Taxes - August 2007

My aunt (who meets the IRS definition of being a non-resident alien) intends to give $50k towards my son's college education. My aunt lives in Switzerland. To ensure that the gift is given and received outside of the US (so as to make it non-taxable) I plan to open an account at a foreign bank into which I will receive the gift, and then wire to funds to the university. Gifts from non-resident aliens over $10k normally requires that the recipient file of IRS form 3250.

My Question: since this gift is being used for tuition, is it exempt from filing form 3250? IRC 6039F(b) (Notice of Large Gifts Received from Foreign Persons) has exepmtion language for tuition and medical expenses, but I find the language a bit vague.

Does someone know if, in the circumstances described above I am exempt from filing Form 3250? And thus, I can receive the gift tax free, spend it on tuition and file nothing with the IRS?

Thanks

2007-08-17 09:22:22 · 3 answers · asked by Marco 2 in United States

If you are a minor that lives with parents and has a job, is it true that at the end of the year, you get ALL of your taxes back from when they were taken out of your pay since you're still a kid living with parents?

My teacher says yes but my mother says minor or not, you do not get all of your taxes back.

2007-08-17 09:03:43 · 4 answers · asked by Anonymous in United States

2007-08-17 08:45:18 · 3 answers · asked by paularobbs 1 in United States

2007-08-17 08:00:09 · 2 answers · asked by hoser_1_usa 1 in Other - Taxes

Mine are Green Party, Amnesty International, Concern, Fawcett Society, Talk Talk, British Gas, Scottish Widows, My Daughter's Bond - Forget the name of the company & Ebay.. though not necessarilt every month for the latter!

2007-08-17 07:10:02 · 6 answers · asked by Anonymous in United Kingdom

My Flat, London, Zone 2 Value c £200k, mortgage c 23k. Too small but convenient location.
Late Mother's flat, London, Zone 5 Value c £150k No mortgage. Dated.
3 x Buy to let:-
1. 1 bed Flat - London, Zone 2 Value c £200k, mortgage c 33k Rental income c £800 pcm

2. 3 bed Flat - London, Zone 2 Value c £250k, mortgage c 43k Rental income c £750 pcm (under market rent - damp) Work needed.
3. 2 bed flat - London, zone 3, near Olympic site. Value c £230k, mortgage c 33k Rental income c £800 pcm
All owned over 10 years.
No real savings
Debts:£22k Inland Revenue (3 tax years plus penalties/interest)
£7.5k earlier defaulted loan - at County Court stage
Credit cards on min payment - c £8k
Issues:
1. Need to deal with debts asap
2. Concern about CGT if selling BtL / Mother's flats
3. Concern at 40% Income tax on BTL profits
4. My flat too small - other local BTL flat bigger but unsuitable environment
5. Can't decide way forward with Mother's flat
6. Reluctant to sell BTL flat

2007-08-17 07:08:56 · 4 answers · asked by steve f 1 in United Kingdom

My income tax refund was intercepted because of outstanding student loans. The following year, I had a back injury and couldn't work. I lived in low income housing and depended on a church food bank for food. So I didn't file. The following year, I was able to work, but low income, and again didn't file, unable to pay to have my taxes done. I still cannot afford a professional preparer to catch me up, and am afraid to talk to IRS. What now?

2007-08-17 06:37:22 · 8 answers · asked by invisiblewoman 2 in United States

My first pay stub from the new employer does not show the added amount. To my knowledge it must show added to the previous amount...does any one know about these???

2007-08-17 06:14:32 · 5 answers · asked by Anonymous in United States

Got check for $3900 saying we should use to pay taxes on $45K winnings we will receive. Have to call number to claim prize and will advise process. Sounds fishy. Appreciate info.

2007-08-17 06:03:38 · 6 answers · asked by Tom S 1 in United States

on 9th augest i was inform by an email that on 8th aug. i have won 1500000 pounds in uk national sweepstakes lottery sender name brain hunt email id is

2007-08-17 04:18:29 · 19 answers · asked by Anonymous in United Kingdom

My friend is going to loan me money. I will give it back to him in 3 months with interest. Will it be tracked my the irs if it is over a certain amount?

2007-08-17 04:12:45 · 8 answers · asked by B 5 in United States

I am a nanny for three different families. I get paid in cash. Do I need to claim taxes still? OR do the families I nanny for claim taxes? If I do have to claim taxes how do I go about that? THANKS!

2007-08-17 04:04:35 · 2 answers · asked by Jessica 2 in United States

2007-08-17 04:04:02 · 3 answers · asked by pat 1 in United States

My boss suggested i become a subcontractor. How will that effect my taxes?

