Taxes - July 2007

I am a student with no income other than investing, and I am curious how capital gains taxes work. Say I started the year with 10,000 invested, and through many trades, within that year, I end up with 15,000 in my account. Am I charged the capital tax on every single trade, or is it just charged on the final profit amount of $5,000? Also, If i have no income other than investing, and my profit falls under the federal exempt tax status, do I still have to pay capital gains tax? One more thing, what is the name of the form to fill out capital gains taxes? Thanks!

2007-07-26 15:06:10 · 2 answers · asked by patdog453 1 in United States

2007-07-26 14:49:27 · 4 answers · asked by kidzmom 1 in United States

If I decide to convert my traditional IRA to a roth IRA what taxes will I owe on the conversion. Would I just be taxed on the earnings or would the entire amount be subject to income tax? Conversion amount would be about $25,000 and I am under 59 1/2. I am currently at the 25% tax bracket.

2007-07-26 10:29:56 · 3 answers · asked by meetbleek23 3 in United States

I didn't file because I was working as a 100% commissioned rep, and I wasn't making much money and I got behind on my bills. I filed the last two years, but the Gov didn't indicate any wrong doings when I filed for 2005, and 2006. I'm concerned that I'll be audited for tax evasion can this happen? I'm also looking to get into law enforcement and i'm concerend that they will find this out during my background investigation. If I filed the last two years and I got no complaint from the Gov, then does that mean according to their records i didn't do anything wrong?

2007-07-26 10:18:32 · 5 answers · asked by Lions2007 1 in United States

i want to auction stuff to clear room in my home, but i was wondering do i have to pay taxes on the items i auction?

2007-07-26 10:04:02 · 3 answers · asked by mauzer666 1 in United States

I am going to recieve a large sum of money, is there any way of hiding it from taxes and the government, such as off shore accounts or other countries.

2007-07-26 09:33:09 · 8 answers · asked by mikeyblu03 1 in United States

My paycheck will be about $232 and i live in buffalo, new york.

2007-07-26 08:57:07 · 0 answers · asked by Anonymous in United States

I claim single 3 on my paycheck, and then claim married at the end of the year, but lately I'm working 12 to 15 hrs overtime and bringing home less money then when I have no overtime, so my question is should I change to married now and just not get back as much at tax time? Is there anything else I can do to see more of my paycheck? Thank you for your help.

2007-07-26 08:31:21 · 5 answers · asked by barrgains 1 in United States

2007-07-26 08:02:59 · 7 answers · asked by Anonymous in Other - Taxes

2007-07-26 08:00:38 · 5 answers · asked by ztim21 2 in United States

I need help with paying in American currency, im from canada and Im trying to order something from the states which I have to pay for in us currency...can anyone help me out and tell me what the difference is between them???

2007-07-26 07:29:28 · 6 answers · asked by Anonymous in Canada

2007-07-26 07:29:28 · 6 answers · asked by SpursFan05 1 in Other - Taxes

2007-07-26 07:26:56 · 3 answers · asked by june g 1 in United Kingdom

2007-07-26 07:19:48 · 8 answers · asked by donquixotereturns 2 in United States

I have been told it can be done if, a company is set up or if the person gives the property to the loved one before the person dies, although this has to be done 7 years in advance of death.

2007-07-26 07:11:27 · 5 answers · asked by GP M 1 in United Kingdom

I work 2 jobs and I was wondering do I have to have taxes taken from both checks? & if I dont will I get a bigger refund check at the end of the year!

1 INCOME TAXED
Pros:
-More money now!
Cons:
-Pay more money @ the end of the year!

2 INCOME TAXED
Pros:
-Less taxes taken out at the end of the year!
Cons:
-None! !@^&#*@#

Please help! Thanks!

2007-07-26 05:51:40 · 9 answers · asked by DaQuiteGuy 1 in United States

I've filed my Federal Taxes, and need to do my state return. I can't find a site that will only submit the state taxes. Every where I've went will only do both of them together. Free would be fantastic but if I had to pay, fine.

