 Did my tax estimation online and it says I "owe" federal taxes of $1,405. Will I still get my refund? |
| confusion. did my tax estimation with taxact, turbotax and h&r block. they say the same thing but when I called the department of treasury (need there # again), they said I don't have any ... |
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 Will i still get earned income credit if i file sepratly i didnt get married untill? |
| august. i have 5 kids of my own before the marriage and only made 5,000. He cashed out a 100,000 in bonds to buy his house not in my name?... |
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 I'm a staff accountant that is think of being a tax preparerer as a second job. Is it worth it? |
| I'm looking to work with H&R Block next tax season. Is the time/pay worth it as a second income???... |
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 N e one with 00-05 got paper check rebates yet? |
i am 05 and i was wondering if anyone got a paper check yet? i know they were going to be mailed out on friday the 16th but just wondering if any early birds got it! thanks1
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 Do i have to file an extension , if i am positive i am getting a refund? |
| Due to the fact i am just starting to repay a defaulted student loan, i have to make good faith payments in order for the IRS not to hand over my refund check to the lending institution, like they ... |
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 Bush Rebate Check? |
| I'm 18 years old and still a full-time student (I'm a senior); my mom claimed me on her taxes since this is the last year she would be able to. There was an issue on wether she was able to ... |
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 Can I receive more than one W2 form? |
| I used to work in LA before i moved to florida(same year). Should I contact my company in LA for my W2 form form or will just recieve my W2 form from florida company.... |
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| If you owe money to the IRS and declare bankruptcy, what then? |
| What happens if you owe money to the IRS (backed taxes, for example) and declare bankruptcy? Will they still come after you and hunt you down? Will they hold on to that money like a starved Chihuahua ... |
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 I have never filed taxes before, so what would happen if I just up and filed this year? |
| I am 30 yrs. old and have worked all of my adult life, but never filed. Should I leave it alone and never file? What would happen if I did? How much trouble am I in?... |
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 Can i file taxes this year if i only ---? |
| Worked 3 days at rite aid. I did fill out a form which would give me about 1,700 dollars through out the year in each check. Which i only recieved one check for the 3 days which had the additional 40 ... |
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 Could a national sales tax replace a income tax? |
| If we replace income tax with a national sales tax then evebody would have 2 pay and employers wouldent have to deal with all the costs of accountants for there income tax stuff plus nobody could ... |
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 Can you claim someone elses child on you taxes with their permission.? |
| my sister is letting me claim 3 year old child, she say i wont get in trouble. will I?... |
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 Does everyone get the stimulus rebate? |
| I am curious. Is everyone entitled to the stimulus rebate or do you have to be under a certain income? A friend of mine is upset and doesn't know why she didn't get hers, and I'm ... |
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 How’s about they put a stop to road tax? |
Would you be prepared to pay road tax only on the petrol you use? I would and let the pple who use the roads more, pay more tax, only fair I think. Put tax on petrol.
Additional Details<... |
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 Can you legally claim head of household if? |
legally married but seperated, not in the household for 6 mths.
I have 2 children who I claim in regards for the earned income credit. He is their step-father. Only married 11/2 yrs.
Last ... |
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 How do I transfer a $400,000 death benefit from one account to another without it being taxed outrageously? |
| My brother died about 2 weeks ago, and a couple days ago we all began settling the death benefit and all of the paper work, and so on. He was a Marine, so that's why it was such a big amount. My ... |
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 H&R Block, Jackson Hewitt or private CPA? |
| We used to have a retired IRS agent do our taxes but he's retired at age 80, leaving us with no references. Should we seek another private tax preparer or go with a chain? What's the ... |
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Kathy B | I am selling undeveloped land that was given to me by my Father, will I have to pay capital gains taxes? |
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CarVolunteer
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You will have to pay capital gains taxes if you sell it for more than your father's cost. There are issues with gift taxes, if any, paid by your father at the time of the gift. See pub 551. |
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PepsiLime
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Yes, and depending on how long you have held the land, it could be either long-term or short-term gain. If you received it as a gift while your father was/is alive then your cost is what he bought it for. If you received it as a gift on his death, then your cost is what it was worth when he died. |
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kohalakoast
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Big differences in holding period and basis between "given" as in dad was alive at the time versus bequested by dad in his will after he died.
Most the answers above assume dad was alive and you got the land as a gift. If you got it as a bequest through inheritance, I would repost your question. |
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Judy1
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It depends on whether you make a profit on it - if you do, then yes you'll pay capital gains taxes. Since it was a gift, your basis is your father's basis, plus improvements if any. |
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Jeff
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CarV is right. The sale will go on Schedule D and depends on how long you held the land if it is long term or short term. Long term is over a year, short term a year or less. Your cost basis is going to be the cost your father had in the land when he gave it to you. That;s what he paid for the land and any improvements he made. (roads, fence, water lines, clearing brush, planting brush, etc ,, things that increased the value of the land) |
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Doris H
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You will pay a capital gains tax
Try to get involved in a 1031 Exchange so you can defer the tax indefinitely. |
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spicertax
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Yes and use his original cost as your basis to compute long term gain for Schedule D. He should have filed a gift tax return Form 709 the year he gave it to you. His cost basis would be on there. If he failed to file it he should have at least told you his cost basis. Value at time of gift means nothing to you - that value would be the value just for filing his 709 not for your gain. |
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ojemuyiwa LL.M 234 08033043242
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CAPITAL GAINS taxes AS THE NAME IMPLIES is imposed on the gains realised from a capital assets.unless u ar in the business of real estate where lands will not be considered a capital asset to you then u will need to pay tax on the difference between the value of the land when it was given to u and when u eventually sold it.d tax is based on the assumption that the development of the neighbourhood where d land is situated accounts for the enhanced value of the land and there4 u must pay a tax on the enhanced value.so u will have to pay a tax unles u selll at a loss.visit www.synergyattornies.com.my law firm website |
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