 Can you rollover a 401k to an IRA and then take a distribution without paying taxes? |
| I am leaving my job and want to use a portion of my 401k savings in the meantime. I was told that there is a way to roll the money into an IRA and then withdrawl without penalty. This seems odd to ... |
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 If a minor has a job, do they still have to do taxes? |
| i work in a company where i get always get taxes from state (California) and federal but i've only been there for 4 months, its my first job, should i still have to do my taxes in 2007??... |
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 My husband and I have no children(yet) and are renting a house, what can help us to not pay a lot for taxes? |
| My husband and I don't have children(I am however currently 11 weeks pregnant). We are renting a house, that is under my fathers name, but due to the economy we have not been able to change my ... |
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 When the Uk reclaims soveirgnity over the US later this century should we charge them for the tax due or what? |
i mean its a hell of a lot of tax missed right, the inland revenue must be rubbing their hands like hell.
Additional Details
hmm funny i thought we just finished paying our WW11 ... |
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 If I sell my house to build a new house do i have to pay capital gains taxes? |
| This is the first house I have owned and we have lived in the house for four ... |
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 Received a Form 1099A - Do I have to do anything with it? |
| Last year I lost my house due to extended unemployment, the home was foreclosed on in April 2006. I just received a Form 1099A and have tried looking on the IRS site, but no luck. Do I need to ... |
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 Taxes without my daughters social? |
| I had my daughter back in October. Tax season is coming up and I heard I couldnt claim her without her SS number. Is that true? The hospital usually files for it, but someone misplaces paperwork, ... |
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 Are mechanic's tools tax deductible? |
| My husband started working for the City of CC and of course being a heavy equipment mechanic one must have their own tools. He has purchased several items adding up to almost $2,000. We have saved ... |
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 I need 50k in one year (after taxes)? |
How do I get this amount of money? Any ideas!
Additional Details
I am willing to work....and open to work but it is important that I have 50k by the end of this year....... |
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| We're married, filing tax return jointly. New this year: daughter has a new job.? |
Do we 1) include her $6000 income and withholdings on our return?, or 2) have her do her own separate return for her $6000 income and withholdings? Is option-2 correct?
Thanks!!... |
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 Does a senior citizen have to claim rent as income that he gets from his daughter if less than $150/month? |
| My uncle wanted me to check this out for him. His daughter is over 30 and living at home and pays 150 a month rent to him. He was on a disability pension before he turned 65 and up til that point ... |
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 Tax and national insurance?? |
| i resigned from my job 6 weeks ago, since then i have been looking for another full time job but have not been succesful yet, i do not want to sign on the dole but do i have to tell the dole office ... |
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alexsyaya | I inherited some stock 2 years ago. Can I sell it and reinvest without capital gains tax? |
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Tony S
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Well, you'll always have to pay "some" tax, but good news is you'll be taxed at the long term capital gains tax rate, 15% rather than the short term rate which I believe is now 25%. You might want to wait until after the first of the year. If you're over 45, check the new rules for large transfers into 401K accounts, you might be able to put it all in there, then sell and re-invest. |
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Andy
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No, but the maximum federal capital gains tax is 15% of the difference between the price on date of death of the testator and the date of sale.
State income tax, if any, is extra. If it's a huge amount of gain, then move to a state (like Florida) without an income tax. Then sell. |
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strawberrycrush
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No, you will have to pay capital gains tax on the difference between what you sell it for and the basis (value) when you inherited it. |
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STEVEN F
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Capital gains are the sale price minus your basis. For inherited stock, your basis is usually the stock price on the date of death. If the price has not increased, you have no gain to tax. If it has, you are usually subject to tax. Depending on what stock you inherited, either could be the case. |
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Judy1
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You'll have to pay capital gains tax on any appreciation, if any, since the date of death of the person you inherited the stock from. Any gain during the time the other person held it is not taxable to you. Your "basis" in the stock is its value at the time of death of the previous owner, without regard to what they originally paid for it. Most of the time, this is in your favor, but can work against you depending on timing. |
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?
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No you must pay the tax. |
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answerING
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I'd say possibly... Generally the step-up basis tends to be favorable for you (that is, your basis in the stock is the value on the day you inherited it), however, if you inherited it when the decedent was carrying a loss on it, I think that there are some very esoteric provisions in the IRS code that might let you escape ANY tax. It largely depends on how good the record keeping has been and how much trouble you want to go to. The TOP TAX on your long term gains is 15%. Depending on what tax bracket you fall into you may pay much less. |
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Mark
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Pay Caesar what is owed. |
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