Taxes - July 2007

My mother and I agreed to go in together and buy a home and split 50/50. She paid her half in cash, $62,000.00, and I financed my half. The mortgage co. wrote her "half" as down payment, and labeled it "gift fund from mother". Is my mom going to have to pay gift taxes on this amount now? What if I "sell" the house to her, would that alleviate her from the gift tax?

2007-07-11 12:22:28 · 4 answers · asked by WANDA B 1 in United States

I know someone that earns 10000.oo to 12000.00 yearly and does not do income tax yearly.

2007-07-11 11:48:38 · 5 answers · asked by maggie 1 in United States

If you inherited a certain amount of money, but the money in tied up in property and the Executor of the will has not been able to liquidate the property, are you still liable to pay the inheritance tax even though you have not received anything yet?

2007-07-11 11:27:29 · 5 answers · asked by CJ 1 in Other - Taxes

Hi everyone , i been montioring my credit for a few years , Now on my Credit report its shows something from 2003 , it never showed it before .. It says NYS TAX COMMISSION., I called the irs and they said i paid my 299 i owed them in 2003 but it now shows on my credit report as unpaid.. Whats the best way to get rid of this ?

2007-07-11 11:27:12 · 2 answers · asked by bigantdog22 1 in United States

I am a Canadian residing in Canada and I have been asked to do some work (web-related) for a US company. It's a small amount of work (probably around $3000 US). Do I have to file a US income tax return and do I need an ITIN number?

2007-07-11 10:23:29 · 2 answers · asked by Steve E 1 in United States

2007-07-11 10:16:20 · 8 answers · asked by Bonnie 1 in United States

I've lived overseas for the last 7 years. It seems cable TV is now over run with adds claiming you can resolve your tax problems and pay less than you owe.

2007-07-11 09:47:44 · 2 answers · asked by Douglas S 1 in United States

Travel expense question?
I work for a company located at location A. One of the customers we have is located at location B. I was assigned to go to location B for service work, 2 days per week. The contract is for one year. My company is telling me that Location B has become my home base. Which means that I will not get paid for travel to location B.?
We have other customers at locations C, D and E. I go to these locations as needed during the remaining 3 days in the week.
My question is:
How should the company reimburse me for travel expenses to locations C, D and E.? Locations C, D and E are closer to A (company's location), than my home

2007-07-11 08:02:37 · 3 answers · asked by techzone12 2 in United States

2007-07-11 07:50:33 · 3 answers · asked by TRDIOPN 2 in Other - Taxes

I recently had timber harvested off my land, and I made right at $10,000. It was not taxed, but I know I'll have to claim it come tax time. However my other income for the year has only been about $2,000 (I am now a stay-at-home-mom, and we have 1 dependent!) and my partner's income for the year will be under $20,000. Probably more like $13,000. Are we going to wind up paying in a buttload of taxes this year because of the timber sales? What would be a way to avoid this (filing separately, etc)?

2007-07-11 06:55:28 · 6 answers · asked by grayhare 6 in United States

I need to so I can furnish and report to them.

2007-07-11 06:47:01 · 1 answers · asked by ☃FrostyGal♪♬♪ 4 in United States

Does anyone know how to estimate the taxes from withdrawing from an annuity?

2007-07-11 06:35:45 · 3 answers · asked by Goofy 2 in United States

2007-07-11 06:17:06 · 8 answers · asked by Anonymous in United States

Unemployed for 2yrs, married. Odd jobs earn 2000/yr. Husband files taxes as 'single'. Do i need to pay taxes on my odd job earnings? I dont want to rub the IRS the wrong way.

2007-07-11 06:10:57 · 3 answers · asked by Pearl L 1 in United States

I have a friend that needs a copy of her ex-spouses tax return, is there anyway to get this legally? I know that you can request your own tax return, but can you request if for another person?

2007-07-11 06:09:24 · 3 answers · asked by Olivia 3 in United States

A friend of mine didnt file her taxes for 05 nor for 06. She now wants to do so and wants to kow if the IRS will give her a payment plan to come up with what she owe and what not?

2007-07-11 05:59:48 · 3 answers · asked by amiguita_malu 2 in Other - Taxes

When the federal minimum wage increase first tier jump goes into effect on july 24th, will everyone recieve a raise? When it went from 4.85 to 5.15 last time, I remember that every worker got a raise of $.30. I want my $.70 in two weeks, am I going to get it?

2007-07-11 05:17:37 · 10 answers · asked by temptedlonging 3 in United States

My wife works full time, We get childrens tax credit and child allowance, I have paid national insurance all my working life, we are home owners(mortgage) and no real savings.

2007-07-11 04:37:43 · 9 answers · asked by Anonymous in United Kingdom

Can I file head of household if I am unmarried, with a dependent, and I pay all my bills alone?

I claim 2 for Fed and State

Before I had my child I was claiming Fed-1 and State-0 and filing single and was wondering if I can file as head of household?

I live in California

2007-07-11 04:34:00 · 5 answers · asked by K.C. 5 in United States

When buying a new car, is the tax you pay going to be the same as the sales tax percent for that state?

2007-07-11 04:07:56 · 4 answers · asked by leah610 2 in United States

I am a alien non-resident of the United States. I want to expand my ecommerce operations, and because the vast majority of my customers are already in the US I plan on starting a LLC in Delaware. I understand that LLCs are pass-through entities, taxes-wise, however, does obtaining an EIN void this? Would I have then to file taxes for both the LLC and myself personally? Anyone with any experience regarding any of this?

2007-07-11 02:47:12 · 6 answers · asked by mighty_mind 1 in United States

At $80,000yr. What percent bracet do I fall into?

2007-07-11 02:30:00 · 3 answers · asked by Leo S 1 in United States

approximately how much taxes will I owe. The money is coming in the form of one 35k check.

2007-07-11 02:25:00 · 5 answers · asked by pete 1 in United States

I'm thinking of taking out a loan from my 410k but first I want to know what the tax is and if there are any penalties, some one told me I can do it but would have to role it over to avoid the penalties is this true?

2007-07-11 01:44:16 · 6 answers · asked by karen b 1 in United States

2007-07-11 01:17:15 · 2 answers · asked by Patience O 1 in United Kingdom

It has many benefits and downsides, but could it actually be instituted

2007-07-11 00:55:05 · 4 answers · asked by billybutsky 4 in United States

2007-07-10 23:27:27 · 5 answers · asked by Anonymous in United States

2007-07-10 20:55:25 · 3 answers · asked by okwhatever34 2 in United States

i forget to report tax on my saving interest, how can I file this one since tax return season already end?
should I wait next year or do it now?

2007-07-10 19:43:43 · 5 answers · asked by booboobooboobooobooo 3 in United States

2007-07-10 17:18:18 · 1 answers · asked by olivia m 1 in United States