United States - August 2007

After 3 grueling days of my audit interegation, I recieved a letter that stated that their conclusuion was that I was owed $1,456,839,124. 23. Should I tell them that, while I make a nice living, I can't see how I could be owed over a billion dollars.

I suppose I could tell them, but the check should be here in a few weeks.

Should I just cash the check and run to Canada? Maybe I could leave them the 23 cents.

2007-08-22 11:55:08 · 12 answers · asked by Anonymous

Here's the story...

The 21-year-old New York man said Tuesday he had no choice but to sell the ball — several people told him he would be taxed on the souvenir just for holding on to it.

"It wasn't hard. It was simple math. I'm upset by the decision I had to make," Murphy said. "I wanted to keep it. I'm young. I don't have the bank account. ... It would have cost me a lot more to keep it."

I never knew that you could be taxed on an item that became a part of hisotry, due to who made contact with that object. Do they tax antiques stores as well? Or museums for what and who they hold? Is this a law? Is this common practice?

2007-08-22 10:49:40 · 5 answers · asked by JV 1

2007-08-22 10:49:27 · 2 answers · asked by CharMcd 1

I want to donate the stuff I do not need, some still have a price tag on. One of my friends said I can donate up to half of my income, for tax deductible at the end of the year. Is that true? Is it a limit for the deductible?

2007-08-22 10:45:38 · 5 answers · asked by Anonymous

I am a 23 year old, saving money up living with my parents. My question is this, I make $82,000 anually. I currently claim 0 for allowances. I know claiming one would result in more money in my paychecks and claiming zero results in a higher return.

My question is this:

Am I losing any money by not claiming one? My tax return last year was around $1,500. Would that $1,500 just be spread out throughout the year or would I actually gain more than that in my checks?

Thanks so much for anyone's help.

2007-08-22 10:35:17 · 4 answers · asked by sportsguy2333 1

8/22/07 Yahoo article says that fan (Matt Murphy) will have to pay taxes on potentially valuable baseball.

The 21-year-old New York man said Tuesday he had no choice but to sell the ball — several people told him he would be taxed on the souvenir just for holding on to it.

"It wasn't hard. It was simple math. I'm upset by the decision I had to make," Murphy said. "I wanted to keep it. I'm young. I don't have the bank account. ... It would have cost me a lot more to keep it."

I think this was bad advice. Doesn't it make more sense that he'd pay taxes only WHEN he sells it, otherwise who and what determines taxable value?

If he inherits stock from a relative, he doesn't have to pay taxes on it until he sells it.

Am I looking at this the wrong way?

2007-08-22 10:15:55 · 4 answers · asked by dave78m 1

So Matt Murphy the 21 year old New Yorker announced today he is going to auction the 756th hr ball that Barry Bonds Hit. Will Matt still be getting taxed on the ball being auctioned and how will the taxes compare to what he could have received if he decided to keep the ball?

2007-08-22 10:03:28 · 3 answers · asked by Anonymous

Someone informed me about a documentary that exposes the fact that there is a section of tax code that says you don't have to pay. Of course the government can take you to court and you have to spend money to defend yourself in court. But is this true? Does anyone know the name of the documentary?

2007-08-22 09:41:42 · 16 answers · asked by Bane 2

Lets say you pay $3K on your taxes a year when Income Tax rolls around does the IRS give you some of that money back or what?

2007-08-22 09:32:09 · 10 answers · asked by Anonymous

Is it every 2 week hard to do fill out paperwork and phone interview. Tax already or had to do tax by my self? How long it last?

2007-08-22 09:05:07 · 2 answers · asked by Anonymous

Murphy, who caught the ball will sell it because he needs to pay the tax for the value of the ball. The tax is based on the value of the ball. Could he sell the ball for ten dollars ($10.00) and claim the difference between the value and $10 as losses. This way his gain is only $10.

2007-08-22 08:51:18 · 8 answers · asked by Gil D 2

Will someone please tell this guy before he sells this ball for $500,000 that the IRS cannot tax him on the value of the ball, as the ball is not money, the fan has not received any money for it, and the ball is worth nothing UNLESS the fan actually does indeed sell it. If the IRS thinks it can do such a thing, I doubt it would take much effort for this guy to find an attorney or several who will take his case and successfully argue that he has received no income in relation to owning this baseball. He is being dupped into selling it for a fraction of what it will be worth 5 or 10 years from now.

2007-08-22 08:50:19 · 5 answers · asked by praise Allah 5

I was reading the article about Matt Murphy having to sell the Barry Bonds home run ball he caught because he could not pay the taxes due. I thought you are taxed when the item is sold, not when you received it. What part of the tax code am I missing?

2007-08-22 08:25:14 · 4 answers · asked by advnturer 6

I just honestly don't understand why the guy who caught Barry Bonds' 756th home run ball has to auction it off because the taxes would be too high on it. I just don't get it! Can you please explain this to me? Since when do you have to pay for luckily catching a historic home run ball?!?

