United States - July 2007

My husband and I just sold our condo that we lived in for 13 months. We are just trying to figure out how much we need to set aside to pay Capital Gains taxes. I have heard SO many different theories on what the conditions are for paying Capital Gain taxes. Does anyone know the real answer? It was in Lehi, UT if that helps. Thank you!

2007-07-29 10:25:35 · 5 answers · asked by Whitnie d 3

Unfortunately this is an academic exercise because I'll never make $250,000 profit on a home, but I'd like to know if a minor improvement, like adding a $30 fan in the bathroom ceiling, raises the cost basis of a primary residence.

Thank you,
Houyhnhnm

2007-07-29 10:11:30 · 7 answers · asked by Houyhnhnm 6

just wondering

2007-07-29 10:07:28 · 9 answers · asked by whatwhatwhat 5

Unfortunately this is an academic exercise because I'll never make $250,000 profit on a home, but I'd like some clarification on which of these improvements will increase the cost basis of a primary residence:

1. Upgrade of existing item, such as replacing a Formica countertop with marble. IRS would probably say that's maintenance/replacement, but by normal accounting that's a capital improvement.

2. Replace item that was defective when house was purchased. For example, if the roof leaks when you buy it and it's not reasonable to repair it, it would be fair that getting your house to functional condition would be part of your cost of acquiring a primary residence. Obviously it would be cleaner if you could get the original owner to replace the roof and pass on the cost in the purchase price, but that's not always practical.

3. Repair defects in a newly-purchased house. Again it would be fair that repairing a leaky roof would be part of the acquisition cost.

2007-07-29 10:06:38 · 2 answers · asked by Houyhnhnm 6

If people donate to charity in my name, can I use the tax donation or do they use the tax donation?

2007-07-29 09:55:27 · 6 answers · asked by Anonymous

i had two vehicles stolen since January 2007(i know, right?!) one was even a carjacking robbery (cash jewelry medical bills). Both auto were fairly new and paid off..

Of course i was hosed by the impound and Farmers. OUT THOUSANDS!!! my insurance has even tripled

anyway to get any of this not to be a total loss? maybe the taxes i paid on vehicles or etc.??? thanks n God Bless

2007-07-29 09:07:11 · 2 answers · asked by reedtexass 3

2007-07-29 09:01:47 · 9 answers · asked by Anonymous

I am trying tu buy something that is 148.98 and the tax is 6.5% what woul be the total cost

2007-07-29 08:47:31 · 7 answers · asked by Anonymous

i haven tfiled taxes in 7 years and the irs is now saying i owe over 10,000 dollars and i am out of work how do i pay this with no income coming in?.

2007-07-29 08:34:52 · 5 answers · asked by wild wild west 51 2

I was granted Unemployment benefits for 6 months. I have well over 27K in my unemployment balance. Working since I was 15 and never filed for unemployment until now. If I still dont find a job can I ask for an extension for another 6 months???? I hear yes I hear no, but my friend in NY got it for 1 year. is it the same, diff? please let me know.

2007-07-29 08:24:35 · 3 answers · asked by Anonymous

should i believe in this?

2007-07-29 08:17:16 · 9 answers · asked by Anonymous

Let say I or my tax service miss a tax deduction in a given year.....can I claim it for the next year's taxes?

2007-07-29 07:21:08 · 5 answers · asked by Whiz77 2

My father inherited me a piece of land in Nicaragua. I want to sell it and I am planning to wire the money from the sale directly to my bank account in the US. It is about $100k. Do I have to report this money to the IRS? Do I have to pay any taxes on that money?

Thank You,

2007-07-29 05:40:14 · 4 answers · asked by Juan 1

I am referring to any contributions by members, pastor's salaries, properties owned, etc.
Thank you for your help.

2007-07-29 05:35:23 · 0 answers · asked by Anonymous

2007-07-29 02:49:51 · 6 answers · asked by Anonymous

I live in PA and if I have a paycheck from every two weeks and its around 700.00, how much after taxes will you think I will get. I filled a "0" on my W2/W4 form just to let ya know.

thanks.

2007-07-29 02:13:25 · 1 answers · asked by ChRiStY 1

My son is 15 and just started his first job. Is he allowed to file exempt on his W-4?

2007-07-29 01:31:38 · 5 answers · asked by sweet-n-smilin 2

If I'd have 100K with 4,88 % interest for 6 moths?

2007-07-28 22:53:43 · 4 answers · asked by Somewhere in Time 3

If I take out 100K from my 401K to use as a down payment for my primary home purchase, how much tax do I have to pay. Some say only 10% because it is a 'hardship' distribution. Its this true?

Or is this 100K distribution going to add to my anual gross salary and then the new tax bracket applies to it in addition to the 10%?

2007-07-28 20:03:15 · 9 answers · asked by Aaron L 1

i just started my first job a few months ago... I have a daughter i am with her father we are not married. He has been claiming her I was gonna claim her as single cuase i will get more money back (so i hear anyways) and me saying im single im not lying cause we arent married... So my question is .. do we have to notify someone stating I am going to claim her or do we just wait until we get our taxes done.. thanks for the help on this i just dont want to get into trouble in any way....

2007-07-28 19:08:41 · 4 answers · asked by Shannon K 1

ok so i actually do make minimum wage (actually 5.25, I'm a kid ) so does that mean im getting a raise and when will that kick in? thnx

2007-07-28 15:01:45 · 10 answers · asked by bassboy22 3

If you inherite money, after the estate taxes are paid, do you have to claim income on the balance that you get? What about in NJ?

2007-07-28 14:57:28 · 9 answers · asked by Deadhead Neil 3

I do not have the money to hire a lawyer to help me, or the money to pay the taxes. My business can not get credit to operate, and I am losing money. I need the tax lien released before I go under.
I have talked to the IRS, put they only send me publications I do not understand.

2007-07-28 14:31:57 · 4 answers · asked by Enoch J 2

My landlord does not want to give me his social security number. Should I contact the IRS to get help on this issue.
I pay over $2000 a month for rent and would like to report it to the IRS. My landlord is a major AO, who is getting rich, I do not think he reports all his income.

2007-07-28 14:26:24 · 4 answers · asked by Enoch J 2

2007-07-28 14:00:06 · 4 answers · asked by BARB 2

2007-07-28 13:58:07 · 2 answers · asked by Dale N 2

2007-07-28 13:45:23 · 2 answers · asked by Anonymous

My packages always come from China. Sometimes they charge a tax, sometimes not. How do they decide which packages to tax???

2007-07-28 13:09:46 · 3 answers · asked by Forever Brooklyn 2

Is there a cutoff age that we don't have to file a tax return? Are pension benefits and social security income reportable and for how long? Thanks.

2007-07-28 13:03:57 · 3 answers · asked by Anonymous

2007-07-28 13:00:01 · 2 answers · asked by Ozzy 2