A MONTH AND MY INCOME EXCEEDS $200,000 A YEAR

2007-04-01 17:40:53 · 2 answers · asked by qquizomd 1 in United States

I cashed one of my daughter's savings bonds.
(She is under 18) .
For tax purposes, who is responsible to report the this ?

2007-04-01 17:31:42 · 3 answers · asked by tommy v 1 in United States

we have recently recieved a house from an inheritance, but if we sell it and buy something cheaper how do we obtain the difference without it being taxed. do you always have to reinvest the money into property of equal value? we would like to sell it and buy something cheaper and also buy a vehicle or two.

2007-04-01 16:51:36 · 2 answers · asked by ben b 1 in United States

2007-04-01 16:05:52 · 4 answers · asked by pickle_pickle200 1 in United States

2007-04-01 16:01:53 · 3 answers · asked by winniebay 1 in United States

2007-04-01 15:51:03 · 2 answers · asked by pickle_pickle200 1 in United States

2007-04-01 15:44:12 · 2 answers · asked by neogrendal 1 in United States

i have had like 5 jobs all which were less than a month long some only one day (i know its bad) just bad times... anyway he gave me 900 a month is it ok if i have him just file that i got 900 a month from him instead of filing those other 5 jobs since i do not know how to get a hold of them and i do not have w2's from them....

2007-04-01 15:15:00 · 3 answers · asked by partyhardi 1 in United States

2007-04-01 15:13:31 · 3 answers · asked by Don W 1 in United States

Anybody watch Deal or no Deal?

2007-04-01 15:03:46 · 3 answers · asked by oneof7men 1 in United States

i need to get my tags renewed and i lost the form that says how much i owe in taxes what do i do to get a new paper that says how much i owe?

2007-04-01 14:41:14 · 3 answers · asked by Anonymous in United States

I am married and my understanding is that I can not fil in a US jointly (1040-NR) tax form. Could we fil in a state (Massachussets) tax form jointly? Would we just need to add up our incomes?

2007-04-01 14:26:57 · 1 answers · asked by Carlos Andre M 1 in United States

hey i am moving to nyc this summer and will be sharing a room with some a few buddies. We all work downtown and it seems to be the is comparable with NJ side. I am wondering is there a major tax advantage of living in the NJ VS NYC? My feeling was you don't have to pay the 4% city taxes if you are living in NJ while working at NYC?

2007-04-01 14:23:09 · 2 answers · asked by cheng z 2 in United States

I won some money on a game show in August. I received a check later that year that did not have federal taxes taken out. Now I owe several thousand of that money back to the government. Do I have to pay a tax penalty for not sending it in sooner?

2007-04-01 14:10:07 · 8 answers · asked by Lauren M 3 in United States

I want my taxes to go as smoothly as possible this year...is it faster to do direct deposit into my account? Or does it not really make a difference?

I ust dont want anything to get messed up...are there any DD issues?

I only want to do it if it is significantly faster...is it?

2007-04-01 13:55:48 · 5 answers · asked by stephasoris 4 in United States

My father in law's estate was less than 18,000 dollars and three of his children received equal disbursements of less than 5,000 after expenses were paid.

2007-04-01 13:52:04 · 2 answers · asked by tiger 1 in United States

I have stock in NHP which pays dividends. I do not take them out but have them automatically purchase more stock with them. Do I have to pay income taxes on those?

2007-04-01 13:50:08 · 11 answers · asked by peekaboo 1 in United States