United States - March 2007

Last year my parent's home was foreclosed on. They moved and haven't been doing too bad since. My father leased a semi and now they finally seem to be getting back on their feet. Today my mother tells me that because of the foreclosure they have to pay $25000 in tax. Why is this and how can this be? I just got over seeing my parents deal with huge financial problems, if they have to file for bankruptcy because of some stupid tax my father will lose his semi. He was so proud to be running his own little business, this will destroy my parents. I've seen them have to deal with so much over the last three years, I just cant stand to see this happen. Why would they have to pay tax on a property that was taken from them and then sold? They were not behind on taxes either, so I just dont understand. Please help.

2007-03-26 12:33:40 · 5 answers · asked by AKM 1

2007-03-26 12:30:09 · 7 answers · asked by wally g 1

In 2005, when I was in grad school, I had a one-time gig where I worked from home. The income for this was $1200, but I deducted $880 for home office expenses (printer, cell phone). I had to file an amendment to report this $1200 in income.

I also deducted $2000 in poker losses and $600 for a mountain bike (I guess Turbotax had a hobby section).
My total taxable income that year was around $55,000 as I had a full time job starting May of that year (total income the year before was around $33,000).

What are the chances for an IRS audit?

2007-03-26 12:08:04 · 5 answers · asked by bellas 1

When taking deductions on my W-2 such as one for myself and one for each of my dependents, head of household, etc... How many could I reasonably take, being single with no dependents, that would be offset by my end of year mortgage interest deduction?

I want to maximize my take home pay without ending up owing the government money at the end of the year.

Suggestions?

2007-03-26 11:55:33 · 2 answers · asked by elricsfate 2

I filed an amendment for my tax return and would like to check the statis of that amendment. How do I check?

2007-03-26 11:54:16 · 3 answers · asked by THEOLA B 1

2007-03-26 11:23:13 · 3 answers · asked by ADubya 2

My father recently moved in with us and he did not get a 1099 for his pension from B F Goodrich. I have tried to search for the website and cannot find it. There does not appear to be a link from the BF site for the pensions.
When I call them they say that they need to talk to him. He is 82 and cannot hear or really understand what they are saying. He does have a user ID and password, but we cannot remember the website.
Is there anything that we can do about getting the 1099? We cannot do his taxes without it.

2007-03-26 11:18:50 · 4 answers · asked by Victor L 3

How do I file state taxes for all 3 states. I lived in Michigan until April and then moved to Kentucky and then Indiana at the end of the year. What should I do about filing for all three states?

2007-03-26 11:14:17 · 3 answers · asked by B-razzle 2

I swear I heard somewhere that I could.

2007-03-26 11:10:12 · 5 answers · asked by bindog 1

I am doing my own taxes this year. Last year, I had them done by an accountant. For 2005, on Schedule A, Line 7, he entered the amount of $349.00. I've gone over every form I gave him last year and cannot find where he got this figure from. I've read the IRS explanation numerous times and find it most confusing. Can anyone explain what this is and where he could have pulled this dollar figure from?

2007-03-26 10:48:03 · 5 answers · asked by Howard C 2

When we filed our tax returns for 2005 we found out someone else was useing my husbands ss# and sence than we still have not received those tax returns and a tax advucate is working on it so she says and when we filed this yr for 2006 returns we sent them to her cause she said she could get them donr and sent to us but geuss what we are going through the same thing again this year that we did last year, we still have not received either tax return. All they keep tekking us is that oh its going to be 10 days than 30, than 90 they just keep puting us off is what it feel likes,and we dont owe anything. I mean how much proof do they need we sent in all the info last year proving it was him. Please any advice would be great.
Thank You

2007-03-26 10:35:54 · 4 answers · asked by Anonymous

i filed my taxes 7 weeks ago and i still havnt recieved my tax return check. my mom and sister filed and sent theirs 2 weeks after me and they got their returns a week ago. how can i find where can i find out the status of my check? i live in texas

2007-03-26 10:18:47 · 9 answers · asked by D-TOWN 2

i filed my taxes 7 weeks ago and i still havnt recieved my tax return check. my mom and sister filed and sent theirs 2 weeks after me and they got their returns a week ago. how can i find where can i find out the status of my check? i live in texas

2007-03-26 10:14:44 · 1 answers · asked by D-TOWN 2

My accountant says I can but another accountant says I can't deduct for that kind of service. I am donating my space and utilities so it seems I could put a dollar value on that as a donation to the theatre.

