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 If I sell my house and make a profit, How much of the profit goes to tax?
The house is in NJ,I lived in this house for 3 months, I got a good offer and I need to buy a smaller house as I took a pay cut....


 Can losses from one company be written of against profits in another?
I have a couple of flats which are let out and generate a small income. I recently launched a small business, but things are very very slow. I will have spent about £5000 on the company which will ...


 Anyone able to explain lack of "stimulus payment"? Is this even surprising?
I got my tax return direct deposited way back at the beginning of March. My SS# ends in 13. The schedule says I should get it in the same bank account I received my refund, by today. I just looked ...


 I need to amend a tax return, i have been everywhere on here trying to find out how to do it..i did my taxes t
...


 I am on disability and won money on a game on TV, how and where do I pay taxes. And can't I make so much?
I am on full disability (SSDI), I won $10,200.79 on a game on Television. They are sending me a form to fill out for taxes (think it was 1099?) and an affidavit, once that's sent back I get the ...


 Taxes and deductions?
I live with my girlfriend and we rent our home. I am not a student. What are the best ways to do my taxes to get the most money back as possible. I need to have enough deductions to get over the ...


 Where can i get my tax return postmarked April 17th on April 17th between 8pm and midnight?
...


 If i claim one of my kids on my taxes but not the other do i pay child support for one or both?
...


 IRS is suing me for money what do I do?
for the past 30 years no one told me I have to pay taxes and now the IRS is telling me that I owe them some monies??? what do I do?...


 Can you file taxes if you had no income, but paid property taxes?
I didn't have any income this year, however I paid proprety taxes as well as a mortgage that was mostly interest. Can I file or should I file taxes for the year? Why or why not? My thinking ...


 Should the US eliminate income tax withholdings, and just have the IRS send everyone a bill each month?
...


 Tax rebate i'm 16 and the tax code is 522L please help me!!!!!?
i'm 16 and worked for 4 months from aughust 07 - december 07. And i have been gettin taxed . i have only earned £3440
and i am now out of work can someone please tell me if i will get all ...


 Should single people be taxed less?
Based on income of course! I read recently that lots of people are being forced into staying in unhappy relationships because they cannot afford to go on their own! Seems pretty sad. What do you ...


 Do you think consumers should start a campaign to boycott gas stations?
If we comsumers rallied together and boycotted these gas stations on a rotating schedule. As an example hit Shell stations on Mondays, Petro Can on Tuesdays and so on. Do you think these oil ...


 My x partner has given up her shop and know sells all her new goods on eBay and at car boots?
She sells christening cloths and baby goods and offers embriodary service is she liable for tax as she doesnt declare it to inland revenue....


 I worked for 2 months during the summer last year and i got my W-2. my mom filed me as a dependent under her?
1. can i still file my income tax even though i was already filed as a dependent under my mom? 2. and if i can, my W-2 was $673 for my Wages, tips, other compensation column. and thats all i'...


 I lost my PAN CARD what do I do now. I am from AP and I know the card # also. Pls sugget?
...


 What does this mean on my paystub ?
I pay child support and i got payed today and i was wondering what does garnishment 1 mean on my paystub? I send it directly to albany myself or is this something else please help never had this on ...


 I'm sick of reading stupid "where's my rebate?" questions!!?
There. Now I feel better......


 If you're married, are you forced to file joint taxes?
What are the benefits of filing joint? Thanks....



ramencurls
Can my Dad claim his mother on his tax return?
My grandmother has social security income of $7,800 a year. It's her only income so it's tax exempt for her and she normally does not file a tax return. My Dad provides more than 50% of her support. But does she meet the income test for being claimed as a dependent since her income is all exempt?
                     
 




Judy1
Rating
Her social security would not be counted toward the gross income test, although it would be counted when determining who provides what portion of her support.

And she doesn't have to live with your dad to be claimed as a dependent - or to qualify him to file as head of household, it he meets the other requirements.


bostonianinmo
He can claim his mother if she has less than $3,300 in gross income (excluding tax exempt Social Security) and if he provides more that half of her support.

She does NOT need to live with him for him to claim her as his dependent. She is among the group of direct relatives who are exempt from the residency requirements of a "Qualifying Relative" for dependency status.

There is no "income test" that requires her to have any taxable income to be claimed as a dependent. I'm not sure where you heard that.


bold4bs
Rating
YES. Emphatically, YES!


Blicka
Yes. As long as he provides for more than 50% of her living expenses, he can claim her as a dependant.


Charles V
she would be considered a dependent on his income tax forms, I would check into it with the IRS before I made the claim though... don't think it is a problem, but better to KNOW!


Latintweety
i would say yes, if she lives with him more than 6 months out of the year and supports her more than 50% then i would say yes.


blueshoe711
Rating
Since your Dad is providing over 50% of her support, I'd say she's a dependent. It doesn't matter whether or not the other $7,800 she gets is taxable or not.

Of course, you or your father should consult the IRS to be sure.


ThePleasurePlayground.com
Rating
No,
I consulted with a tax agent from the Internal revenue service on the same issue for my mother and they told me the only way I could claim her as a dependent is if she was deemed to be in my custody but I would need to list her SS as part of my income.


alis volat propriis
If she has lived with your dad all the tax year, and she does not have a job or income of hter own, and she is basically a dependent of your dad's, then yes, he can claim her.


AuntLala
Your Dad may be able to claim Head of Household if your Grandmother lives with him. Even if her income is tax-exempt, she should still be filing unless she is going to be claimed as a dependent on your father's return. To truly claim her, she would have to reside with him and he would have to note her income on his return. There are several issues that really require a CPA or other tax professional to help you and your Dad determine what is really appropriate regarding the tax situation.

Good luck!


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