Taxes - May 2007

My mom is getting an inheritance in South Korea (a house of her father is being sold and proceeds being split among siblings).

When she brings that money back to the United States, will there be taxes due to the IRS from essentially an international inheritance (taxes in Korea were already paid)?

If instead of keeping it herself she wants to give the money to me or my sister, is there a gift tax due to the IRS (filling out a gift tax form and just using up part of my mom and dad's lifetime gift exemption to me and my sister)?

And what is the actual best method of having those international funds transferred to an U. S. account? (wire transfer, actual check, other?)

2007-05-03 05:49:52 · 5 answers · asked by Michael 2 in United States

I am wondering if the scrubs I have to wear for medical assisting in college, are considered an education expense that would be tax deductible? We are required to wear our uniforms to class.

2007-05-03 05:43:16 · 5 answers · asked by saratgoo 3 in United States

mygirlfriend and i ,brought a house for 45k 9 years ago, last year we brought another house and rented out our old one,our first house is now worth 130k, how much if any tax would we have to pay on this if we sold it this year?

2007-05-03 05:38:23 · 5 answers · asked by jammys 3 in United Kingdom

Hello. I have been unemployed for 5+ months now and I am in dire need to tap on my 401K now. I know I will get penalized and what not, but I wanted to see what the general community has to say about this?

1. Aside from the bank's fee and your regular taxes, are there any other deductions to consider?
2. Can I claim financial hardship for my 2007 taxes and kind of get away with the penalties?
3. If I need to pay those taxes back (which is most likely the case), can I arrange for a payment plan?

Thanks for your time.

2007-05-03 05:37:28 · 5 answers · asked by zaxxon 3 in United States

I am 23, single, no kids & I support myself , Ive always claimed 0 on my W-4 forms but recently I changed it to 1 and claimed head of household because my 19 year old niece live with me & I pay more than 50% to sustain my household. I would rather get more money every paycheck then a big return(even though its nice) but my financial situation leads me to need more money every month rather than once a year. Either get a little back or just break even but I definantly do not want to owe anything.......did I make a good move? what do you guys think?

2007-05-03 05:36:36 · 12 answers · asked by DoloresP 1 in United States

I have no house & dependents.

2007-05-03 05:16:16 · 3 answers · asked by Anonymous in United States

I filed my taxes with H&R block online, and I filed the wrong w2. I called H&R block and they told me that the IRS has accepted my w2 and I have nothing to worry about. I then called the IRS because I wanted to file the correct W2, and they told me that I would have to wait until they process my file. If they process the wrong w2, I will have a refund that is much larger then I should be getting. The IRS web page says that there is a “Delay in processing” but with no reference code. Does this mean they found the error and I will be able to correct it before they hit me with fines and penalties? OR Will they give me the higher refund, and then I send them back the difference? It has been 4 weeks since I filed, and they say that the “expected date of the refund is May 15” but I can do nothing until then. Does anyone know where I should go from here? Thanks

2007-05-03 04:28:23 · 2 answers · asked by eshie 3 in United States

2007-05-03 03:25:53 · 2 answers · asked by ed m 1 in United States

and interest expense of $750,000. If the firm's income tax rate is 34% WHAT IS THE AMOUNT OF THE FIRM'S INCOME TAX LIABILITY?

2007-05-03 03:11:21 · 3 answers · asked by Anonymous in Canada

2007-05-03 02:51:48 · 10 answers · asked by eveee 1 in United States

I am going to receive a severance pay check and I want to know how I can avoid the 40% taxes on this. Can I change my withholdings to lower the tax rate? What amount of withholdings would I need to select?

2007-05-03 02:04:24 · 3 answers · asked by J.V. 1 in Other - Taxes

Three years ago, after a yes vote by the affected homeowners, our county government billed us $8,000 as our individual assessment to have our dirt road paved. If we didn't want to pay the money all at once, they set us up with a 10-year plan, with interest assessed like mortgages, i.e., payments comprised mostly of interest the first year, down to minimal interest the last year. Question: Is that interest deductible on our Federal Income Tax Return? And if so, how, and could we claim the deduction retroactively? Thanks.

2007-05-03 01:58:33 · 4 answers · asked by buff 1 in United States

Lets see what taxes Americans pay.

