 Can you show me the law that requires me to pay an income tax? |
Attorney Tom Cryer just beat the IRS in a court of law!
http://www.youtube.com/w... |
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 Do you have to pay taxes if you sell your car to someone? |
So if you get say 15,000 dollars from selling your car do you have to pay taxes on that?
Additional Details
Thats what I figured but had to make sure. You never know what they will tax ... |
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 After not filing tax returns for 3 years, where do I start? |
| So I know that not filing taxes is bad I'm not looking to be chastised. I just need help on what's the best solution for someone in my situation. I didn't file the last 2 years ... |
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 If my checking account is closed, will my bank put the irs rebate into the new account? |
I have to close my current account due to payday loans. My new account is with the same bank, will they put the stimulus refund into the new account?
Additional Details
Sorry, I m eant ... |
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 I filed my taxes a month early using Turbo Tax. Why didn't I receive my rebate on 5/9 like the schedule says? |
| All of the Turbo Tax fees were deducted from my refund - the description on the deposit says "FRANCHISE TAX BD TAX-REFUND"...... |
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 Has anybody else noticed the IRS trying to scam people for hundreds or is it just me? |
| Has anybody else noticed the IRS has been charging people bogus charges anywhere between 800 to a 1000 dollars and to an awful lot of people at that. Or is it just me? My question is….how is it ... |
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 How can i file for my 2008 taxes? |
| I just moved abroad to the UK but i know i need to pay my taxes in the US for 2008 how could i go about filing next year in january when i live in another country? Any advice would be much ... |
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 Does a person working and living abroad have to pay council tax? |
Additional Details
My daughter has been living abroad and now the council have sent a bill for me to pay the back tax since she has lived abroad,I am the owner and claimed single person ... |
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 As a freelancer, can you claim a home office? How much do you get on your taxes? What are the rules on this? |
Additional Details
Wow! this is great news. I have freelanced for more than a year now. We have a spare bedroom that is my office. (We also store stuff in there too- I hope that is ok) ... |
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 Can you please help me? |
Can anyone please tell me where i can register for a VAT number for my business. Please it is very important.
Thank you in advance
Additional Details
It's a clothing ... |
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 Where can I pick up federal and state tax forms? |
| I know that I can down load the info but I want the hard copy instead.... |
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 Should Murphy sell Barry bond's record breaking HR ball for less than the value? |
| Murphy, who caught the ball will sell it because he needs to pay the tax for the value of the ball. The tax is based on the value of the ball. Could he sell the ball for ten dollars ($10.00) and ... |
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 My calculater just broke but i need these worked out please? |
just doin the VAT return when it broke but i need to work out 21% of each of these figures please help :) these are the gross numbers and i need to ind out what the vat is thank you
474.93<... |
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 I want an estimate of what i will receive back for my taxes this year.? |
| Im newly married this year, we just bought a house i am a student at a US university, also my gross pay for the year was 13,359 and net pay was 10,804, i clamied 0 on my forms, i paid 1226 to federal,... |
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 Can an employer withdraw taxes and not pay them? |
I had two different employers in 2007. Just received my Social Security statement. My salary for one employer is listed. My salary for the other (former) employer is not listed.
I checked ... |
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 If i didn't work for the year and received $2400.00 in spousal support can i file taxes? |
| I'm divorced and got the two children as tax deductions but I didn't work ta all for the yaer and only got $2,400.00 for the year in spousal support can i file ... |
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 Why did i only recieve 300 for my rebate checks? |
| I worked PT, im a single female in school. I only made $14,000 and my refund was $1100.00 from my taxes.... |
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 File your babysitter on your taxes? |
Hello,
Is it worth filling what you pay your babysitter on your taxes? Do you get all the money back?
Thanks!!!... |
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Austin R | How long do you have to own a house before you dont have to pay capital gains tax when you sell it? Texas? |
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Miss Know It All
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You have to live in it at least 2 of the last 5 years you owned it ...
Good Luck! |
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Wayne Z
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You must own and live in it for 2 of the 5 years prior to the sale. Then, the first $250k ($500k if married) in gain is tax free. |
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Judy1
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Two years out of the five immediately prior to the sale, and own it for two of those same five years. You can exclude up to $250K of gain from being taxed - $500K if filing a joint return.
That's everywhere in the US, not just Texas.
Since Texas doesn't have a state income tax, state isn't an issue. |
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pwi2366
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I don't know about Texas, but for Federal purposes, if the home is:
1) Your primary residence
2) You have lived there two of the last five years
You are exempt from capital gains tax on the first $250,000 of gain. $500,000 if married.
The gain is the profit you make on selling the home, so if you bought it for $100,000 and sold for $200,000, your gain is $100,000, so, no tax.
Short answer: Two years |
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bowens
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What Wayne Z said is correct. Just to add to that. If you have to move for "unforeseen circumstances," you may be able to take advantage of a portion of the gain exclusion. The IRS defines what "unforeseen circumstances" means, but it generally includes such things as loss of a spouse to required to move because of a job to having a problem with a neighbor. Seems pretty to be a pretty broad definition and it is. So, if you qualify for one of these "unforeseen circumstances," your gain exclusion would be $250 (assuming single - $500 if married filing joint) times number of months in the home divided by 24. Hope this helps. |
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WestTex Kid
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Texas has no capital gains tax on residential real estate. However, the federal government does. If you are single, the first $250,000 over your life time is not taxed. If married, the first $500,000 is not taxed. Anything over those amounts, Uncle Sam will be looking for something. |
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blue_eye_monkey
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Most likely it will take two years of residency before capital gain no longer become an issue. Each state has it's own tax laws though. |
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rand4u2
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it used to be three years, now i think it is two, you will have to pay some but the first couple hundred grand is tax free. |
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