United States - January 2007

I bought a home in Mar 2004 and rented it out 1/1/2006 for 5 months and ending up evicting the tenant and sold it 9/15/06. I'm getting ready for taxes and wanted to know, do I have to depreciate my home? I took a good loss on the home so there is no capital gains whatsoever.

2007-01-18 08:22:21 · 2 answers · asked by I think its rude 2

2007-01-18 08:17:17 · 12 answers · asked by peggy h 1

I am using Turbo Tax to prepare my 2006 taxes. I paid in about $300 in Federal income tax. I had a baby last year as well. After I was done preparing my taxes, it said I was getting a refund of $1600! Is this possible? And is it because of the Child Credit?

2007-01-18 08:11:25 · 4 answers · asked by arfiegel 2

I submitted the last bill $1000 for FSA-Dependent account on January 15th and i am told that the deadline for that was Jan-10th.

Do i lose this amount?

A little background: My wife had a car accident and i was away from work and spending my time at the hospital after her surgery since the beginning of this year.(2007)

Please i need help? What are my rights? I dont want to lose my hard earned $1000 :-((

2007-01-18 08:10:42 · 5 answers · asked by isworldflat 3

2007-01-18 08:04:51 · 12 answers · asked by peggy h 1

not sure how this works,,,,i am engaged and not sure who should claim our kid, i make 65,0000 and she makes 20,000. the house is in my name, so i will be claiming the interest on the house....does it make a difference who claims her? she said she would get more money back , but isnt it a set amount per kid? any help would be appreciated.... thanks!

2007-01-18 08:04:36 · 10 answers · asked by rezzer0088 1

Ok i asked a similar ? earliar.... i live with my mom my fiance... the boys father both want to claim my son.... my mom did already but i gave my fiance the SS number not herhe buys everything for him i just live here until we are married next week.... i want him to get it but i cant do that to my mom... he will claim him when his W-2 come in.... and he has the number so what will happen to them... who will get it and will there be trouble..... serious answers plz!!!

2007-01-18 08:04:28 · 5 answers · asked by Anonymous

My girlfriend of 4 years is unemployed and has been living with me for about a year. Can I claim her?

2007-01-18 07:59:17 · 11 answers · asked by Anonymous

2007-01-18 07:57:58 · 11 answers · asked by Anonymous

I want to let the money accrue interest/earnings tax free for as long as possible, but didn't want to lose the ability to withdraw the money penalty-free. I've had the account for more than 5 years, so that requirement is met.

Additionally, can it be used for "renovating" my first home, or does it HAVE to go towards a down payment or closing costs etc.?

Thanks in advance, good sources will get the "Best Answer"

2007-01-18 07:52:12 · 4 answers · asked by Karen B 1

My husband took out funds from his plan(tax was excluded when he was investing in this plan) during the last fiscal year but he spent a good portion of 2006 abroad, does any one know if the funds taken out is considered as part of his income for 2006. For people spending time abroad, there is an exemption of the first USD80,000(income) for tax, I am not sure if taking out funds from his plan is considered as income!

2007-01-18 07:45:56 · 1 answers · asked by hhbasile 4

I am a regular W2 wage earner. I have no dependants, I have owned a condo since Nov. 2005. All payments have been paid. I haven't taken from any stock or bond.... Any insite would be great. Thanks.

Also, does anyone know a good CPA in Vallejo, Ca.?

2007-01-18 07:37:19 · 3 answers · asked by Sweet96 3

So this tax season, we can claim money for this spanish-american war tax. its a tax that was put on long distance phone calls. I have had only a cell phone. can i claim this tax? do you think the irs would check my phone records?

2007-01-18 07:31:36 · 7 answers · asked by sabre_girl_2000 2

I left a company 14 months ago. I was signed up for a transit savings account (like the health care savings account). I have repeatedly called trying to get them to stop putting money in the account. Since they are putting money, I cannot have my new company put money in (only one company can). I got them to stop for a couple of months, but they started up again. I am afraid that they are going to come after me and make me pay back in after tax dollars. How can I get them to stop? I am using the money because I do not want this old company to make me lose my tax savings. I am more than willing to pay back the money with before tax money, but if it is years later, will that be possible? Hard to believe that a MAJOR bank can be so screwed up that they do not know who works there and who they are paying benefits to.

