United States - November 2006

2006-11-22 00:11:58 · 4 answers · asked by Anonymous

I want to start a foundation for a scholarship. I would like to get funding in some large donations, earn interest to grow the account and then return the principle. The remaining interest would then be the principle for the scholarship fund. Basically it would be an interest free loan for maybe 6 months or a year to get the fund established. Is this legal? What are the tax implications for the original donors (corporate of personal)? Could they deduct the income one year and then have to count it the next?

2006-11-21 22:43:26 · 3 answers · asked by Askin 1

investment property with an existing mortgage, u convert it to a LLC can you deduct the interest come tax time, what can u do?

2006-11-21 21:05:28 · 3 answers · asked by ed a 1

Are we going to be taxed on the property that was gifted to us. Can we apply for refinancing right away on the property.

2006-11-21 18:27:43 · 3 answers · asked by tiyombo 1

triple as the property value of my house did?
I've heard both views on this one.

2006-11-21 17:09:16 · 6 answers · asked by Anonymous

I just got a tax bill from State of California for 1991. I left the US in 1991 and have not lived there since or filed in CA since then, ending residency in 1992. And I think it is a mistake because I filed with CA that year and received a refund! This is the first I have ever heard of owing this tax and it is 15 years later. What can they do to me if I refuse to pay this? Is there a limitation to them going after this 15 years later???

2006-11-21 15:46:16 · 2 answers · asked by Howard1 1

My husband and I just bought our home in February and now we want to sell it. We bought the home for $120,000 and owe $113,000. We have added a $5000 privacy fence and a $2000 storage building not to mention the cosmetic repairs we've made to the house. We don't care to make anything off the house, we just want to sell it for what we have in it, maybe a little less. (It appraised for $137,000 before we did all of this work to it. (I don't know if that matters.) We live just outside of Myrtle Beach and we hate it here, we just want out. My question is, If we stay in the house for one year, what percentage of Capital Gains will we have to pay? We make under $40,000 a year. Will we have to pay tax on anything over $120,000 (our purchase price) or $127,000 (what we will actually have in it.)? We are willing to stay here until we've lived here a full year, but no longer.

Thanks for all the serious answers.

2006-11-21 15:27:57 · 6 answers · asked by Bree 2

2006-11-21 14:38:53 · 6 answers · asked by Mr. Yahoo 1

I need to know what federal and state tax rates are so I know what to charge. I know what my county rates are and I think Colorado is at 2.9%. My business is an LLC and I am the only person involved.

Thanks

2006-11-21 14:22:05 · 1 answers · asked by Sam S 1

2006-11-21 13:59:45 · 5 answers · asked by onelia 1

i think its the secret tv child-block password

2006-11-21 13:45:33 · 5 answers · asked by Anonymous

I have been holding a companies stock for past 1 year.

Can somebody tell me whether it qualifies for long term investment and how much % I need to pay as tax on this long term gain

2006-11-21 13:26:07 · 5 answers · asked by rabisankar 1

Im trying to make my business legit. I run an auto detailing business and it is a services only business. I havent been charging tax because I was under the assumption that I only needed to if I was selling goods. But someone mentioned to me that I should be charging tax for my services. Is this true? If so, where can I find out what the rates are ? (if seperate from the retail taxes). Sorry, this is a horrible question, but I need to know. I dont have an accountant to talk with about this.. not yet any way.

Thanks

2006-11-21 13:25:50 · 4 answers · asked by Sam S 1

2006-11-21 13:11:57 · 10 answers · asked by Anonymous

Can anyone point me to CONCRETE information that refers to this? Such as laws, court judgements, etc.?

2006-11-21 12:32:07 · 10 answers · asked by DougDoug_ 6

Is a company allowed to with hold a paycheck if you leave?

2006-11-21 11:38:49 · 5 answers · asked by Janine b 1

He has taken responsibility for the three of us for the past year while I have been in school. I keep hearing different things but need to know for sure. Thanks!

2006-11-21 11:30:24 · 14 answers · asked by nzuck22 2

I have been tinkering with the idea of reporting someone I know to the IRS for a few years. What stops me is that I feel like I would be a bad person for being a snitch. Is it ethical to not tatttle-tail? Is it ethical to tattle-tail (not reporting income is a crime)?

2006-11-21 10:32:27 · 6 answers · asked by myowncrazyisland 2

I am planning to go through a divorce. My wife promised that it would be an amicable one. Will see. The situation is is this. We will be divorced sometime in 2007. Since I make most of the income, it makes sense for me to declare her as a dependent and file a married/joint return for 2007 and pass some of the tax savings on to her. What's the IRS rule for this. Do I have to be married for any part of 2007, more than half, etc. to be able to do this? Do I need to wait until AFTER 6/30 TO MAKE DIVORCE FINAL? Is it prorated for the number of months married? Any advice would be appreciated. Thanks.

2006-11-21 09:52:42 · 6 answers · asked by D W 1

2006-11-21 09:51:19 · 7 answers · asked by Anonymous

loan owed since 1983
worked 9 months for claiming year

2006-11-21 09:05:49 · 6 answers · asked by Anonymous

2006-11-21 08:37:56 · 6 answers · asked by Anonymous

2006-11-21 08:12:18 · 6 answers · asked by sexychia35 3

2006-11-21 07:58:20 · 4 answers · asked by cion 1

My husband and his ex wife have joint custody. She gets to claim one of the kids on her taxes and he gets to claim the other on his. He has back child support to pay on another child from a previous relationship, so when he files taxes, he never gets his refund back. I file my taxes separately and would like to know if I would be able to claim the child on my taxes instead of letting him since he won't get his taxes back anyways....

2006-11-21 07:45:16 · 10 answers · asked by jEnNiE c 1

He pays child support and they take out 20% of his check. And he is not behind either. But we are just concerned that she may be able to take 20% of his tax return also. Because any income that he gets, she gets 20%, or at least that is what we thought.

2006-11-21 06:48:20 · 12 answers · asked by Holly S 1

2006-11-21 06:46:07 · 3 answers · asked by carolly 1

This was more a repair than an improvement since my condo is built right on the slab and I HAVE to cover the floors with something. The old carpet & vinyl were 20 years old and basically in tatters. I'd like to be able to deduct the entire cost in one year rather than depreciate it, if that's possible?

2006-11-21 06:32:00 · 9 answers · asked by Mooseles 3

If a friend's parents are refusing to give the information required for the student to fill out the FAFSA what can the student do? Specifically, what are the steps that need to be taken to fill out the FAFSA without needing the parent's information.

2006-11-21 06:13:47 · 8 answers · asked by Alex 2

I am an amatuer photographer who lives in Texas. I want to sell my prints online and needed to know about tax laws. I dont have any tax id or anything. I am clueless on whether or not I need to get a tax id or if I need to charge my customers taxes.

2006-11-21 06:07:19 · 5 answers · asked by Anonymous