 Has anybody gotten their tax rebate check this week when they were suppose to get it next week? |
| This year i did my taxes on my own by direct deposit. I also did my husbands taxes and a cousin of mine who also ask me if i could have it dd into my account. Yesterday (saturday) we had a check of $3... |
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 Im workin 12 hours, can i still get family tax credit? |
| Im working 12 hours at work and need to know if i can family tax credit, as i cant change my hours! help!!!... |
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 Why do People Pay to E-file? |
I think it typically costs about $15 to E-file a tax return.
Why would people pay that money?
I am just as happy to print my tax forms and mail them. It's not worth me ... |
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 Explain,why the rich do not pay high taxes.could it balace the economy if they did? |
| if they did. why not provide a list of the persons and business and the amount that have to contibute, anual income under 250,000 pre year.... |
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 Is the Irs running out of money!? |
| Some one told me today that the Irs is running out of money for our rebate cheaks is this true!... |
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 Irs is telling me I owe money when I've already sent a corrected form? |
| I got a notice in June that I owed $3,800 for unreported interest earned from stocks. I contacted my tax prepareer and after I got all the necessary forms together, we sent in the paperwork to the IRS... |
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| What happened to the government stimulus checks? |
| my parents applied for federal taxes and recieved a refund but never recieved the stimulus check they were ... |
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 Tax penalty from 5 years ago? |
| My boyfriend recieved a packet in the mail from the irs saying he owes 1200.00 for failure to file in 2001. 2 problems arise from this. One he was in the military for most of the tax year mentioned ... |
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 Renewing tax disc...? |
| Okay so i had to renew my tax on my car as it runs out today, however when I searched for my insurance certificate it could not be found! I realised I hadnt been sent one as I had an old temporary ... |
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 How good is the IRS at finding people who didn't file their Taxes? |
| I Know someone who didn't file 5 years ago. She didn't think she had...she was wrong. The statute of limitations is 10 years, it's been 5. Despite me telling her otherwise, she ... |
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 What state do I need to file in for my income tax returns? |
| I am active duty military. I just recently moved to PA from VA six months ago. I never changed my tax information from when I was living in VA since that was my home of residence. I don't plan ... |
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 I am a college student, and I have already completed my Tax Courses can I prepare someone else's Income tax? |
| I purchased Turbo-tax and find it really helpful, but I would like to help my friends and family prepare their return nothing business like, just to help them save some money (well maybe a few bucks ... |
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 What is the best way to get tax documents back from a tax accountant? |
| We gave a tax accountant 3 years of tax information after she convinced us it was in our best interest to amend those years. She processed one year, things seemed to be going as planned. The deadline ... |
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 Im new in the UK and dont have a VAT Number, Is it Possible to write a Invoice without VAT No. ? |
| Im Here as a Student at the Newcastle Uni. and took Know a few Projects to work out the Money, what Should I write on the Invoices if I dont have a VAT NO.... |
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 Why's our council tax so high? |
| we live in a two bed flat in a not so nice area and we have to pay 102.69 a month. we only get £600 a month and out of that we need £135 rent, £140 shopping, £31 telephone, £10 internet, £20 ... |
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lilpuppie1969 | How do you determine the fair market value of personal items for income tax purposes? |
When I was doing my friends income tax for 2004 he decided to claim a casualty loss due to Hurricane Katrina. The IRS does not have any estimates for items lost due to casualties and theft so I was wondering how to obtain fair market estimates for personal items lost due to casualties and thefts. |
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Sudzy
 |
Turbo tax program breaks everything down for you and they have a set list of values already set in the program... Good Luck |
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Kelin L
|
The fair market value is usually a lot less than the actual purchase price. The best way to estimate this is to find out what others are reselling the items for. For instance, CD are usually resold around $5-$10 a piece depending on how new, the condition and the popularity of the artist. Clothing on the other hand is trickier. Every day clothes at a thrift store resale for between $1 an $10. But a used wedding dress would cost a whole lot more. Estimate reasonably for the items so you don't flag yourself for audit. Also remember when filling out the casualty loss form(s) you must list each item individually and remember the dates acquired. This is tedious but well worth it. As a professional tax preparer, if this gets too complicated for you, it is well worth the money to pay a tax preparer to do it. We are knowledgeable on the laws and the breaks the Katrina, Rita, and Wilma survivors can receive. You may be able to get more money back. |
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MYRAJEAN
|
Several way, its replacement value so see what you can buy a similar used item for, check newspaper ads, eBay auctions, your can go into used furniture store and see what they are selling the item for, |
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nemesis60145
 |
call the IRS at 1-800-TAX-CODE. this will get you in touch with an irs agent free of charge
Intuit (makers of turbotax) has a product, but they clain its only for charity-given items. -something to look into (they offer a live chat service on their website that should take care of you)
hopefully you filed for the october extension prior to april 17th to avoid penalties and interest in any taxes you might owe |
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thylawyer
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If there is a market for the item, like cars, collectibles, etc., you look up a comparable item and take the value from the catalog or on line listing.
If there is no such list, look in the local newspapers' classified ads to see what people are selling the items for.
After that, it's yard sales. Most items like clothing, tooth brushes and so one are not worth really worrying about.
Remember, you have to be able to document that the taxpayer owned the item and it was destroyed by Katrina. This is not a time to get creative. |
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cisco_cantu
 |
Purchase price minus 10% per year for depreciation and wear and Tear.
Wait wasn't katrina in 2005, so you could claim a loss due to katrina for 2004 fiscal? |
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jlaidlawy
 |
When estimating FMV for charitable goods, you're given a number of options as to how you came to your value. It's my understanding that the most favorable method is by comparision with similar items at thrift shops.
Whether this applies to losses from theft or casualty, I don't know. |
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hjhprov
 |
Compare similar items for sale on e bay. That is how I was paid for a car that totaled. |
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jillmcul
 |
This is a tough question and the IRS does not have definitive resources. However, one valuation method that is being increasingly used is to check on websites such as EBAY. If you are a registered user, you can enter an item and view completed auctions for that item to determine what people were willing to pay, which is really the core of fair market value. Of course, your friend must first make a list of everything that was lost and be prepared to prove that the items were originally purchased if the IRS questions them. This can be the truly tough part as most people don't keep receipts for everything. Its a good idea to take the time to do a photo inventory of your most valuable possessions to prove that you actually owned them. Of course, hindsight is 20-20! |
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