United States - February 2007

If me and a business partner own a piece of real estate, and my partner is behind on taxes, can the IRs lien a property we own as joint tenats, and if so how does this affect me.

2007-02-25 15:02:27 · 4 answers · asked by Scott 2

My wife and I were planning on filing jointly for the second year in a row. My wife insisted on doing the figures this year again. In 2006, I paid out more taxes than any other time in my life (when i was single I always received at least $500 from the tax return). But my wife (not to blame her in any way) found out that because her employer did not take out enough federal taxes we owe about $800! What? I am pretty devastated. SHOULD I LOOK INTO FILINING SEPARATE? IS THERE ANY POSSIBILITY WE COULD COME OUT BETTER INDIVIDUALLY? WE MADE APPROXIMTALEY (COMBINED) $65, 000. PLEASE, SERIOUS, INFORMED FEEDBACK ONLY. ALSO, I DO NOT WANT TO SPEND A LOT ON FINDING OUT THAT WE STILL OWE A LOT. THANKS EVERYONE.

2007-02-25 14:48:24 · 5 answers · asked by James R 1

of course you'd have to pay sales tax and such, but would the IRS be after you for state and federal taxes?

2007-02-25 14:30:10 · 8 answers · asked by Anonymous

My Mom purchased a home in N.J. for about $80,000 10 years ago.Since then she has refinaced it with a home equity loan and currently owes $69,000 left on that loan.She wants to sell the home to me for whats left on the loan as a cash out refinance loan which would put the house in my name. The question is or questions are is there any type of gift penalty to me since the actual market price of the house is $180,000,and how might the IRS view this if at all, as a capital loss(since its being sold for less the it was originaly paid for) or as something else since it could be sold for more. Any thoughts or advice is this would be greatly appreciated.

2007-02-25 14:17:16 · 4 answers · asked by Gene x 1

- I bought a new construction home in 2006 (first owner)
- House came installed with Energy Star windows
- I paid a lump-sum for the house (i.e. no breakdown of the amount paid specifically for the windows, but I suppose I can get that information from the builders.)

2007-02-25 14:17:00 · 1 answers · asked by atlasshrugged 1

i am 18 now but i started work when i was 17.

2007-02-25 14:08:54 · 2 answers · asked by tapu 1

2007-02-25 14:01:20 · 2 answers · asked by Doll D 2

2007-02-25 13:51:24 · 2 answers · asked by Anonymous

2007-02-25 13:46:12 · 4 answers · asked by dcopsy3 2

2007-02-25 13:37:28 · 9 answers · asked by Sonz 1

I have a capital loss carry over of 20K. Would it be in my best interest to sell some mutual funds and realize a capital gain and try to offset this carryover? It seems like in some way it's advantageous to get it off the books ASAP.. sort of like I"m giving the Gov a loan.. but perhaps it's really a wash

2007-02-25 13:31:07 · 3 answers · asked by jetskers 1

Hi I am 17 years old and in 2006, had a part-time job. Now, I earned $10,000 of income. Should I still file with my parents and just put my earned income there, or should I do my own income tax this year? How would it best work out?

2007-02-25 13:28:28 · 6 answers · asked by suavemonkey14 1

I recently married a philippino woman with an 11 year old daughter on sept 12 2006. the wedding was in the philippines and niether has ever been to the U.S. but I do have documentation of the wedding and all of the support I have provided to them. They do not have SSN. because they are both Philippine citizenes.

2007-02-25 13:24:50 · 4 answers · asked by Anonymous

You've guessed right! I have a question. :)

So my favorite actress is living in the UK but I guess she's still American even though she's been over there for like 5 years, though I'm sure that makes no difference. Anyway... Tax time and all that good stuff is going on.

Does she have to do the whole filing taxes by the 15th...well 17th this year? That goes for anyone I guess, if they are American and living in another country. Do they have to worry about all of that stuff even though they're wherever they are?

Hey, I didn't say it would be a good question! :)

2007-02-25 13:22:36 · 3 answers · asked by Anonymous

My daughter has Optic Nerve Hypoplasia. Her vision at her last examination was rated at 20/600....Our eye doctor mentioned to me that there might be a tax break we could take advantage of.

2007-02-25 13:15:19 · 3 answers · asked by jaybez7410 1

I have interest only loans and the amount would surpass the suggested amount claimed per year for my income level and I dont want to draw red flags

2007-02-25 13:08:02 · 3 answers · asked by fires 1

My employer paid the mover (for my household and car) directly for the relocation service. Can I deduct this amount on tax return? Thanks!

2007-02-25 13:06:35 · 4 answers · asked by tony 1

2007-02-25 13:06:12 · 7 answers · asked by misty120 1

my interest only loan makes my deduction for interest $5000 higher than the $6900 the irs suggests for my income, dont they figure in the fact that a lot of people have these loans now?

2007-02-25 13:02:47 · 3 answers · asked by fires 1

I am his only employee.

2007-02-25 12:39:26 · 5 answers · asked by D'Arcy P 3

I just bought a laptop in USA and I'm leaving the country next week. I can I get my sales Tax back on that?

2007-02-25 11:42:21 · 7 answers · asked by IndianCook 1

I have all my tel. and cell. bills I paid about $115 excise taxes, on the form 8913 ,there is a column(e)Interest.. in the instruction says multiply line1by .260351533 . so they will give u the interest for that taxes to.question is .as an individual person can i use that or not. I did not understand the whole instruction.(confused) can someone help me please. u can e-mail me too. thank u so much..

2007-02-25 11:02:34 · 4 answers · asked by SHALO 2

Last year my wife and I got about $1300 back from the govt. in tax return. This year, after entering everything in TurboTax, it says we owe $800! I make the most money in our household at around $31k/year, and she only brought in about $12k. After entering just my W-2 information it said we were getting a $150 refund. After I entered all of her W-2s, we were up to owing around $800! It's almost like the govt. is punishing us for her not making much money. How were they going to give us $150 refund on my income, but then we I enter her much lower income, now the man wants to stick it to us by making us owe money we won't have? I don't know how I'm going to come up with $800 by tax time considering I have no money leftover at the end of each month as it is now!

2007-02-25 10:33:34 · 4 answers · asked by Anonymous

2007-02-25 10:23:06 · 4 answers · asked by Anonymous

I recall seeing somewhere that by submitting your tax return by regular mail you actually decrease the possibility of audit. I think it makes sense since electronically submitted return is easier to go through and check for errors by IRS with a help of a computer.
Is it true or am I making the stuff up? Thx

2007-02-25 09:53:15 · 4 answers · asked by Blazzz 1

What is the name of the charge and what time or consequence does it carry? Please explain????!!!!!

2007-02-25 09:48:49 · 4 answers · asked by That girl 2

Do i have to use two forms one for federal and one for state???

2007-02-25 09:48:33 · 4 answers · asked by goochie1234 1

2007-02-25 09:41:58 · 7 answers · asked by ratu410 2

I've just received a W-2 with additional income from a part job that I forgot about. I was wondering how do I go about filing this additional w-2 if I have already filed my 2006 taxes and what are the consquences of not filing . Its only an additional 3000 in income

2007-02-25 09:36:27 · 5 answers · asked by Jas 2

I am single, and made $61,430 last year. I claimed 1 on my W4. I just did my taxes and I see that I owe $800. I'm just confused - does this sound right? Am I supposed to be claiming 0? Help! I just want to know if this sounds normal.

2007-02-25 09:32:19 · 4 answers · asked by SKP 1