2006-07-28 03:27:56 · 25 answers · asked by moist&squishy 1 in Family & Relationships ➔ Friends
Tax laws vary state to state, also you do not state your age. (minors usually do not have to pay income tax--it depends on the business) If you live in the United States and are over the age of 18 and you take in more than $80.00 per quarter, legally you should file. However don't forget to deduct your overhead (price of the panties, travel time and expenses to get to the buyer, and the time you put into making them "used") In the end I really don't think you will have anything to declare as taxable. In the meantime I sure hope your piano teacher is filing his/her income from giving piano lessons.
2006-07-28 03:39:48 · answer #1 · answered by lily 6 · 5⤊ 4⤋
You can use it, a couple of years ago no one would have blinked a bit. But under the current situation in housing finance, you can expect the lender to challenge it a bit. If he has declared it and paid taxes on it they likely will allow it, but understand tip income is not as secure as some other forms so them likely aren't going to loan as much as if the income was salary. If he has been hiding it and not paying taxes then the message is sent to the lender that you are untrustworthy and possibly the income you now claim when it is to your advantage might not be real. Today, it likely comes down to documentation. Marv
2016-03-16 07:13:36 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Well, if He deducts it as a legitimate medical or business expense maybe so.
But, do you have all of your legal responsibilities in line?
Tax Number, Fictitious Name, Liability Insurance, Workman's Comp, Unemployment Insurance, etc.
If I am not mistaken, you are allowed a certain amount before you have to report and if you are saving for further education, other factors *** into play.
So, I guess soil and moisten your panties, help out your teacher with his condition, and go forth with head held high while you save for further knowledge and wisdom.
2006-07-28 03:37:14 · answer #3 · answered by Cranky Old Goat 5 · 0⤊ 0⤋
Whether this is earned income reportable to the IRS or not...is not the question you should be concerned with. While I do believe that there may not be any sanitary reasons that this violating, I do KNOW that the practise is somewhat strange. The school administration would be quite upset if your teacher is male, and alarmed if female. Yes, I do know that VS's under-goochee's are expensive, but...."Come On"...this is shakey....
2006-07-28 03:32:55 · answer #4 · answered by Chuck 1 · 0⤊ 0⤋
Not only do you have to report it as income you must also submit sales tax forms and a check to the state for the amount of sales tax collected. If you did not collect sales tax you are responsible for paying it anyway.
2006-07-28 03:29:13 · answer #5 · answered by Joker 7 · 1⤊ 0⤋
Hey gimme your teacher's e-mail! I would sell him my panties as well! :P Hehe this is not income, just some pocket money :)
2006-07-28 03:31:39 · answer #6 · answered by Pelageya F 1 · 0⤊ 1⤋
If ur teacher is male, he might just be jackin off to them, and yes , u could report that as income, even if u don't nothing much
2006-07-28 03:38:08 · answer #7 · answered by vio_prince 4 · 0⤊ 0⤋
If you paid less then $20 dollars then you have to report the differance as capital gain
2006-07-28 03:31:30 · answer #8 · answered by Right Wing Extremist 7 · 1⤊ 0⤋
Help. Yes, you need help. Give your used panties to the Salvation Army.
2006-07-28 03:31:13 · answer #9 · answered by Anonymous · 0⤊ 1⤋
If your principle finds out your teacher will get fired and possibly go to jail. Just so you know.
2006-07-28 03:31:20 · answer #10 · answered by Go Rush! 3 · 0⤊ 1⤋