2007-07-26 02:59:09 · 2 answers · asked by Anonymous in United States

What is Social Security income based on?

2007-07-26 02:31:32 · 5 answers · asked by Anonymous in United States

2007-07-26 02:27:35 · 7 answers · asked by Anonymous in United States

Why do taxes come out of my pay checks and I have to pay taxes on anything I buy?

It's like, some guy on a farm sells his goods to / for a store, he gets taxed on what he sells, the store gets taxed for it, and I pay tax on it with money from a check I get taxed on....

So let's say we're talking about a tomatoe is one of the goods in the aforementioned statement.... It's like taxes are payed on it 3 times over.... Am I right or not?

Also, shouldn't I be able to write off food? I mean, we all need food to have energy and LIVE to do our jobs, shouldn't we be able to write off the clothing we buy? Not all of us want to wear clothes but it's against the law to be nude in public, so shouldn't we be able to write stuff off that we NEED to buy to function in society?

What are your thoughts on this? Feel free to call me a dumb*ss or agree with me...

2007-07-26 02:21:57 · 6 answers · asked by James V 3 in United States

Because my Tax Preparer (H&R) forgot to include $18 interest in my tax return with an income of six digits, they have started a paperwar. The 18 Dollar changes a dozen numbers on the return and they want interest for a year on it. A friend of mine had his Bank in Canada report internal movements in his retirement funds as profits to the IRS. He hasn't touched the funds in 20 years. Now he is in trouble. Anybody know, what's going on, or has similar experience?

2007-07-26 02:17:30 · 3 answers · asked by Anonymous in United States

2007-07-26 01:32:51 · 6 answers · asked by Steve P 1 in Other - Taxes

Any book-keeper out there? When calculating the fuel allowance for profit and loss at HMCE rates, as an expense for business self employed person. What would be the the double entry in the accounts?

2007-07-25 23:10:54 · 2 answers · asked by A G 2 in United Kingdom

Question : Vendor Gifted Deposit Transfer Figure?
Question Details: If buying a property for £100,000 -to include a 10% vendor gifted deposit (so borrowing 90,000), what is the transfer figure for exchange of contracts?

My solicitor says 100,000 for tax and land registry purposes

Sellers solicitors says it has to be the net figure... I understand this to be incorrect as the property is valued at 100k with the mortgage lender, and they are lending 90% loan to value, so it will go through as being sold for 100k with land registry..

the sellers solicitors seems to think this is wrong..not sure if they are just suspecting mortgage fraud due to the size of "deposit"... one of her points being her clients liability for capital gains...well to my knowledge you pay capital gains on profit, not on gross income, the 10% seller gifted deposit can be put down as an expense against the figure of 100,000

Can anyone shed any light on the matter please?

2007-07-25 22:06:37 · 0 answers · asked by Anonymous in United Kingdom

Hello Everyone

I would like to know what is Tax Code 522L W1 means? I phoned the tax office they said W1 meaning is the Week 1 but I just got my payslip for July 07 and still produce with 522L W1. Please help. Thank you.

2007-07-25 19:53:44 · 1 answers · asked by noorlailaibrahimfindlay 1 in United Kingdom

2007-07-25 19:02:00 · 10 answers · asked by Bobby H 1 in United States

2007-07-25 15:47:43 · 1 answers · asked by orionis83 1 in Other - Taxes

2007-07-25 14:02:42 · 5 answers · asked by ga_fan72 1 in United States

I just received some money from my mom's estate. She passed away almost 2 years ago. Will I have to pay taxes on the money I received and about how much if I do?...

2007-07-25 13:51:18 · 8 answers · asked by BigDaddySteven2006 5 in United States

I heard it was not constitutional law to have to pay taxes. What would happen if someone neglected to do so?

2007-07-25 13:18:49 · 10 answers · asked by Ms. Witaker 3 in United States