Taxes - July 2007

I own some property here in Arkansas that I owe around 41k on. I plan on selling it for at least 80k-110k. My question is what should I look for on the capital gains end of the deal. How much am I looking at paying? I've own the property for over 2 years.

Thanks!

2007-07-19 09:03:39 · 5 answers · asked by Sox82 1 in United States

I know that it is a percent of my yearly earnings... but over what % is it when I can start writing these expenses off?

Thanks in advance.

2007-07-19 08:36:37 · 5 answers · asked by Shane 3 in United States

2007-07-19 08:08:29 · 2 answers · asked by Seph2 5 in United States

2007-07-19 08:05:36 · 3 answers · asked by Brianne T 1 in United States

2007-07-19 08:01:09 · 5 answers · asked by Seph2 5 in United States

My unemployment benefits run out in September. How do I file for an extension. How far in advance do I need to apply?

Thanks!!

2007-07-19 07:26:45 · 3 answers · asked by Shirlee K 2 in Other - Taxes

My previous employer never took Federal out. On my W-2's every year it was never listed and I always owed the government. Is that legal? Could it be that it was because there were a lot of illegal immigrants working there too?

2007-07-19 07:17:09 · 7 answers · asked by Mel 3 in Other - Taxes

Considering building a 2nd home and need guidance regarding loan interest on payments.

2007-07-19 07:00:13 · 3 answers · asked by fmcclain 1 in United States

if the amount is over 300.000 but it is being shared out????

2007-07-19 06:06:35 · 6 answers · asked by rose m 2 in United Kingdom

My father claims me as dependent on his tax return, but I'm not sure how that will work this year. I was dependant on him from January to June, but since June and on I no longer am. Here is some additional information:

I am 23 and single. Do not own a home (saving). Get my degree in August (was a full time student). I started a full time job in June making 50k+ salary. I also worked part time during school and made between 7k-12k this year.

My question is can my dad still claim me as a dependant on his tax return this year? I know its technically my up to me, but I want to make sure it is legal still and the negative affect on my tax will be less $$ than the overall benefit $$$ he receives on his return. Lets say I get $1000 less and he only gains $500 from me on his return it would be stupid to claim me. Now if it where reverse I am ok with it for this year as i was dependant on him part of the year. I just wish a 1/2 year dependant claim could be done.......

2007-07-19 05:42:23 · 4 answers · asked by Kyle 2 in United States

2007-07-19 05:32:25 · 3 answers · asked by Larry B 1 in United States

Monthly tax returned.

2007-07-19 05:22:33 · 3 answers · asked by Seph2 5 in United States

If you are involved in a lawsuit and the other party decides to settle with you, do you have to pay taxes on that settlement money?

2007-07-19 05:22:30 · 2 answers · asked by ? 1 in Other - Taxes

we have a tax lien on our home. we have alot of equity as well but can not refinance becasue of the lien - we would refinance an d pay off the tax lien if we could

2007-07-19 05:06:22 · 4 answers · asked by mary 1 in United States

I want to find out how much i should calculate to be taken out each check

I am single, I have a roommate. not sure who files head of household. and which saves money, I want the least bit of taxes taken out of my check since i dont care really what i get back at the end of the year anyways. Just dont want to pay anything out. What is it for texas? 15- 20% ?

2007-07-19 04:19:45 · 4 answers · asked by scion_xb_girly 3 in Other - Taxes

i need to complete a form for collage and it ask for my 2006 tax info. i dont have my tax forms anymore cause it got towed away in my car 2 mths ago. anyways it there a way i could get that infomation again? who would i have 2 contact

2007-07-19 04:15:53 · 2 answers · asked by Anonymous in United States

I am currently working and claim '1' for myself but I have a lot of debt that is collecting interest right now. I figure if I change my tax exemption status at my job I will get more money which I can use to pay off my debt, which is collecting about 18% a year in interest. My question is what number should I claim to get a lot of money back. What is the maximum that I can claim. I will have money put away in the bank to pay at the end of the year so that's not a concern. Plus I will have tax a lot in tax write offs from my side business that I have.

2007-07-19 04:03:06 · 3 answers · asked by originale_tees 2 in United States

I 'm buing a house in Long Island,NY, and currently have a house in NJ, which I will rent for a while, and then maybe sell the Long Island one. Thank you.

2007-07-19 03:57:04 · 3 answers · asked by Anonymous in United States

My son's friend had a retirement plan at work, (a SEP, I think) and left his job. The AG Edwards broker's assistant called and told him he had to take the money if he wasn't going to add to it anymore. The kid didn't know his options and got a check, minus 20% withholding and another 10% for the early withdraw penalty. He then endorsed the checks and put them into his regular IRA as a rollover. I know the rollover isn't taxable, but what about the 30% that was sent to the IRS? American Funds said it's too late to get it back from them. Please help. Thanks.

2007-07-19 02:31:23 · 5 answers · asked by fsfa 6 in United States

2007-07-19 00:26:23 · 4 answers · asked by Anonymous in United States

sell a stock today at a loss. buy back same stock today at a lower cost. can I charge off the loss on taxes this year

2007-07-18 22:35:16 · 3 answers · asked by ARLENE S 1 in United States

I am working as an independant contractor as a business analyst. I am taking a Six Sigma course which is costing me 3600$ and it is associated with my position although it is not what I do at work. I was wondering if this can be considered a professional expense for a independant contractor for W2.

Thank you in advance.

Don

2007-07-18 20:00:02 · 3 answers · asked by Don 2 in United States

This is what the description of what they want is:

The verification worksheet for dependent student is incomplete because we require a signed copy of the student's 2006 federal income tax form with all statements, schedules, attachments and W - 2 forms which you did not previously submit. If you are not required to file a 2006 federal income tax form, you must submit verification that you are not required to file. To request a copy of a tax return, call 1 800-TAX-Form (800-829-3676) to request Form 4808 or print Form 4808 from the IRS website at www.irs.gov. Return the IRS verification to the Financial Aid and Scholarship Office.

Can I just call that number and request the transcript and that covers it all? My dad did it on turbo tax. Can he just print out another copy? Please help.

2007-07-18 19:20:20 · 3 answers · asked by wtfitsnguyen 2 in United States

I just purchased my first home. I bought a pre construction home. I bought it for 200k and put about 2k into it. I believe its worth about 260-280 already. I know about the housing slump but thats what it comps out at. Anyway, if I flipped it how much would I pay in taxes? Is it like earned income or a certain percentage. Also, can I roll it into anything besides real estate without paying taxes.

thanks

2007-07-18 18:03:59 · 3 answers · asked by Anonymous in United States

I know traditional IRAs contribution date is the due date of the return NOT including extensions. Is it the same for a SEP IRA? I couldn't find it specifically in pub 590, but I'm assuming that it's the same as a normal traditional IRA. Confirm?

2007-07-18 17:50:55 · 1 answers · asked by BeckyBeq 3 in United States

if you owe a significant amount of money and you're in if your case is still pending can the IRS debt effect the final result?

2007-07-18 17:48:51 · 2 answers · asked by Anonymous in United States

2007-07-18 17:12:20 · 2 answers · asked by Anonymous in Other - Taxes

if so how long did it take for them to deposit the money in to your bank account

2007-07-18 16:28:34 · 2 answers · asked by Anonymous in Australia

In comparison to churches, is the tax status of a mosque the same?

2007-07-18 16:26:34 · 5 answers · asked by Spoke 4 in United States

Okay so im doing research on banding cell phones. Well that effact tax payers?

2007-07-18 14:54:40 · 1 answers · asked by *05* 1 in United Kingdom