United States - March 2007

2007-03-03 12:56:51 · 5 answers · asked by ZIMBINI X 1

I really want to do my taxes by myself, but I don't know exactly how this works..... My 2 siblings and I inherited a house after my father passed away 41/2 years ago. We had it appraised at the time of his death for $101,000. I put $15,000 into the property and put up new siding, built a redwood deck, put in new flooring, painted, ect.

We ended up selling it with a realtor for $137,000. The difference between the sale price and the value at the time of his death minus the realtor expenses is about $28,500 or $9500 each.

Can we deduct any of the money that we put into the house? Also, what are the requisite forms we will need to fill out to file taxes on the sale of the house?

Thanks for your help!

2007-03-03 12:28:12 · 3 answers · asked by Jace 4

I traded options in 2006. I.e., I bought and sold calls and puts without owning the underlying stock. My net for the year was a loss of about $1200. Can I report this loss on my 2006 tax return? If so, where?? Thanks.

2007-03-03 12:22:42 · 2 answers · asked by mgm00056 1

I deposited all of their checks they sent me into the business bank account and listed it on Schedule C of the tax forms. It was about 20% of our total revenue. Do I send the 1099 in with my 1040 and other schedules to the IRS? I don't want to confuse them. I don't file a separate return--just the schedule C. Please advise. Thanks.

2007-03-03 11:46:36 · 3 answers · asked by CALIFORNIA GOLD 3

2007-03-03 11:45:10 · 4 answers · asked by Anonymous

Can I pay a commission employee $599 this year and not worry about sending him/her a 1099 tax form next January?

2007-03-03 11:43:31 · 3 answers · asked by CALIFORNIA GOLD 3

I e-filed both my federal and state tax returns using the web-based TurboTax tool. I electronically signed everything and it says I don't need to send my 1040-V payment form because I had it automatically deducted from my bank acocunt. Do I still need to send the W-2 copies marked "...to be filed with Employee's FEDERAL/STATE Tax Return" to the IRS by mail? I don't see this in the TurboTax instructions but I've always had them sent when someone has prepared my taxes for me in the past. Any help is appreciated...

2007-03-03 11:41:15 · 4 answers · asked by me 1

My brother and I purchased some investment real estate property (just land) and we are both named on the loan. How do we determine how much interest each can deduct? Do we just split it 50/50? Also, my SSN is the only one listed on the 1098.

2007-03-03 11:32:44 · 2 answers · asked by rooners 2

I wish to become a licensed personal fitness trainer. When I file my taxes next year can I use my education and equipment as a tax write off. Does anyone have any ideas on how I can do this?

2007-03-03 11:31:56 · 3 answers · asked by messnjah 2

for some reason i cant submit my taxes, due to the fact my name isnt matching my social security number in the irs masterfile.

2007-03-03 11:12:59 · 4 answers · asked by frank b 2

2007-03-03 11:05:15 · 5 answers · asked by james s 1

Hello I run a business over the internet.I have a partner who does all my ordering.He is here in Michigan as well.I get orders over the web, from other states. He orders the stuff (Lighted Palm trees)and I send the stuff out of state to my clients.Should I be getting charged sales tax(Michigan 6%) since my products are ultimately going out of state and it is handled through the web? I cannot charge sales tax on items I sell through Ebay that go out of state.
Also should I be charging sales tax? I am confused any help would be great.Thanks.

2007-03-03 10:44:17 · 4 answers · asked by dmac_electric 2

During Holiday season (Dec. 2006) a friend of mine worked for me in my small restaurant. Since the amount is about $2000.00 i would have to file IRS form 1099 misc.. But over the past month i tried to contact him to give me his ss# (he doesn't have tax id) so that i can file 1099 misc. and he would not answer my calls or return my calls. What should i do? what can i do? Am i basically screwed.?

2007-03-03 10:38:56 · 3 answers · asked by Anonymous

2007-03-03 10:26:53 · 4 answers · asked by Mark R 1

I want do my own taxes but I have a problem, I don't know what to do with my Employee Purchase Plan stock. From 2000 - 2003 I purchased stock after taxes through my work. They would contribute 10% at each purchase. They also would give me dividends on the stock which was set up to purchase more stock. In 2005 I quit my job and left my stock with that company. Last year since I was not working there anymore they charged me $30 for the account. They sent me Form 1099-B. They also sent me Form 1099-DIV for my dividends.

What do I need to do about the $30? Do I need setup a spreadsheet and calculate the averages purchase price for my holdings? If yes, will the average purchase price be calculated with both the company's contribution plus the dividends as well as what was being deducted from paycheck?

