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Taxes - August 2007

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Ok, so I just read a news article about the guy who caught the Barry Bonds record breaking homerun ball.

He said that he has no choice but to sell it because he is going to be charged taxes just for owning the ball.

I know our tax systems is all sorts of screwed up, but how the heck can this even be possible? You can really be taxed on an object when you haven't even sold it? Can you also be taxed if someone gives you an extremely expensive gift, even if you have no intention of selling it?

I guess it's true, but it makes me angry and I don't understand it! Maybe someone with experience in tax law could enlighten me on this subject. Or if you'd just like to tell me that you agree with how annoying and wrong it is, you can do that to!

2007-08-22 08:22:03 · 9 answers · asked by T the D 5 in United States

Okay,
here it is...i was audited for my 2005 taxes, i faxed all required documents to verify my dependents..my little sister was the dependent in question...i sent every document to prove that she was my sister, that she lived with me since July of 2005, i payed to keep up with the household..etc,,,Well, the IRS is claiming that the documentation i sent does not provide enough proof. When i filed taxes for 06 i was audited again, i sent everything i had, so the 06 taxes are fine, everything checked out. but instead of getting all of my refund for 06 the IRS kept half of it (for 05) & started sending me notices to pay another $2,500.00 plus penalties & interest...for 05
I have gone to the Tax Payer Advocacy and the same result...i still owe the money (that i cant pay)..so the lady at the Tax Payer Advocacy tells me sorry ..and asked me if i would like to appeal the case?
Do i appeal or get a Lawyer?are these Lawyers expensive?
it really upsets me cause i did everything legit? :-(

2007-08-22 07:53:13 · 3 answers · asked by Anonymous in United States

http://sports.yahoo.com/mlb/news?slug=ap-bondsball082207&prov=yhoo&type=lgns

Bond's 756th homerun ball.......The guy that caught has been told by a couple of people that he would be taxed just for holding onto it.

How is this legal? Shouldn't he be taxed when he sold the ball, as income tax I suppose, rather than being taxed just for holding on to it?

2007-08-22 07:47:13 · 5 answers · asked by Humanist 4 in United States

I bought a house in 1998 for £25k, I remortgaged it in2003 and I owe £46k still on the mortgage. I have rented the house out since 1998 to family and have never lived in it. I want to sell it now,it is worth approx £90k

2007-08-22 07:40:09 · 2 answers · asked by seanevans69 1 in United Kingdom

I'm looking for a IRS, DOL, SSA or other level of authority that describes the situations where it is absolutely necessary to give an SSN. I'm fairly sure it is part of an IRS publication, but I cannot recall which one.

Thanks.

2007-08-22 07:19:53 · 3 answers · asked by Molly 6 in United States

I know the answer to this question, but I would like someone offical to explain the breakdown......I think most simply don't understand that the "rich" DO PAY almost the ENTIRE tax burden in the country.....but the majority of the public don't quite understand..........

2007-08-22 07:03:15 · 6 answers · asked by idez9 4 in United States

2007-08-22 06:37:10 · 3 answers · asked by Anonymous in United Kingdom

I assume this refers to children only, or does it include everyone in a household?

2007-08-22 06:35:44 · 6 answers · asked by DUPSY O 1 in United States

Whats the acceptable appreciation schedule for an $10,000 x-ray machine? 5 years? 7 years? longer?
Also, at the end of the depreciation (7 years for example) and the unit still works, what value does it have? Zero? $5,000? At the end is it subject to personal property taxes?

2007-08-22 06:22:10 · 3 answers · asked by texandc2002 6 in United States

What is the highest amount of income you can make and not have to claim on taxes??

2007-08-22 06:21:27 · 4 answers · asked by MommyTwice-TwiceTheLove 4 in United States

I want to buy a Gucci handbag from USA , but would like to have some idea of how much extra I will be likely to pay for importing it to UK, the cost of the bag will be approx $100.
Anyone with a bit of knowledge about this would be a great help. answers ASAP please - thanks

2007-08-22 06:11:48 · 3 answers · asked by NannyF 2 in United Kingdom

I'm fresh out of college and have begun to work full-time. When it comes to paying taxes next year, should I claim myself or should my parents claim me?