2007-08-17 03:46:14 · 9 answers · asked by Anonymous in United States

2007-08-17 03:32:32 · 16 answers · asked by greenday_avril1984 2 in United States

Trying to figure out a budget and how much rent I can afford

2007-08-17 03:12:16 · 4 answers · asked by SA 1 in United States

2007-08-17 01:27:06 · 5 answers · asked by panorman99 1 in United States

I am an over the road truck driver and have not filed taxes since 2003 and want to know what to do and if I am facing some problems ahead.

2007-08-16 23:01:38 · 4 answers · asked by cwatk01s 1 in Other - Taxes

Is the "taxes withheld" differ from what really is the total amount I paid for my taxes?

2007-08-16 20:11:30 · 3 answers · asked by vanished24 2 in United States

Well, Mathew said that I have not supplied enough information, when I was asking my question. I would like to precise that I’m living in the USA legally. I have Social Security Number and my Green Card. My wife and my daughter are not living here with me and I haven’t even filed for them yet. Before I started working I was asked to fill out a form for the taxes. They said that the Federal Government build bridges and roads with those taxes. I did it with one of my assistant managers and I claimed myself. After three months, my manager said I must fill out another form for taxes because the first one I did was not good. So she asked another assistant manager to help me. When we were filling in the form, he asked me if I am married. I replied ‘Yes’ but my family is not living with me. Then he asked me to complete the SECTION 1 of the form. Now the SECTION 2 says “PREPARE AND TRANSLATOR CERTIFICATION: To be completed and signed if SECTION 1 is prepared by a person other than the employee. My assistant manager completed that section 2 and signed his name. I refused and he was angry and left me alone. Later, I was informed that he filled out the form and claimed my wife, my daughter and I for taxes.

2007-08-16 19:11:44 · 4 answers · asked by Labitey Edoé A 1 in United States

2007-08-16 17:15:36 · 3 answers · asked by cassray24 1 in United States

I am over 70% indian and have no Idea how to obtain that card I need to pay for my schooling and never pay taxes. Anything would help alot thanks in advance

2007-08-16 16:33:42 · 1 answers · asked by Anonymous in United States

I have been divorced for nearly 5 years, I am current on all child support, and pay health insurance for my child. I have a good relationship with my now remaried ex wife. The debt seems to be hers but I realize that I am responsible for half, as it was incurred during our marriage.
I live a very thrifty lifestyle, and spend my disposable income on my child (whom I have custody every weekend).
Judgement requires 75% of my disposable income, I made less than $1700 last month and was above my average.
I need to know:
Nonexempt earnings
Statutory exemptions
Disposable earnings
I am not above paying my portion of our debts, but cannot survive rationally with less income.

2007-08-16 15:54:04 · 3 answers · asked by J.D. P 1 in United States

Cash is being wired from the Administrator of the Sale of the property as a result of a family inheritance. This is taking place in Mexico and I am here in the U.S. Do I need to report this in my tax return? How would I do this? If you know, is there a limit of money one can be given as a result of a property sale outside of the U.S.?

2007-08-16 15:35:28 · 3 answers · asked by Ay-Jay 1 in United States

I noticed that when I type my boyfriend's name in a yahoo search bar a lot of results come up for his name and old address as his 2003 tax refunds came back as undeliverable. I haven't told my boyfriend of this yet and not sure why he wouldn't have persued getting it, but where can we call or ask about claiming that now that it is 4 years later? Possible? Thanks!

2007-08-16 15:03:09 · 4 answers · asked by rapxo 1 in United States

A few years ago i allowed my ex-husband (we were only seperated at the time) to claim me on his taxes. He did and got approximately $7000 back. Two years later, we found out that some income wasn't reported and he filed for spousal relief. So... now I owe the IRS about $6000 and he gets off scott free. He made $95000 that year - I made $11,500. Is there anything I can do now???

2007-08-16 14:54:16 · 4 answers · asked by mommyrayne 3 in United States

I work as a college admission counselor, and travel to community colleges twice a week. I would like to get a GPS navigation system, as I've discovered that I lack an inner compass and frequently get lost (my atlas has been helpful, but it is dangerous to consult it while driving). I would think that 90% or more of my usuage of this product would be business related, but I don't know if I would be able to write this off since I'm not self-employed. Any thoughts?

2007-08-16 14:07:18 · 3 answers · asked by evita302 2 in United States

2007-08-16 13:33:27 · 2 answers · asked by drguitar37 1 in United States

2007-08-16 13:32:41 · 2 answers · asked by Anonymous in United States

2007-08-16 13:30:32 · 4 answers · asked by Anonymous in United States