2007-03-03 10:13:46 · 3 answers · asked by Anonymous

I have some property in Clyde,Park montana and I forgot to pay my first half property taxes.So I owe first half and second half is not due until may I plan to send in full payment on Monday as I live out of state.On my statement it says warning this property is the subject of a tax sale.I need to know if anyone knows how many years you can be delinquent in the state of montana on your property taxes before it goes up for tax sale or where I can find information on montana property tax laws.I have always paid my property taxes on time this is the first time I have been late. I need to know some info so I do not have to worry about this all weekend.

2007-03-03 10:09:03 · 3 answers · asked by classy48292 1

so i pay about 40% income tax, in orange county california, if i get my parents citizenships and claim them, that i support them, how much less would i pay in taxes????

2007-03-03 10:06:20 · 3 answers · asked by q, q, and more q 1

2007-03-03 09:50:43 · 3 answers · asked by veetee09 2

If I am on a payment plan with the IRS for taxes from a previous year (when I owed), but this year I have a refund coming, will the IRS take this years refund and apply it toward the amount owed or will I get the refund??

2007-03-03 09:47:40 · 6 answers · asked by ratmeow 1

Home Depot gave me a 3 digit code to go to the ADP website to get my w-2, but it is not a valid password when I try to register. The mangager at Home Depot insists that it is the right code, Does anyone know if the code is more than 3 letters, and does it include my name or workplace?

2007-03-03 09:33:19 · 2 answers · asked by tygrlilie 1

2007-03-03 09:32:31 · 3 answers · asked by Anonymous

My mother claimed me as a dependent on her taxes this year, but I didn't realize this, so I didn't report that I had been claimed as a dependent. I e-filed and already received my return. What should I do?

2007-03-03 09:32:28 · 5 answers · asked by Simflips 2

ok here is my story, my refund was accepted 2/1/07 i was suppose to received my refund 2/16/07 never happened than the date changed to 2/20/07 never happened than it changed to 3/2/07 okay on that last date 3/2/07 i called the irs 6 times and was told that my refund was indeed in process to deposit before midnight, than when i went back on line to check the status it stated that my refund is being process and if i don't receive it in the next 4 weeks to call them and metion ref# 1221 well hell i called them after receiving that message and they stated that they don't see that message and that my refund was being deposited today, so i called hsbc to see if they had received it and they said no that the irs has not sent it so i'm trying to figure out what is going on why is the irs saying they sent it and the automated system is telling me other wise i have already waited a month i have no issues with my tax return or flags everythings ligit so what is the problem with all the delays....

2007-03-03 09:26:08 · 3 answers · asked by biggwealth 1

I am a commuting student and I drive over 40 miles a day, 5 days a week to get to and from class (that's over 6000 miles). The first thing I want to know is, can I even write this off on my taxes? Secondly, can I include this in the Tuition and Fees section of the 1040 or do I have to itemize it separately? I spend well over $800 a year on gas just to get to school, and it would be great to either get some of it back or use it to lower my AGI. Does anyone know how to do that, or where to list it on your 1040?

2007-03-03 09:14:15 · 3 answers · asked by Anonymous

I first got my taxes done with this new guy who tryed to fix numbers to get more back ,i mailed it in and didnt notice at first he did this crooked stuff, a few days later i found a well known certified tax guy and he redid them and E-filed them ,he has a program where you can see when the IRS recieves them,the one mailed in was not yet recieved (from the crooked guy)but the new one was recieved,,this new tax guy told me there would be no problem because they would recieve this one first and the other one once they see it they will just reject it and send it back without auditing me ,does this sound legit?

2007-03-03 08:30:47 · 2 answers · asked by kcir1979 1

In 2005 I lived, worked, and owned a home in Georgia. Then moved to Michigan where I now live, work and own a home (i.e. primary residence in Michigan). Was not able to sell the Georgia home, so now renting that property at a net loss. Two questions: 1) For 2006 tax year (lived, worked, and owned home in Michigan the entire year) - do I need to file a Georgia State Income Tax form (in addition to the Michigan State income tax form)? I am not a real estate professional, so the rental property is passive income (loss). 2) Do I claim the net income (loss) of Georgia property on my Michigan State Income Tax?

2007-03-03 08:06:20 · 5 answers · asked by taxesnotfun 1

2007-03-03 08:00:36 · 1 answers · asked by bluepolisheyes007 1

2007-03-03 07:57:58 · 9 answers · asked by Alex R 1

I don't care one way or the other I just want to know.

2007-03-03 07:56:37 · 5 answers · asked by HETT 1

I recieved a letter from the IRS. I have contacted them I need to reslove my past tax issues. I know I will owe money. However I went to 2 different accountants, they want a lot A LOT of money to fix my taxes. WHY? Can't I do this myself? What forms do I need?
How can I expect to pay the government if I can't afford a taxman?
Please accountants spare me the advice as to why I must spend my money on you, this is for everyday people who have done their own taxes.

2007-03-03 06:58:35 · 4 answers · asked by mograbbinfilms 2