2007-08-22 05:53:01 · 7 answers · asked by nobosh.com 2 in United States

I have a fixed deposit of Rs.80000/ on maturity- bank deducted TDS -though my interest income is below Rs.10000/.Bank says any interest income TDS tobe deducted. Pl advice.

2007-08-22 05:43:18 · 5 answers · asked by SUBHA S 1 in India

The kid said he had no choice but to sell, in order to avoid a stiff tax based on potential income from the sale of the ball. Why can't he just keep the ball and declare nothing. It seems unfair and unfounded for the IRS to assume the value of a tangible asset - it's only worth as much as somebody is willing to pay.

If he sells the ball to a family member, he can record the sale and avoid any taxes. Am I missing something here?

2007-08-22 05:02:24 · 3 answers · asked by elias_boston 1 in United States

I am looking for free or low cost courses that will teach me how to prepare personal taxes.

2007-08-22 04:18:43 · 3 answers · asked by mathat7898 2 in Australia

Half of the settlement was general for damages and the other half was for proven loss of earnings. The settlement has been paid. How much, if any, do I show on my tax return?

2007-08-22 04:18:10 · 3 answers · asked by Anonymous in United Kingdom

I bought a home with my brother. It is two seperate units and we each live in one. How do we file our taxes this year? We are each on the mortgage and the title. We live in Pennsylvania.

2007-08-22 02:53:02 · 2 answers · asked by Anonymous in Other - Taxes

The guy who caught Barry Bonds home run ball wanted to keep it so The IRS wanted to tax him on the value of the ball he does not have the money for the taxes so he has to sell it.

Do you Think that the IRS is wrong should they wait for him to sell to charge Tax why can they charge tax on a baseball that has created no income until it's sold

2007-08-22 02:35:21 · 17 answers · asked by mmmkay_us 5 in United States

I need to lay a tile floor in a house I'm fixing up for sale. Materials run about $500. Installation will be maybe $1500. I believe I can deduct labor and materials when the man comes in April. If I do it myself, I save the 1500, but I'm out the hours. Can I pay myself to maintain the deduction? I'm not a contractor and don't have a company from which to draw a check. Which would be most cost effective?

2007-08-22 02:31:42 · 6 answers · asked by riderpops 2 in United States

Then the IRS would be forced to pay him money, and the hall of fame would have the ball.

2007-08-22 02:01:21 · 7 answers · asked by Richard M 1 in United States

i can't afford to pay this. do i have any recourse

2007-08-22 01:49:15 · 5 answers · asked by million questions 1 in Other - Taxes

i got married in June. i was wondering if there was any forms i needed to fill out in order for my name to change on my taxes. i got my drivers license and ss card. does that information automatically change on my taxes since i have that information changed? if not what do i need to do or who do i need to contact in order to get that changed.

2007-08-22 01:38:52 · 5 answers · asked by Heather C 4 in United States

Its not as if we pay enough for council services with the council tax. why should we pay them extra for taking our rubbish away as well.

Its just another excuse for the greedy councils.

2007-08-22 00:40:48 · 10 answers · asked by Anonymous in United Kingdom

i filed my taxes online and didnt use the electronic signature and printed the papers to sign and mail in. i signed it and i guess never mailed it cause the gov sent me a letter requsting the forms, but i dont know where they are at or how to get new ones?

2007-08-22 00:27:05 · 3 answers · asked by Anonymous in United States

I am earing 25K in my Mon - Fri Daytime job. I have been offered a second job for about 5K annually. I want to pay tax on the second income, but would my day time employer find out that I have a second job by the tax code?

2007-08-22 00:03:21 · 15 answers · asked by Anonymous in United Kingdom

2007-08-21 23:21:54 · 5 answers · asked by ilayaraja p 1 in India

Hi all...my Qs is I ordered a mixed container from china with household good kitchen bath building materials ...what happens when the container gets here...ive been told i need a agent to clear customs...and also I cant collect the goods in person from my port I got to get a agent to pick it up..cost to deliver from Southampton to my door t4 Heathrow around £350..not bad anyone have any idea of custom clearance costs and how much I will get taxed on my goods..Im not selling the goods in the UK they are for my personal use...thanks for your time all

2007-08-21 23:08:28 · 4 answers · asked by Anonymous in United Kingdom

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