 Do I have to pay taxes? |
| I am 16. A friend and me mow yards during the summer, and make somwhere around $500 each. Do I need to pay taxes even though I'm only 16?... |
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 Taxing the rich and poor? |
| Hi guys,right im writing this arguement 'why its right to tax the rich a higher percentage when they earn other a certain amount then the percentage you get taxed under a certain amount. I think ... |
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 Only answer if u TRULY kno? |
i got my tax return direct deposited will my rebate check be direct deposited too?
thanx in ... |
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 Live in one state, but work for a company in another. Who's state tax do I file under? |
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1. Will I have to file 2 state tax returns for the ... |
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 Are we going to lose out on our tax return just because we got married? |
| Last yr my tax return was around $4500 and my fiance's was about $3700 thanks to EIC. Now I'm finding that because we got married we cannot file separately if we want EIC. We have to ... |
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 My son is 18, living at home.. been working for the last 5 months can claim taxes this year, can i claim him? |
| My son is 18, living at home with me. He has been working for the last 5 months and can claim taxes this year. can I still claim him this year also?... |
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| IRS agents: Is there any law in fine print that tells me I have to pay my federal income tax? |
| As far I as I am understanding, there really isn't a law. Should I stop paying my federal income tax?... |
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 Pelosi says more stimulus needed, Bush "in denial"????? |
do u guys agreed that we do need MORE stimulus payment??
http://news.yahoo.com/s/
for me to be honest.........what i think they should ... |
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 I married on 11/20/06. I legally changed my name.1 of my w2 statements has maiden name. Do I need new w2? |
| I held four jobs in 2006. I was married on November 20, 2006. I changed my name with social security in mid December. I received a new social security card with my married name. I contacted all of my ... |
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 If I owed money, will my stimulus package come in a paper check? |
| I owed money this year but received that note saying how much money I will be getting for the stimulus package. My mom told me (who did my taxes) that she had my direct deposit info listed but it'... |
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 What''s the worst that could happen, if I lost my social security card? |
| Pretty much, what is stated above. ... To me, it almost sounds like it would be beneficial to hand out my social security card to illegals. I know how bad this sounds, but with what I am told.. it ... |
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| Did I really win the united kingdom lottery?? |
| A frew days ago I received a mail from the suposedly National Lottery from the United Kingdom saying that I won 2 million dollars, and they told me that if I what to receive my cheque from the United ... |
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Lord Charlemount | I lent my brother £15k as house deposit- he has now paid me back £60k - do I have to declare this to taxman? |
8 years ago I lent my brother £15k to help him buy a house (house cost £60,000). We had a basic agreement drawn up between ourselves that until he was in a position to repay me, that I was entitled to 25% of the house (for all intensive purposes mortgage etc was in my brother's sole name - this agreement/document was between the two of us). The house is now worth £220,000 and my brother has remortgaged to pay me back my 25% share , now worth £55,000. If I lodge this to my bank account what are the tax implications? What are the rules about family members giving other family members money? If my brother classes this as a gift are there limits? |
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avocado kisses
 |
There are 2 ways in which this could be taxed, depending on how the agreement was written.
1. If you had a 25% share in the property, then you have made a capital gain of £45k. You get taper relief of 30% on this, reducing the gain to about £32k, and then you deduct your CGT annual exemption of £9k, so you face a capital gain of £23k. This is taxed at 20%/40% depending on your other income.
2. If you made a loan, then the £45k is a loan premium, taxable in full to income tax at 22%/40% depending on your other income.
One thing is certain - from what you say, it is not a gift, but if it was, the payment would be tax free.
You need a professional to examine the agreement. |
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Onestep downfrom God
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Well I hate to disagree with anyone, but........
Legally, you lent your brother some money, (what he did with it was up to him), but although you had an agreement, unless you were included on the Land Certificate, you didn't legally have a share in the house, so no CGT applies to you.
Without seeing the agreement it's difficult to comment on your current tax position. On the face of it, although you may have had a profit sharing agreement, since the property has not been sold, no profit has arisen. Your brother has (possibly) repaid you and may also have made a gift to you.
Neither of these events are reportable to HMRC. This view depends on the agreement, so be cautious. See an accountant AND Counsel for an opinion on the agreement. |
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charlie3127389
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yes,, |
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Burtrum
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i think there are if you recieve a cheque for over a certain amount then you have to pay taxes not sure about the gift aspect tho you don't have to pay tax on prize money so i don't where you stand |
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geordinio s
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hav,nt a clue m8... i think your best bet would be to put it in a bank account in the name of one of your children if you have any and if they are under 18yrs old,,,,,, if not have one and don,t loose a penny lol |
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Mr Fawlty
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Put it in an account on the Cayman Islands it's a tax free
haven. try this site
http://www.taxhavenco.com/ |
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MARK B
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Don't put it in the bank and claim is it your kids, if they are under 16yrs it is deemed to be your income. Better just deposit yourself. You could invest it in shares and therefore 'roll over' any capital gain that you should be paying on this second home. If you do not own your own house, you could try to claim that the house that was sold was your sole residence and therefore you avoid all capital gains tax. All depends what sort of a mood HMRC are in. |
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emma w
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Did you ever live in the house? if so you will be allowed more relief, but if not you are definitely due to pay capital gains tax. |
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Victor E
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Keep your money it's got northing to do with the tax man. |
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MICHAEL B
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You had an agreement with your brother which made you a 25% owner of the property, the mortgage has nothing to do with you your brother borrowed his 75%, if your brother has looked after the property and paid no rent for your quarter share, then you owned 25% of a house which you have had no income from, and now you have sold your quarter share in that property, I would pay it into a Bank account and say nothing, the increase in the property is inflation not profit, if you wish to purchase 25% of a similar house now it would cost you what you have been paid, I am not an accountant but I would fight to keep that money, I dont think a private deal between brothers needs legal documentation as long as you both agree to the conditions and terms, anyway you could always say its a loan from your brother, he can prove were he got the money. |
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