Taxes - July 2007

My mom passed away about a month ago in Romania and I inherited an apartment. I sold the property 5 days after my mom passed way. I've already paid a sales tax in Romania. Do you have to pay IRS tax on the inheritance once i wire transfer the money from Europe to the US? Please Help..Thanks

2007-07-30 10:39:52 · 3 answers · asked by Anonymous in United States

2007-07-30 10:14:45 · 8 answers · asked by marissa g 1 in United States

2007-07-30 09:54:13 · 2 answers · asked by Curious 1 in United States

I'm making corrections to my 2007-2008 Federal Appication for Student Federal Aid (FASFA).

I know my 'Earned income', however, the FASFA asks for "Total Amount for Worksheet A" and "Total Amount for Worksheet B."

The only income/assests I recieved/have is the 'Earned Income' I recieved in that year.

Nothing in my tax papers mentions anything about Worksheet A and Worksheet B.

What's the deal???

2007-07-30 09:50:51 · 4 answers · asked by Thinking 5 in Other - Taxes

2007-07-30 09:45:40 · 4 answers · asked by angel_rat_83 1 in United States

My grandmother in Hong Kong left me around US30,000 in her will. My father is going to be wiring the amount to my bank account here in the US soon. Will that money be subject to an inheritance tax or any sort of tax? Also, is wiring the money the best way to transfer the funds? Thanks in advance!

2007-07-30 09:25:31 · 2 answers · asked by blutails 1 in United States

I just bought a house, and am planning on buying a few more for investment purposes. I may sit on them a while, buy when the market is bad, sell when values go up, etc. My question, is how do the taxes work. I know there is a property tax and a school tax. I think school tax is 1% of your income, and property tax is like 3% of the houses value. My question, if I own 5 houses, do I have to give 5% of my income to school taxes? Would that make it impossible for anyone to own more than 100 houses? If you're only supposed to pay taxes to the school district that you actually live in, should I get my money back for currently paying for two districts? The house I just bought is in Pittsburgh, PA, and the place I'm actually living is in Westmoreland, co.

Please explain how the taxes work, maybe I'm wrong the parts I think I know. Thanks.

2007-07-30 09:25:17 · 5 answers · asked by Antonio Banderas 2 in United States

Small business, owner pays me under the table 8/hr. He says it's like being paid 10/hr. But I believe he may be benefiting from this in some way through tax breaks. Could he be?

2007-07-30 09:07:48 · 8 answers · asked by Anonymous in United States

ive heard there is a company who you pay a sum to them weekly and they sort out your tax etc for you does anybody know this firm or if its true

2007-07-30 08:46:38 · 5 answers · asked by milliesfling 2 in United Kingdom

2007-07-30 08:43:48 · 6 answers · asked by romele s 1 in United States

We got an IRS tax refund check and its in both their names. How do I go about cashing at least part of it without her involvement, since she has moved out of the country?

2007-07-30 08:29:17 · 5 answers · asked by andromeda74 2 in United States

we got a email telling that we won a BMW 550I and 400,000.00GBP
now we are instructed to pay for shipping charges to Elite Shipping Service ,Unit 9 Brunei Centre,Newtoon Road, Crawley West Sussex RHl0 2 Tu. Londoon, United Kingdom

2007-07-30 08:25:37 · 7 answers · asked by ROSE W 1 in United Kingdom

2007-07-30 08:16:16 · 1 answers · asked by Aspiring ... 2 in United States

Should they remain permanent?

2007-07-30 07:37:15 · 9 answers · asked by J.R. 2 in United States

2007-07-30 07:08:35 · 9 answers · asked by Anonymous in United Kingdom

THANKS for any help. If you know of a site where I can figure this out let me know :)

2007-07-30 07:08:11 · 2 answers · asked by meghananne23 4 in United States

I worked with a company for four years and decided to leave because there was no opportunity for personal development/promotion. I left without giving my two weeks, now I'm filling out resumes and am wondering if a voluntary resignation is the same as quiting. I imagine resigning like something you formally type out or a form you fill out after many many years with a company, most likely because of retirement. So is it the same thing or not?

2007-07-30 07:02:38 · 8 answers · asked by sailormercury_utopia 2 in United States

even she is not us citizen yet

2007-07-30 06:58:08 · 5 answers · asked by roger_varnadore 1 in United States

My wife and I filed with HR Block last year. The preparer told us that if my wife, who makes about 35K contributed to a ROTH, we would get a bigger tax return. We forgot to contribute in the required timeframe. Now the $4K contribution we made to her ROTH shows as a 2007 contribution instead of 2006. BUT, I was told by another tax profesional that a ROTH is nondeductible so Its not a big deal and I just need to adjust my records. But Im pretty sure that claiming that $4K contribution gave us a bigger tax credit on our 06 return. We got about 600 back insted of owing 2-3 hundred without the contribution. What should we do???
Oh yeah, The IRS has NOT contacted us about this. I just know we made the contribution late and imagine its only a matter of time before they catch on.

2007-07-30 06:50:51 · 6 answers · asked by Anonymous in United States

2007-07-30 06:46:05 · 5 answers · asked by christine 1 in United States

an hour if you make $30,000 a year?

2007-07-30 06:09:45 · 18 answers · asked by Anonymous in United States

Do you believe that our current tax code system is too complicated and needs to be modified or restructured? Is it possible to make radical changes or would it be too difficult to change?

2007-07-30 05:50:04 · 6 answers · asked by pisces02 4 in United States

2007-07-30 05:47:50 · 5 answers · asked by pete.wolff@sbcglobal.net 1 in United States

Grandma owned her house free and clear (in PA). Her grandson was living with her while he went to school from 1998 until 2004. In 1999, she added her daughter (who never lived there) to the deed.

In 2005, she became unable to live on her own, left her home and moved into her grandson's house.

Before leaving her home, she transferred her remaining half of the house to him, so that he now shares ownership with his mother.

Mother and son now want to sell the house, which has been empty (not rented) since grandma left (she had a lifetime tenancy written into the deed and recently died).

With no mortgage and no purchase price paid, is the entire selling price considered capital gains?

Also, we're aware of the 2 year ownership/living stipulation. Does it matter at all that the grandson lived in the house for 6 1/2 years, but only owned it for two and it wasn't his primary residence during those two years? Is there anyway to reduce CGT? (and what is the current rate anyway?). Thanks much

2007-07-30 05:34:59 · 4 answers · asked by Wonderland 3 in United States

For example: I purchase a house for $100,000 and sell it for $200,000 six months later. Do I subtract improvements, realtor fees, etc. from the sale price and THEN figure taxes? If this gain is personal income, can you still subtract improvements, etc. or do you need to be an LLC or some other type of entity? Thanks.

2007-07-30 05:15:38 · 3 answers · asked by bpchlop 2 in United States

When my husband did our taxes this year, we owed $90. My friend told me that the first year you own a house you get a really good tax refund because of all the interest you pay. Is this true? Should I look into this to see if we can get some money back?

2007-07-30 03:29:09 · 10 answers · asked by Anonymous in United States

2007-07-30 03:28:18 · 6 answers · asked by Jason S 1 in Other - Taxes

Maryland's governor is contimplating increasing the Maryland State sales tax from 5% to 6% to compensate for the deficate in the budget. Is this legal for him to do? How many other states have done this?

2007-07-30 02:07:28 · 8 answers · asked by Anonymous in Other - Taxes

My husband thinks that it does. We live in Tennessee.

2007-07-30 01:32:13 · 4 answers · asked by kimmye2007 1 in United States

2007-07-30 00:08:34 · 5 answers · asked by madan c 1 in United Kingdom