 Over Refund from the IRS? |
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 Can you be sued for not paying taxes? |
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 How can you fix it if you don't do your taxes for years? |
My boyfriend hasn't done his taxes for 3 years. What steps should he take to avoid jail. I know you should turn yourself in-but to who? What would you advise him to do?
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 Has anyone been through anything like this, do you think it's a scam? please help me? |
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 Who would get the most $ back on claiming our child on our taxes? |
My son's father and I are separated and he made $63,000 this year and I made $16,000. Does anyone know which one of us would probably get the most $ back on their taxes by claiming him?
A... |
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 Business owners, does this happen to you.....? |
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 Anyone else been denied for H&R Block Emerald Advance? |
| I had been going to Jackson Hewitt for years, then decided to try H&R Block since their holiday loan program started earlier this year. I was denied! I had to correct their employee twice while ... |
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 ***TAXES**** if I MADE $16,000. THIS YEAR HOW MUCH WILL MY TAX REFUND BE? |
PLEASE HELP! IM 21 AND IS MY FIRST TIME DOING TAXES! :( :( :( I WORK AT AN OFFICE FULL TIME AND LIVE WITH MOM PAY TAXES ETC.. WILL I GET ANYTHING BACK AT ALL? PLEASE HELP!
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 Can I claim my girlfriend on my taxes? |
| My girlfriend of 4 years is unemployed and has been living with me for about a year. Can I claim her?... |
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 Made $400 in babysitting $$, need to claim? |
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giggles | Do you have to show the profit you make on your house selling for taxes? |
When you sell your primary place of residence (lived there 10 years), do you have to include the money you made on the sale after property taxes are paid and the mortgage on your income taxes? Is it considered an income? |
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Judy1
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You're in luck - the rules changed a few years back. If you owned the house for at least two of the five imediately prior to the sale, and lived in it as your main home for two of those same five years, then you can exclude up to $250 of gain ($500k on a joint return) from being taxed.
To figure gain, you look at your original cost, plus improvements over the years (no, not property taxes or mortgage payments) and compare it to what you got on the sale. There are some other things you might also be able to take when figuring your gain. If the gain is under the limits above, you don't have to report it or pay any tax.
The rules on having to be 65 or else reinvest the proceeds in another home are gone also. |
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StephanieS
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as long as the profit is less than like $250,000 for an individual and like $500,000 for married couple...NOPE! |
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STEVEN F
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Judy's answer is the best so far. To clarify a few points:
1. The mortgage has no effect on taxes (except for the interest deduction).
2. Property taxes are not considered in calculating your gain.
3. Buying a new house no longer has any effect (as Judy said).
4. Your gain is the difference between sale proceeds and your basis (usually what you paid for the house).
5. The first $250,000 ($500,000 if married filing jointly) of gain is excluded from taxes.
6. You have to REPORT the sale even if it is not taxable. |
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Amy F
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If your profit is less than $250,000 ($500,000 if married), then no, you don't have to report it and it is not taxable. If it was more, then you have to report the sale and pay tax on the gain. |
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darrenwelsh429
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The first 250,000(500,000) is tax free. If you go over this and buy a new house with the proceeds then you can reduce the extra gain off of the basis of the new house.
If you don't go over the 250/500,000 then you don't even have to report the gain more or less pay any taxes on it. |
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Silly Girl
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Yes. It may workout ok - but you do have to claim it. Remember this it "will" be reported to the IRS and if you don't claim it that will be a big red flag.
Best of luck. |
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jeffpa
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Sales of private residence are tax free, assuming the sale of the residence is less than 500k.
250k if filing single. (IRC §121 ).
pas those amounts, its a15% capital gains rate. |
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Mom
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Not if you use it to buy another house. |
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Matthew O
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Yes, of course. |
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kja63
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In the USA, if you buy a new home, then no.
If you do not buy a new home, then yes. However, at a certain age you can take a ONE-TIME capital gain on the sale of your home. This is for senior citizens who sell their homes when they no longer want that big family house any more. |
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