United States - July 2007

My father is giving me 10000$ cash as gift per year since last 5 years. If I deposit this money in the bank now will I run in to a problem? How much tax is gonna be involve in it?

Another question, If he wants to give me ONE MILLION $ how much gift tax is gonna be there and what documentation will be required?

2007-07-17 16:53:59 · 2 answers · asked by SheLady 2

My fiancee has the higher gross income. We have 2 children together and we are trying to figure out the most beneficial way to file our taxes for 2006. It looks like the best way is for me to claim our 2 children, even though he has the higher adjusted gross income. With me claiming the children and using H&R Block online tax software I get a substantial amount more money back than he would. Therefore, am I permitted to claim the 2 children instead of him and claim them for the EIC? I just want to make sure that we file everything correctly. Thanks for any help in advance.
PS: We even used the IRS EIC Assistant to figure out the EIC information for us too and it matched the H&R Block software results fairly accurately. It looks like it should be fine to file this way but I just want to be safe that we are filing properly to ensure maximum benefits.

2007-07-17 16:21:04 · 7 answers · asked by Anonymous

do i still need to file a tax return if a get a job in December? or do i pay taxes for income earned between april 2007 - april 2008?

2007-07-17 16:14:48 · 5 answers · asked by Anonymous

I have 2 rental properties. One that will be profitable this year and one that will definitely not. Will the losses on one wash/negate the gain on the other or is the gain taxed as income and the loss just deducted. Please help. Thanks!

2007-07-17 15:54:58 · 3 answers · asked by TheHopper 1

I want to sell some stock in my Roth and recognize some capital gains. I also want to immediately buy the stock back in a regular brokerage account. Are there any rules against this? If not, seems like a great idea to lock in those gains in an account where you don't pay any capital gains tax.

If you are allowed to do this, it seems like you can abuse it. Example: in illquid stocks with a wide bid-ask spread, one can sell and buy at the same time using one's own tax-advantaged account and regular brokerage account-recognizing the gains in the IRA and the losses in the regular one.

2007-07-17 15:30:11 · 3 answers · asked by doublet732 1

For instance a Real Estate Agent, they work on comission and if they were to recieve a letter from the IRS notifying them that their wages will be garnished can they take the money they make off comission?

2007-07-17 13:47:50 · 6 answers · asked by Anonymous

2007-07-17 13:28:11 · 9 answers · asked by Anonymous

I work a full time job and have a decent extra income. Should I get a federal Tax ID??? Do I need to be making a certain amount before its necessary to have one?

2007-07-17 13:01:17 · 5 answers · asked by yo 2

2007-07-17 12:47:39 · 5 answers · asked by K F 1

I had it but I think it got shredded and my daughter will be attending college in the fall and the university is requesting it.If I get it from the IRS does anyone know how much it will cost? and how long it will take for me to receive it?

2007-07-17 11:53:07 · 3 answers · asked by tosha38401 3

Like Grocery Tax?

2007-07-17 11:43:25 · 4 answers · asked by arigont 2

and you send them off in the mail to the IRS how long does it take before you will receive them in the mail?


Thanks!!!!!!!!!!!!

2007-07-17 10:22:48 · 2 answers · asked by Crazydays 2

2007-07-17 10:22:19 · 2 answers · asked by Anonymous

I heard there is a fund which is not a Roth IRA that allows you to invest tax free with no penalty's for withdrawal prior to 59 1/2?

2007-07-17 09:48:37 · 5 answers · asked by Steven S 1

I am in the process of forming a non profit in NC. Since I was able to view completed Articles of Inc. on the NC Secretary of State site I was wondering if there is a website where I could view the paperwork (1023, 990, etc) involved in the 501(c)3 process.

I am interested in viewing completed applications. Assuming that a tax-exempt organization is open to scrutiny, because of its status, I would think that one would be able to view these forms in their entirety, as opposed to instructions and blank forms provided by irs.gov.

