United States - September 2006

I recently received money from an arbitration settlement. The reward was based on a 1998 Earthquake insurance claim that was never resolved. In my original court filings, I had only asked for $$ to cover damages to the rental property I own. In the settlement, the Insurance company did not admit to fault. I have already spent $$ over the preceding years to repair my property. The reward I received covers the expense I have already incurred and provides for additional funds for possible future improvements to the rental property that I may, or may not incur. What portion of the reward do I have to pay taxes on? Does it only matter it is compensatory vs. punititive? I have to pay taxes on punitiive and not compensatory?

2006-09-05 05:19:54 · 2 answers · asked by DoItYourself 1

It seems that the HOPE TAX CREDIT and the LIFE TIME CREDIT cannot be used for a lot of things, What exactly can you get credit for? I have read all of the things you cannot use it for:
tuition, books, supplies, room and board, transportation. So what is it good for? What is left to get credit for, because they covered everything that you would have to spend!

2006-09-05 04:55:51 · 3 answers · asked by noggle4 2

who gets to claim thier child come tax returns if you are sepertated from the mother and the mother makes twice as much as you do?

2006-09-05 04:47:51 · 6 answers · asked by Anonymous

My mother-in-law bought and paid for this vehicle in Arizona. She will have the title very soon.

2006-09-05 04:08:06 · 8 answers · asked by tskeene_28 1

2006-09-04 23:57:56 · 1 answers · asked by bar1vin 1

2006-09-04 23:55:42 · 3 answers · asked by bar1vin 1

I done my tax return with HR Block last year and does anyone know where I can get a copy of my tax return online from thanks in advance

2006-09-04 22:11:33 · 2 answers · asked by p-nut butter princess 4

2006-09-04 17:24:02 · 10 answers · asked by Anonymous

on your tax returns? If EVERYONE checked "No" would they get nothing?

2006-09-04 14:43:09 · 30 answers · asked by Hayseedless 5

given a response ive gotten here i should be able to earn 75-90k per year depending. I am receiving ssdi. currently i dont pay any income tax. what tax % will i expect to pay on my investments given my situation. also what is the maximum income to be considered low income. Does having $1,000,000 in stock put me in another bracket? if so what is the tax on that? Is any of this making sense? i appreciate your response and patience. thank you - charlie

2006-09-04 12:33:20 · 2 answers · asked by charlie h 1

2006-09-04 12:13:03 · 5 answers · asked by gitsumk 1

I'm thinking of donating a working car to a charity for actual usage (not to be sold at auction). In which case i would be able to claim the actual fair market value of the car on my taxes, which is $2500. How much would that actually save me? and yes, i looked it up, if the charity is actually USING the car and not selling it for a profit, i can deduct the fair market value.

2006-09-04 03:53:58 · 10 answers · asked by Meegan 1

im a truck driver. i work for a company and am not self-employeed. i live in ohio. ill bring in around 40,000 gross this year. no kids, no deductions... im single... white...

will i get or recieve? how much? thanks!

2006-09-04 03:42:38 · 5 answers · asked by sean_mchugh6 3

Sorry for any errors I am a German who will immigrate to the US!

2006-09-04 03:18:34 · 3 answers · asked by Angie_PA 2

wondering where i can find how much your allowed per day for tax right off

2006-09-04 03:04:17 · 3 answers · asked by Dennis C 1

2006-09-03 19:26:27 · 5 answers · asked by bricklynn71 1

I recently started receiving SS benefits. A notification letter states that 30% will be withheld (two ayches, yes) at source.

I assume that a year-end recap document for is sent annually for 1040 season, but should like to have confirmation of this.

Thanks in advance.

2006-09-03 19:17:20 · 1 answers · asked by Anonymous

We already paid the state of Pennsylvania 2.8% on our gross salary when it was earned... Will we pay tax again when we collect it?

2006-09-03 17:11:10 · 5 answers · asked by planning ahead 1

an electronic spreadsheet and how it has changed doing taxes and how we keep up with informaiton for their yearly return

2006-09-03 14:46:37 · 1 answers · asked by kim 1

i really wanted to save but i am always tempted to buy something for myself..

2006-09-03 14:37:04 · 8 answers · asked by mary ann b 1

i bought 2 soft drinks, both costs 1.55, so it should be 3.10 plus tax which is 3.25 or 3.26 total. Instead, i got 3.18 total. Why?

2006-09-03 09:50:57 · 5 answers · asked by [Tsuniper-X] 5

My husband and I just got married in June and were wondering how we should file our taxes to get the most money back. I have a daughter (who is not his child), I always have been considered head of household and claimed her as a dependent. Can he claim her also even though he is not her biological father? Would it be better for us to file married but seperatley? I'm just not sure what to do and we want to be prepared for this years taxes.

Any helpful information would be greatly appreciated.

Thanks!

2006-09-03 09:38:04 · 3 answers · asked by Ang 2

2006-09-03 07:08:12 · 7 answers · asked by oyoes79 1

2006-09-03 06:06:24 · 6 answers · asked by moodyj1 1

2006-09-03 05:26:47 · 8 answers · asked by stevenpdk2000 1

2006-09-02 22:54:41 · 4 answers · asked by armand_cummings 1

2006-09-02 19:30:56 · 7 answers · asked by Anonymous

I have no knowledge of the US tax system and the last thing I want is to owe huge taxes at the end of the year. To complicate matters, I am also a Resident Alien - I have a green card so I would like to do things legit. So what can I write off, how to I do it, who does it work? e.g. say I spent $10 on paint, does that mean I have to pay $10 less tax? PLEASE HELP!

2006-09-02 15:57:07 · 7 answers · asked by Toast 2

I have a large sum of money in CDs and savings now. We do not want to invest that money in stocks as we do not want to take any risk with that money. But I am paying 30% tax on the interest every year. Is there any way I can save some taxes while keeping the safety of the investment. I already maxout on my 401K and IRA. I have one kid and make annual contributions to his 529. Can I transfer some money in his name and reduce my taxes?

2006-09-02 15:32:34 · 4 answers · asked by vinr 1

What is likely to happen and what's the time-frame in which these consequences would happen?

2006-09-02 14:03:50 · 6 answers · asked by Eric H 4