2007-08-22 08:22:43 · 5 answers · asked by Anonymous

Ok, so I just read a news article about the guy who caught the Barry Bonds record breaking homerun ball.

He said that he has no choice but to sell it because he is going to be charged taxes just for owning the ball.

I know our tax systems is all sorts of screwed up, but how the heck can this even be possible? You can really be taxed on an object when you haven't even sold it? Can you also be taxed if someone gives you an extremely expensive gift, even if you have no intention of selling it?

I guess it's true, but it makes me angry and I don't understand it! Maybe someone with experience in tax law could enlighten me on this subject. Or if you'd just like to tell me that you agree with how annoying and wrong it is, you can do that to!

2007-08-22 08:22:03 · 9 answers · asked by T the D 5

Okay,
here it is...i was audited for my 2005 taxes, i faxed all required documents to verify my dependents..my little sister was the dependent in question...i sent every document to prove that she was my sister, that she lived with me since July of 2005, i payed to keep up with the household..etc,,,Well, the IRS is claiming that the documentation i sent does not provide enough proof. When i filed taxes for 06 i was audited again, i sent everything i had, so the 06 taxes are fine, everything checked out. but instead of getting all of my refund for 06 the IRS kept half of it (for 05) & started sending me notices to pay another $2,500.00 plus penalties & interest...for 05
I have gone to the Tax Payer Advocacy and the same result...i still owe the money (that i cant pay)..so the lady at the Tax Payer Advocacy tells me sorry ..and asked me if i would like to appeal the case?
Do i appeal or get a Lawyer?are these Lawyers expensive?
it really upsets me cause i did everything legit? :-(

2007-08-22 07:53:13 · 3 answers · asked by Anonymous

http://sports.yahoo.com/mlb/news?slug=ap-bondsball082207&prov=yhoo&type=lgns

Bond's 756th homerun ball.......The guy that caught has been told by a couple of people that he would be taxed just for holding onto it.

How is this legal? Shouldn't he be taxed when he sold the ball, as income tax I suppose, rather than being taxed just for holding on to it?

2007-08-22 07:47:13 · 5 answers · asked by Humanist 4

I'm looking for a IRS, DOL, SSA or other level of authority that describes the situations where it is absolutely necessary to give an SSN. I'm fairly sure it is part of an IRS publication, but I cannot recall which one.

Thanks.

2007-08-22 07:19:53 · 3 answers · asked by Molly 6

I know the answer to this question, but I would like someone offical to explain the breakdown......I think most simply don't understand that the "rich" DO PAY almost the ENTIRE tax burden in the country.....but the majority of the public don't quite understand..........

2007-08-22 07:03:15 · 6 answers · asked by idez9 4

I assume this refers to children only, or does it include everyone in a household?

2007-08-22 06:35:44 · 6 answers · asked by DUPSY O 1

2007-08-22 06:32:51 · 4 answers · asked by Anonymous

Whats the acceptable appreciation schedule for an $10,000 x-ray machine? 5 years? 7 years? longer?
Also, at the end of the depreciation (7 years for example) and the unit still works, what value does it have? Zero? $5,000? At the end is it subject to personal property taxes?

2007-08-22 06:22:10 · 3 answers · asked by texandc2002 6

What is the highest amount of income you can make and not have to claim on taxes??

2007-08-22 06:21:27 · 4 answers · asked by MommyTwice-TwiceTheLove 4

I'm fresh out of college and have begun to work full-time. When it comes to paying taxes next year, should I claim myself or should my parents claim me?

2007-08-22 05:53:01 · 7 answers · asked by nobosh.com 2

2007-08-22 05:51:41 · 4 answers · asked by lzhays 2

2007-08-22 05:41:46 · 7 answers · asked by LC 1

The kid said he had no choice but to sell, in order to avoid a stiff tax based on potential income from the sale of the ball. Why can't he just keep the ball and declare nothing. It seems unfair and unfounded for the IRS to assume the value of a tangible asset - it's only worth as much as somebody is willing to pay.

If he sells the ball to a family member, he can record the sale and avoid any taxes. Am I missing something here?

2007-08-22 05:02:24 · 3 answers · asked by elias_boston 1

The guy who caught Barry Bonds home run ball wanted to keep it so The IRS wanted to tax him on the value of the ball he does not have the money for the taxes so he has to sell it.

Do you Think that the IRS is wrong should they wait for him to sell to charge Tax why can they charge tax on a baseball that has created no income until it's sold

2007-08-22 02:35:21 · 17 answers · asked by mmmkay_us 5

I need to lay a tile floor in a house I'm fixing up for sale. Materials run about $500. Installation will be maybe $1500. I believe I can deduct labor and materials when the man comes in April. If I do it myself, I save the 1500, but I'm out the hours. Can I pay myself to maintain the deduction? I'm not a contractor and don't have a company from which to draw a check. Which would be most cost effective?

2007-08-22 02:31:42 · 6 answers · asked by riderpops 2

Then the IRS would be forced to pay him money, and the hall of fame would have the ball.

2007-08-22 02:01:21 · 7 answers · asked by Richard M 1