 I owe a substantial amount of Federal Tax. Can I make a contribution to a charity rather than re-pay to IRS? |
| I would very much prefer the $25K to go to a specific charity (in a form of a tax-deductible donation) rather than to vanish in the bottomless pocket of the IRS. Any idea if this would be possible? PL... |
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 Do i have to report $300 dollars as income? |
I have a regular salaried job. But I may make $300 dollars on an unrelated side project for a company if i were to design a logo for them.
Do I have to report this $300 dollars for taxes? If so ... |
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 I'm getting payed less than minimum wage? |
I get paid cash and getting paid less than minimum wage,
should I have a talk to my boss about it.... |
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| W2 Form help? |
| What is the difference between claiming 0 or 1. I just started a new job and counldn't really understand this. I am single, no kids and not married.... |
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| Just planning ahead... I will not go back to H&R block this year, so I am figuring out what to do. If I did them myself or something, can I get my refund back without a bank account? Or could I ... |
|
 Council tax bailiffs? |
help plz ?? we have been financially skint as my partners been out of a job and my wages went on rent, bills, shopping and everything.
we didnt pay council tax.... they wrote letters, i ... |
|
 Can we claim our nephew on our income tax? |
| My sister in law had a baby about 6 months ago and during those 6 months she didn't work. Her and the baby's father broke up and he has been working but he's never been there for the ... |
|
 What do I do if I didnt file taxes last year? |
| I know.. I know... I should have. Time completely ran away from me and I tend to suffer from procrastination. So what do I need to do if I didnt file last year? What are the penalties? etc... Just ... |
|
 I Owe 300.00 In Child Support Will THey Hold My Tax Refund? of 08? |
I Was Just Wonderin
Additional Details
I Dont Mind Payin But Here's The Thinng The Mother Live's With Me In The House So Does THe Son I Send The PayMent They Send It Right Back ... |
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 Did anybody have their tax money deposited today yet? |
I am suppose to get my funds deposited today (jan. 3-th). Has anyone gotten theirs yet? Is there a certain time they do deposits?
I have Bank of America. Does anyone know if they are slower or ... |
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 Will benefits be affected with the recession? |
| Im a full time working single mum and i rely on my working tax credit to help with nursery fees so i can go out to work, and not just sit around at home all day letting the government and tax payers ... |
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 How much should I be deducted from my wages both for NI and as Income Tax? |
| I though it should be around 20% altogether but I have been deducted 19.19 for NI and 55.80 as Income tax from 279 which works out something like 20% deduction as Income Tax and 7% for the NI. Is ... |
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| Can I pretend I made $5000 from selling stuff on ebay to open a Roth IRA? |
I need earned income to open a Roth IRA, I am only 19 year old and I am a full time student.
I did sold stuff on ebay back in Fed-Mar 2008 and earned about $3000, but I want to contribute ... |
|
 Can my ex husband claim our kids for income tax even though they live with me? |
| My ex husband is trying to claim our 2 kids. They live with me, he barely sees them and he only gives them $50 a week total. Some weeks he claims "I'm broke so I can't give them any ... |
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 We had a baby 2-21-08, will we get stimulus imbursement? |
| when we file taxes this year we have to note our stimulus amount recieved in '08, will we get an extra $300 for the baby? not a big deal, just curious.... |
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DICKYB | Are taxes due when your parents pass away and you inherit stock? |
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 |
 
TaxMan
|
No. You don't owe federal tax by inheriting stock. The only time you owe tax by inheriting something is when you inherit an IRA or other retirement plan AND make a withdrawal from it.
When you inherit stock, you will have a taxable event when you eventually sell the stock. Normally when you sell stock, you have to figure out if you have a gain or loss and then pay tax on the gain or get a tax break on the loss. The gain/loss is the difference in what you got for selling the stock minus what you paid for the stock. For inherited stock, your gain/loss is the difference in what you got for selling the stock minus the fair market value (FMV) of the stock when your parents died. This is true regardless if the FMV is greater than or less than what your parents paid for the stock. That's why it is good tax advice to sell all losing stock before you die and don't sell stock that has appreciated.
So, do your research now to figure out the FMV of the stock you inherited and write it down and keep it in your records. Use this amount as the "purchase price" when you eventually sell the stock.
State taxes may be different. Some states tax inheritance. You will have to do your own research for your state. Your parent's estate may owe tax, but that is a different subject alltogether. |
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QuiteNewHere
|
Talk to the lawyer who handled their will , or the layman executor of their will. It is of great importance to not miss any legal transfers of various documents and how to settle them into your name if you are one of the heirs, or even the sole heir. This is their job, to look after the details that you could otherwise miss,
It is also advisable to talk to an attorney who specializes in wills and estates. |
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Judy1
 |
That depends on the value of the stocks, and on the state you live in. For federal purposed, probably not unless the value is in the millions. State, probably. Consult a lawyer. |
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happyhousewife
|
Everything should be in Probate Court. The court makes sure there aren't debts their your parents owed and gives these company times to come forward. Once everyone is paid and is out of probate then you would be responsible for anything else. You may try to ask your bank about the stock and someone there can tell you what and when you have to pay taxes. I believe you pay when and if you cash them in but not until then. |
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$$Cypher
|
For Federal Tax Purposes, clearly not! When you inherit property from deceased parents you inherit it at what's called Stepped-up-basis. That means whatever the cost is vs. the current fair market value (FMV), you get the stock at the current FMV-no built-in-gains are realized. You must check your state for how taxes are assessed on inheritance--it varies. You will, however, have to pay taxes on any gain realized if you sell the stock after you have constructively received it. |
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vac680
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what stocks did you inherit? |
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roy_glen2003
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It depends on what State you live in. Check the web on inheritance taxes. It should give you an answer. |
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soobee
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yep. they get you coming and going |
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