2007-01-18 07:28:28 · 7 answers · asked by Sally M 2

2007-01-18 07:21:51 · 7 answers · asked by Tim is cool 1

I started a business in Sept. of 2006. I am the sole proprietor. The business has its own tax number. I do not draw earnings from this. I want to file this seperately from my personal taxes. I already filed my 1099 & 1096 for my independent contractors. Which forms should I fill out to report my earnings and expenses? And, Can I file it in just the company's name and just use my name as the owner/contact. I do not want this to be affiliated with my personal taxes. (I work a full time job that I claim as my income) Can I do This?

2007-01-18 07:14:03 · 7 answers · asked by Shawn G 1

i recieved unemployment does anyone know where you can go to find the w2 online from department of labor

2007-01-18 06:53:59 · 5 answers · asked by Jaime m 1

I have a small internet retailing business located in Arizona. I would like to move myself to California. If I keep the corporation, employees, retailing and shipping operations in AZ would my personal relocation to CA require me to start collecting sales tax from CA customers?

2007-01-18 06:51:10 · 5 answers · asked by James W 1

My mom claimed him but she doesn't have the social security number while the father has the number and plans to claim him when his W-2's come in... what will happen to them.... and who will get the tax return?

2007-01-18 06:46:26 · 20 answers · asked by Anonymous

are there different ways to split the deduction legally? do we have to split? what are the real laws on this?

2007-01-18 06:38:46 · 8 answers · asked by Beach_Bum 4

My mother owns a house in NJ that is paid off. She put my brother's name on the deed when she purchased it. She has paid off the house. Now my brother owes the IRS a lot of money. Can the IRS put a lien on the house even though my mother's name is also on the deed and she doesn't owe anything?

2007-01-18 06:27:30 · 4 answers · asked by christina c 2

Not everyone is aware of this, but as of this year anyone earning over $97.500 will not be subject to the 12.4% social security tax above that amount (6.2% if not self employed). That means even if you make 1 million this year, you could pay as little as $6045 in taxes on earned income. And most millionares have unearned income (investments) that are not even touched by this tax. If you are "middle class" and earn 45k as a self emloyed "whatever" you would have to pay $5,580. What do you think about reversing the cap. The first 10k is not subject to S.S. tax $620. Then raise the upper cap to $107.500. A person making over 100 grand would pay an extra $620 in taxes. Who needs the extra money more? The person making 10,000 a year or 100 grand?

2007-01-18 06:12:13 · 6 answers · asked by Kari 4

2007-01-18 06:01:17 · 14 answers · asked by Roland J 1

My significant other just bought a condo together this year . She makes double my salary but I own another condo that I rent out (barely covers my mortgage). We are trying to decide who will benefit from taking the mortgage interest deduction and how we will get the most money back from our taxes?

2007-01-18 05:57:52 · 4 answers · asked by bbtb 1

My employer paid for school last year and I was curious as to how I should reflect this on my tax return. They gave me a 1099 that shows the miscellaneous income for tuition. I paid the tuition and my company reimbursed me back through payroll. So, since the goverment gives education credits for school expenses how should I put this on my tax return? Do I show the tuition as misc. income and then mark the education credits as well? Or do I have to do it another way? Any tax specialists if you know please answer! I am stumped! Thanks!

2007-01-18 05:57:42 · 10 answers · asked by jsssika 2

A realtor was not involved in the sale, but I did give a person a cut of the profits. He said that I need to create a 1099 for him, so I can write off his portion of the sale....as well as he getting taxed on the actual income from the sale (he gave me his SS#). Is this something that I can accomplish online? I checked out the IRS sites but got a bit confused. Thanks

2007-01-18 05:41:50 · 3 answers · asked by Agape Man 2

Do retireees have to pay any taxes when working out in public or if self-employeed?

2007-01-18 05:35:30 · 4 answers · asked by Jean S 1

2007-01-18 05:32:59 · 11 answers · asked by No Picture 1

2007-01-18 05:23:08 · 4 answers · asked by Chyna9 3

I really didnt make much last year from the business but I had expenses on equipment, stationary,promotions to get it going. Is it something I can do myself on turbo tax for deductions or should I go with a cpa to get it right?

2007-01-18 05:20:08 · 9 answers · asked by Cesar F 1