Accounts Receivable Tax , Building Permit Tax , Capital Gains Tax , CDL license Tax , Cigarette Tax , Corporate Income Tax , Court Fines (indirect taxes) , Dog License Tax , Federal Income Tax , Federal Unemployment Tax (FUTA) , Fishing License Tax , Food License Tax , Fuel permit tax , Gasoline Tax (42 cents per gallon) , Hunting License Tax , Inheritance Tax Interest expense (tax on the money) , Inventory tax IRS Interest Charges (tax on top of tax) , IRS Penalties (tax on top of tax) , Liquor Tax , Local Income Tax , Luxury Taxes , Marriage License Tax , Medicare Tax , Property Tax , Real Estate Tax , Septic Permit Tax , Service Charge Taxes , Social Security Tax , Road Usage Taxes (Truckers) , Sales Taxes , Recreational Vehicle Tax , Road Toll Booth Taxes , School Tax , State Income Tax , State Unemployment Tax (SUTA) , Telephone federal excise tax , Telephone federal universal service fee tax , Telephone federal, state and local surcharge taxes , Telephone minimum usage surcharge tax , Telephone recurring and non-recurring charges tax , Telephone state and local tax , Telephone usage charge tax , Toll Bridge Taxes , Toll Tunnel Taxes , Traffic Fines (indirect taxation) , Trailer registration tax , Utility Taxes , Vehicle License Registration Tax , Vehicle Sales Tax , Watercraft registration Tax , Well Permit Tax , and Workers Compensation Tax.

Not one of these taxes existed 100 years ago and America was the most prosperous nation in the world, had absolutely no national debt, had the largest middle class in the world and Mom stayed home to raise the kids. , , What the hell happened?

2007-05-03 01:49:35 · 9 answers · asked by Anonymous in United States

I am Canadian who lives in the US. I own a web site business with customers all over the world. Where do I pay taxes? To the USA IRA? to Canada? Both? Please help. Any web sites with good info will be apprecited!

2007-05-03 01:41:31 · 6 answers · asked by Student AS 1 in United States

2007-05-03 01:10:17 · 3 answers · asked by Still*Perfect 4 in United States

Do foreign docs not need to pay federal income tax if they leave the country for 1 month out of the year?

2007-05-03 00:41:59 · 1 answers · asked by Jim 1 in Other - Taxes

Am i suppose to send all the w-2 forms

2007-05-02 23:31:03 · 7 answers · asked by sasha 1 in United States

Recently on 4/24/07 I recieved a tax penalty in the mail from 2001. Me and my ex-wife were married between 2000 and 2005 aprox. She failed to pay some taxes on her job because she was paid under the table. I am now remarried and have a daughter. My ex-wife has always been controlling and abusive and always blamed me for everything. Well when I called her the other day to ask her to pay half of the $1044.00 debt she told me you know what you are responsible because you always took care of the bills and then I try to explain to her and she said why do you keep talking so I stopped. Then she just said she will not pay. So I live in another state and to fly over and take her to court would cost $500 at least so that would already be more her half so I would lose the money anyways. Is there anything I can do to not be walked over again I feel so bad about losing this money too. Thanks for all of your help and answers!

2007-05-02 22:48:54 · 8 answers · asked by Matt L 2 in United States

2007-05-02 20:37:37 · 1 answers · asked by anthony 1 in United Kingdom

2007-05-02 19:25:12 · 6 answers · asked by rtrujillo5150 1 in United States

2007-05-02 18:24:10 · 4 answers · asked by desantor 2 in Other - Taxes

I have no dependents.

I heard they have a website where you can figure it out.



Thank you

2007-05-02 17:00:06 · 8 answers · asked by mdboomskwad.mc4u 4 in United States

My understanding is that under Crane doctrine the tax basis of the property to begin with is Equity Invested + Financing (recourse or nonrecourse doesn't matter). i.e. 20K down + 80K purchase money mortgage = 100K. What if the property is appraised for only 80K right before purchase but purchaser paid 100K? Is the tax basis 80K or 100K.

In other words, is the tax basis the actual assessed value of the property or is the tax basis the total investment?

Thanks,
Ben

2007-05-02 16:05:58 · 1 answers · asked by bnk89 1 in United States

Hi can someone help me, what is the exchange rate of 1 Canadian Dollar to one New Zealand Dollar?

2007-05-02 15:54:40 · 3 answers · asked by Anonymous in Australia

Can I put $5000 or is she only allowed to put up to what she makes?

2007-05-02 15:20:37 · 3 answers · asked by old & free 1 in United States

2007-05-02 15:05:11 · 3 answers · asked by razz 1 in United States

The only downside I could think of is poor addicts who want a fix but can't buy some smokes. However, this may be a good thing to some people. I want a complete negative characteristic of cigarette taxes. It could be economic related or personal. Anyone got some?

2007-05-02 15:02:28 · 4 answers · asked by Anonymous in Other - Taxes

2007-05-02 14:49:56 · 6 answers · asked by mom of 10 1 in United States

jonny so that couldnt mean you pay 40%tax on a monthly basis i am confused as she doesnt have over 35th per month

2007-05-02 14:34:13 · 3 answers · asked by sugarbell 2 in United Kingdom

How much tax do you pay in the USA when you earn interest on a certificate of deposit?

2007-05-02 14:27:16 · 7 answers · asked by planeboy747 1 in United States