 When should I expect to recieve the tax refund in the mail? |
| I have heard different stories about recieving a check in the mail to build up the economy....when should it be coming in the mail and how much does each individual recieve?... |
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 In 2006 my son turned 18 .So in 07 on his taxes he claimed himself.His father also claimed him.Was he right? |
| I thought that because he was 18 before the half year that he can claim himself.His father said that he could not claim himself.My son never lived with him .His father could claim him up until he ... |
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 I have a tax question? |
| OK, last year, I had over $1,000 in church tithes. I gave it to the woman who did my taxes for last year, and she said the amount had to be $5,000 or more to be counted. My question is, can I count ... |
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 My yearly income is Rs-101160,Is my Salary is Taxable? |
| Actly company deduct TDS from my salary @ 10.33%,So how can i get back ?... |
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 Can two dwellings that share the same address both file head of household? |
| I bought a trailer home and had it put behind my parents house which is where i have been living for the past year. The problem is both myself and my mom files head of household. Is it possible for ... |
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 How much of gas price is taxes? |
I bet Bush Admin. made a lot of money last summer when gas was over $4/gal. I am just wondering how much they made.
It might be good way to help the economy.
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W... |
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 Donate Cash to person with disability can be tax deduction? |
| I gave cash to someone with disability for him and his family over $2000. I don't have receipt, but he can write me a letter to proof that, can I still write this amount off???? any ... |
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 Where do you recommend getting taxes done through? |
| I have always done my taxes in the passed but, my fiance and I do craft shows and I made a lot of profit and have a lot of tax exempt stuff so I think it would be to much stress. I am going to get my ... |
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 What if my previous employer doesn't send me my W-2? |
| So, In late January of last year I quit my job. It ended on a bad note with my employer, whom I worked for in her house. She took out taxes and everything. What do I do if she doesn't send me my ... |
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 Is the irs illegal or legal? |
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Ok, right if it is Volintary the why are so many in jail then,or why cant I get a job with out paying for this cr*p hm mm.
I think ill just leave the us and be ... |
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 Sould I pay my wife's 401 loan with my 401 to prevent taxes and fines? |
my wife just got laid off. She has a 401 loan around $6500 should I pay it off with my 401 to avoid taxes?
Additional Details
my wife just got laid off. She has a 401 loan around $6500 ... |
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 Can I claim petrol allowance? |
| I spend about 10 pounds a day on petrol, I'm in a full time permanent job and I have to use my car for work so how much can I expect my employers to pay legally...do they have to pay anything? I ... |
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 If you work for the church, is your paycheck taxed? |
| i know if the church makes a purchase they do not pay taxes because of the "seperation of church and state" but what about paid employees? do they pay any taxes? do they just pay federal?... |
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 IRS email scam? |
| I have been recieving emails almost every day- the address is donotreply@irs.gov, saying that I am owed a tax refund. When i click on it, it asks for my bank account or debit account info and says ... |
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 Are mortgage points deductible in the yr of pmt or do I spread them over life of loan? |
| I am a 1st time home buyer and am in a high tax bracket (33%). I am considering whether I should accept points and buy down the rate and claim all the points (approx $11,000) in the current year when ... |
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K s | Can IRS ask you how you paid your mortgage when you didn't file a return? |
I got a notice 746 from IRS asking me how I paid my mortgage in a year I didn't file. I actually wasn't working and lived off a cash out refinance. Can I ignore letter, can they ask this?? Will they pursue this? |
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PepsiLime
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sure they can ask, and sure you don't have to answer. But don't be surprised then if they decide to audit you to see if you are underreporting your income. Better to explain to them exactly what you have said in your question, that you weren't working and lived off a cash out refinance. |
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ninasgramma
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This is a type of audit you are having. Send in documentation showing the cash out refinance and any other documents that establish that you lived off of nontaxable money.
If they are not satisfied, they will pursue further investigation of how you managed to pay your bills and not have any taxable income. They will look at your bank deposits. If there are deposits that didn't come from the refi they will want to know where that money came from. |
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Chaney Lake Girl
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I would answer it simply with the answer you provided us. They can ask & they can pursue. |
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Christie
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Unless you want the pain and suffering of an audit down the road, you'd better answer the letter. The IRS (or any branch of the government, for that matter) can make your life hell if you don't cooperate. Trust me - I've been audited by the IRS, and it wasn't pleasant. Avoid it at all costs! |
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bostonianinmo
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Yes, they can ask that question. Your answer is acceptable and if it's true you will not trigger any tax consequences by answering it truthfully.
If you ignore the letter, the IRS will likely estimate your income based upon the information that they do have available, i.e. the mortgage interest statement (Form 1098) that they have a copy of. They'll use the average income reported by people reporting similar mortgage interest amounts on Schedule A and assess tax based upon that income, plus penalties and interest.
If you do not answer the question, the IRS will almost certanily pursue the issue!
It is NEVER wise to ignore a letter from the IRS, no matter how odd or outrageous the request may seem. |
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Gerald
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No you cannot ignore this. However, your explanation is perfectly logical. Should they require documentation, you can show them the paper trail, and it will all go away. |
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hightechchic
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The IRS can ask a lot of things and the worst thing you can do it ignore the letter.
I once didn't file because I had been out of work all year and, like you, I lived off of savings (as well as taking in a roommate to share the living expenses.) You'll likely need to be able to document the cash-out refinance. Respond to their letter in whatever way they've requested and under no circumstances do you want to miss the deadline they've given you to respond. |
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Judy1
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Never ignore a letter from the IRS - you'll only cause yourself trouble down the road. And yes, once they have asked, they WILL pursue it, won't just forget about it.
Yes, they have the right to ask. And if you have a valid answer, and it sounds like you do, then give them the answer. They might ask for proof of the cash out refi, but that should close the issue. |
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