2007-03-26 10:12:21 · 2 answers · asked by mesdot2 2

My church is starting a food bank, to give out food to the needy, we recently applied for our 501C3 and are waiting to hear back. The church and food bank are located in Rand WV. We need our state tax exempt number to purchase items to keep the food and so forth. Any help would be very appreciated. God Bless.

2007-03-26 10:04:11 · 2 answers · asked by terryamyc 1

did not recieve mortgage statement form 1098 from greentree finance needed for taxes

2007-03-26 09:52:36 · 9 answers · asked by tsawasi333 1

I recently paid off my 2005 taxes which included a penalty of late filing of close to $1500. I disputed the late filing fee and I may stand to recover that amount. Will the IRS send me the payment automatically? Can I claim the overpayment in my 2006 return, if so, where?

2007-03-26 09:41:15 · 5 answers · asked by romasuave1 2

Does he have to file a tax return? what form should he use. he lives with us.

2007-03-26 09:35:52 · 5 answers · asked by gracegptx 2

Does he have to file a tax return? what form should he use. he lives with us.

2007-03-26 09:33:52 · 3 answers · asked by gracegptx 2

2007-03-26 09:20:57 · 1 answers · asked by Dragon 1

I just want to see how much I'm getting back, I don't want it to be a final tranaction

2007-03-26 09:14:51 · 3 answers · asked by pilgrim_sissy1 2

2007-03-26 09:09:16 · 6 answers · asked by rachelloveschess 2

The owner, address, phone number any and all information about a specific piece of property

2007-03-26 08:55:17 · 4 answers · asked by Anonymous

Consider one's earling tis double than othere?
Example 1: one earns 100,000/Year and other earns 50,000/year.
Example 2: one earns 50,000/Year and other earns 25,000/Year

2007-03-26 08:51:28 · 5 answers · asked by stockman 2

For the year 2006, I made my full $15,000 contribution to my 401k plan. Unfortunately a couple weeks ago, my plan administrator sent me a check for a portion of that because the plan failed the "test". Since I was a highly compensated employee (HCE), they had to refund part of my contribution. I got the check, but my W2 still has the deduction for the full amount.

Where am I supposed to account for the refunded amount on my federal taxes? Also, I got the refund in March 2007 for the tax year 2006. Which year is that amount taxable in -- 2006 or 2007?

2007-03-26 08:51:04 · 2 answers · asked by NS 2

2007-03-26 08:44:38 · 3 answers · asked by aapril5 1

I lived in Colorado for two years in the military,but my W2's still say Ga. Can I legally file taxes in Colorado? Being that I actually lived in Colorado.

2007-03-26 08:39:16 · 3 answers · asked by tiptop24_2005 1

How long it takes to get refund of Social Security & Medicare tax witheld in error? Someone told me that it takes 1 year to get it refunded. I don't think so.

2007-03-26 08:05:18 · 3 answers · asked by vandana r 1

I own a small online business of wholesale goods. Im talking to a school now that wants to purchase around $350 worth of goods from me.

My online business is not really registered with BOE or anything like that. It is just under my name I believe.

Right now, a school wants to purchase from me.

Theyre asking me to fill up a form, which includes filling up the "Business Name" and "Tax Identification Number".

How do I deal with this, given my situation? Will there be any problems in the future, maybe with taxes or with the IRS, since the business is under my name, and I dont really submit any paperworks etc or file taxes on this business of mine.

Thanks!

Chris

2007-03-26 07:46:28 · 5 answers · asked by Black J 1

Tax! Full-time and Self-employed.

2007-03-26 07:44:36 · 2 answers · asked by lpeace 2