Past incorrect answers have been:

Form 990
www.irs.gov/pub/irs-pdf/f990.pdf
instructions
www.irs.gov/pub/irs-pdf/i990-ez.pdf

See Application for Exemption
www.irs.gov/pub/irs-pdf/f1023.pdf

explanation of requirements:

IRS Publication 557 ""Tax Exempt Status for Your Organization"
www.irs.gov/pub/irs-pdf/p557.pdf

These are blank not completed forms.

2007-07-17 09:42:56 · 1 answers · asked by MJ H 2

2007-07-17 09:33:50 · 9 answers · asked by Anonymous

A few years ago, in order to save on inheritance taxes, my wife and I had an attorney prepare two Q-TIP Trusts. All of our assets belong to the trusts. Now I have been told that you have to be a U.S. citizen to be elegible for a trust. My wife is not a U.S. citizen. Any help would be appreciated.

2007-07-17 08:52:29 · 1 answers · asked by fillol 2

I am currently engaged and was wondering if there are tax advantages if the two of us filed for domestic partnership? I looked at the requirements and we meet all of them.

2007-07-17 08:48:52 · 2 answers · asked by Erik 1

Hello,

I am on F-1 visa. For the year 2006, I worked for 3 different employer and all of them withheld SS & medicare tax in error. On the advice of IRS representative (on phone), I filled out 3 different 843 & 8316 forms. This was because, there's only one line for EIN on form 843. I did the application in March.

Now, when I checked the status of application by calling IRS account department, they are saying that they didn't receive any application and advised me to resubmite it. And she advised me to fill out only one 843 and 8316 form, just put any one EIN in the box, write total amount of claim in line 2 for amount to be refunded or abated and in explaination part give explaination about 3 employers, amount witheld by each employer and EINs.

Could you please advice me, how should I fill form 843 and 8316, I mean do I need to fill only one form or 3 different forms?

Thanks in advance,
Varun

2007-07-17 08:19:54 · 1 answers · asked by vandana r 1

Could I deduct a $7,000 Plasma TV that was stolen and never returned. If I can, how much of it could I deduct. I did form 4684 and I keep getting 0, does that sound right? Thanks!!!

2007-07-17 08:18:53 · 4 answers · asked by angel_rat_83 1

2007-07-17 08:05:48 · 2 answers · asked by chaiku1000 1

I am a teacher and I have a student who wants me to help her file her last 2 years taxes. I know that she will be due a refund. Does it matter that these will be over a year late? Will she still get her full refund?
Thank you for helping!

2007-07-17 08:00:55 · 5 answers · asked by tallfarmboy 2

Would Investment interest on stock margin account go on schedule A or B? Thank you!

2007-07-17 07:53:26 · 3 answers · asked by angel_rat_83 1

We added a long stone wall to our property. The stones have some mortar to hold it together. Is this a capital improvement, such that it can be added to the cost of the house when calculating basis upon sale some day?

2007-07-17 07:53:19 · 2 answers · asked by Born in Bost 1

When seeking employment and the employer quotes a salary of $35,000 for example, is that quote before all applicable taxes? So, would $35,000 @ 20% tax rate, give or take, actually be a $28,000 salary?

2007-07-17 07:50:02 · 2 answers · asked by pubcubby 1

I understand that a percentage of fees paid to Internet providers may be tax deductable when using the net to SEARCH for a new job. Does anyone know how to deduct this type of job search expense correctly?

2007-07-17 07:04:46 · 5 answers · asked by jjc355 1

2007-07-17 05:49:01 · 3 answers · asked by falc676 1

but I also worked till mid April but then went to summer school and will be going to school this fall. also can he put head of house hold or is that just if we don't live together. we have a little one on the way

2007-07-17 05:37:05 · 6 answers · asked by i love being a mommy! 4

There are no dependents.

2007-07-17 05:24:33 · 3 answers · asked by tkvannoy@sbcglobal.net 2

I quit my job and they gave me my pension & I didn't roll it over, but I forgot to put on my 2004 taxes. Can I add it on to my 2007 taxes?

2007-07-17 05:21:44 · 8 answers · asked by Betty 1