 How would the irs know? |
| i know someone that is married and just did her taxes and filed head of household so she would get a bigger refund. her husband is also going to file head of household under a different address. how ... |
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 Told don't have to file. Need answers quick.? |
| I did not recieve any 1099's or W2 this year as I barely worked. A little freelance, $4000.00 approx earned. I have a bank interest statement, a house interest statement and proof of money ... |
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 Taxes refunds? |
| Hi, I have a question about taxes refunds, I'm not a resident in the USA, I live in Mexico but I usually go to Arizona to do some shopping according to the season, recently someone told me to ... |
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 What do yo have to do to have your tax refund in a week? |
| Is it true if you file electronically on a monday or tuesday you'll have your IRS refund in one week with direct deposit?... |
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 VAT question? |
| i was just looking in a catalogue and each item has the price with the vat and without out the vat, can i just ask, i know iam a bit thick but when paying vat on these items do u pay vat on each item ... |
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 Do you think that the income tax rate should gradually reduce for older people? |
I'm thinking of a 25% discount between 60 to 70, then 50% discount for over 70 etc.
Is encouraging older people to continue working this way good, if they want to work?... |
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 I didn't receive a W2 from one of my jobs last year which has cost me the 300 dollar stimulus package? |
| And since the place has changed owners 3 times since, I have not been able to track it down and receive it. The owners were very shady and they have not returned my calls pleading for a W2. I know ... |
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 Is filing taxes online idiot proof? |
| i wanted to go online and try to file this year, but i've never done it before and i'm afraid of screwing up. please help, i'm young and dumb. :)... |
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| How is it possible for you to owe the IRS money if you were unemployed during that tax year? |
| I was unemployed during the 2006 tax year. I did not file a tax return for that year. I just recieved a bill owing the IRS taxes with penalty charges. How is it even possible I would owe the IRS ... |
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 Do you have to pay council tax if you are living on your own and under 18? |
Hi
Do you have to pay council tax if you live on your own and are under 18? Or is it only single persons discount you can apply for?
T... |
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 What is income tax used to pay for(UK)? |
I understand that NI tax is used for the NHS and Welfare when u become unemployed or sick.
council tax is used for schools, home helps(this should be under NI as it is health related), refuse ... |
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 If my grandmother gives my dad $10,000 as a gift each month, what will my dad have to pay in taxes? |
| My grandmother has recently discovered gas on her property, and is generously dividing her monthly EOG checks between her children. Each month, she is giving my dad (and each sibling) about $10,000. ... |
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 Do i have to pay tax if i just want to sell a couple of things for profit on ebay? |
Ok, so i've bought some stuff which i thought was an absolute bargain and i want to sell it on to make a bit of profit. Do i have to pay tax on the profit i make?
This is just a one-off ... |
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 What is the best software to do others taxes? |
| I recently received my tax preparation certification and I was wondering is there any software in particular that would be a good ideal to do other's taxes. In the past for friends and family, I ... |
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 If my partner goes to work? |
and earns £680.00 per month and our rent is £290.00 per month plus council tax and we have a child id stay at home how much working tax credit and housing benefit could we get
Additional D... |
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 Will the irs withold a percentage of stimulus payment for back taxes, or will they keep the entire rebate? |
| I was told that the irs will only keep a certain percentage of my rebate due to a 2006 tax obligation.... |
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 If I filed my taxes- and claimed myself- what effect will this have on my parents return? |
| For the past 21 years my Dad has always claimed me...I always e-file, (for the past 4 years) but never checked the box to claim myself- this year, I don't know if I missed it- but I filed ... |
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 Are UK parking tickets tax deductible? |
Additional Details
Sorry, I should have been more precise. I was talking about tickets incurred by a company's delivery fleet.... |
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JOHN F | I own one house, rent 2nd one to live in.i have bought & sold 3 houses this way.should I pay capital gains tax |
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eric100_90210
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To cut to the quick - yes, you have to because the main criteria for exclusion of the gain from the sale is that it is that it is a principle residence that you lived in for 2 of the last 5 yrs, (There is also a proration that can be done to exclude a portion of the gain if you didn't own the house that long, but the time-ratio you would have had to have used it as a primary residence is similar.)
Since you are now on house 4, I get the impression you are buying, then flipping houses and this is why you rent something to actually live in. If this is the case, it is business activity. |
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squarepants_ejo
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yes you should. its all income |
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capa-de-monty
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yes |
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minocstriker
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Yes of course you should pay capital gains taxes.
The only time you don't is when you sell your primary residence, for which you get to ignore $250,000 in capital gains (the rules being that you have to own the residence, it has to be your primary residence, and have used it for 2 years or more during the five-year period ending on the date of the sale or exchange of the house). This $250,000 amount doubles to $500,000 if you're married and your spouse meets the same 2 year use requirement. |
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thecharleslloyd
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I would call an accountant and find out. Better to go to the Tax people than them come to you. |
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Henry.yoyoyo
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The harsh reality is, yes! If you breath one too many times a day im sure they tax you on that too so be carefull! |
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suerye
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Yes, unless you have been unable to occupy the houses you own for work reasons. |
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Clowey
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If you buy a home and live in it for at least 2 years you are safe for up to 250,000. I you sell without living in the home for at least 2 years your capital gain would be selling price minus your cost. All of which needs to be reported to the IRS on Sch D.
Brandy From Liberty Tax Service |
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