 We did not receive our stimulus refund check, last name starts with W. Should we be concerned? |
| We are also unclear as to what we should receive. We filed joint with six children. We received EIC on the children. Our income is approx. $64,000. ANy answers out there?... |
|
 Money paid on behalf of me by my employer to cover relocation expenses. How is it taxable? |
I moved for my employer in Jan of 07 from IL to NC. At that time. I received a lump sum payment to cover travel and moving expenses along with expenses in relation to the sale of my home in IL.
<... |
|
 I want to know, for filing the income tax do we need to prepare books of accounts and get them audited? |
Additional Details
Some one told me that it is only required when your income or earning are more then 10L?... |
|
 Ok to pay bailiffs for council tax? |
help plz, i need some advice please, have tried cab before, i owe council tax and my case is supposedly with the bailiffs who i've not had any contact with.
is it ok to pay council ... |
|
 Tax rebate??????? |
| how much are we getting, i have been told for a while that we are getting 600 now someone is telling me its only 300 does anyone know for sure exactly what we will be getting?????... |
|
 Would I get a big tax break if my wife stops working? |
| If I have 1 dependant, how much tax break do I get?... |
|
 When are those 600 irs checks getting sent? |
| You know thos tax relief checks when are they getting ... |
|
 Corrupted taxes? |
To the government,
i go to school full time and working to pay for my school. Im barely sliding each semester so im limited to extra spendings. Now i owe $500 to federal and $200 for ... |
|
 If my wife has a home business Doesn't she get deductions for expenses? |
| I looked at the tax calculator and I don't see a box for personal buisness expenses. Will she really get anything back? We spent about 3,000 between gas, supplies,food and etc. Will we see this ... |
|
 I was recently paid some money for the sale of shares, now I am told I was paid in error do I have to repay? |
| I was entitled the shares with a previous employer, but learned that I would forfeit the shares if employed for less than 3 years. I left after 2.5 years. I was paid for the shares in a buy out and ... |
|
 Someone is working in another state under my ssn.....how do i stop this? |
| IRS called and i owe back income taxes.......I am on disability and do not file taxes......they insist that i have been working in Missouri.....I live in Illinois......what do i do?... |
|
 National Service? |
| Would be a way to stop youngsters carrying knives, D... |
|
 How would I save money on taxes from this damn gov? |
ok here is the scenario:
My gross pay per year is $70,000. After taxes I receive only $2000 every bi-weekly. So gov is chewing off about $695 every bi-weekly from my paycheck.
(... |
|
|  |
SalemSmoker | Free tax advice? |
I am in debt to my father for a large sum of money that he has loaned me over the years.I know he never expected it back,but he has fallen on very hard times and is in "dire straights" to put it mildly.Can I take a loan on my house and pay him back around 45k, without he or I having to pay any "income" or other taxes.I did the math and I know I owe him more than that.I would like to repay my debt to the man without having to pay tax on money I already paid taxes on.Please...Please....Please advise me!!!!
Thank you |
 |
 
glibby3
|
You can borrow and pay him back without any tax consequence to you. However, dad may have to report some interest income on the loan repayment. If you did not have a formal loan agreement with a stated amount of interest and dad does not report any interest income then, if he should get audited, the IRS can calculate and add interest income to his return. This would result in additional taxes due, interest on the taxes and penalties.
If dad chooses to leave it off his return that is his business, since I'm not doing his return, but you should be aware that may cause problems. |
|
powervct1
|
This question has two answers:
1. He won't pay taxes on the funds he has already pay taxes on.
2. However, depending on exactly how the "loan" is contracted determines how or why taxes could become legitimate in this partical circumstance. |
|
Privatize
 |
You can, yes |
|
Judy1
|
If you take a loan on your house, then use it to pay back your dad, neither of you would pay any taxes on that amount. You wouldn't because it's a loan, and a loan isn't income. He wouldn't because he's just getting paid back, and since the amount is below what you borrowed, he's not getting any interest. |
|
waggy_33
|
You dad can make a gift loan to you of up to $100,000 with no interest being charged. He would pick up as his income the amount of interest income you have for the year. If you don't have interest income then there would not be any tax consequences to you or him.
If the loan you take out is a home equity loan then you can deduct that interest on your return. This assumes that you don't already have a home equity loan. The home equity loan can be for up to $100,000.
Also you might not want to give your dad the full amount at one time. If he has creditors and they find out he has money in a bank account they could attached the account to satisfy what he owes them. Give it to him as he needs it and they won't be able to get at it. |
|
skip
 |
Excellent advice from glibby. Might not be what you want to hear, but correct, nonetheless. Please consider his comments carefully. |
|
karen h
|
there would be no taxes due for you or him...in fact you might get a tax deduction for the closing fees, interest and all the associated costs of refinancing. |
|
curious george
|
In 2005 you could give a gift valued at up to $11,000 without YOU having to pay taxes on it. The value may be different for 2006 and/or 2007. See this IRS site http://www.irs.gov/newsroom/article/0,,id=107815,00.html for more info. You will not have any income tax on taking a loan on your house. You might have tax on your house if you SOLD it and made more than $250,000. The recipient of a gift generally doesn't have to pay taxes, it is the responsibility of the donor. Think about this - give him $11,000 in 2006, $11,000 in early 2007 (like 1/2/07) and loan him the rest at a low interest rate. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
8 | 21 minutes(s) ago
| | | |
8 | 32 minutes(s) ago
| | | |
8 | 43 minutes(s) ago
| | | |
8 | 50 minutes(s) ago
| | | |
8 | 3 hour(s) ago
| | | |
8 | 4 hour(s) ago
| | | |
8 | 5 hour(s) ago
| | | |
8 | 7 hour(s) ago
| | | |
8 | 11 hour(s) ago
| | | |
8 | 2 day(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
