 How long do i need to keep my tax return files? |
| I keep all the tax returns since I started working but they are piling up and I wonder how long do i need to keep these files in case of an audit?... |
|
 If i make an error on my taxes will the irs fix it? |
| i believe i made one. i claimed more than allowed under tuiton and i already sent it in.... |
|
 I heard a rumour that "everyone" will be getting an extra tax refund this year in the USA. $600? True or False |
| A few different people have told me to expect an extra $600 in addition to whatever I shelled out in Federal income tax this year. I am married, filing jointly, and my husband didn't work last ... |
|
 Housing and Council Tax Beniffits are sending around Baliffs if I do not pay £1000 were can I get a loan? |
| My Benifits were stopped for 1 week last year and I filled in an Automatic Reclaim Form thinking, as I was not informed otherwise, that I did not need to reapply for Housing/Council Tax Bennifits and ... |
|
 If I take a job in the UK that is 60k per year, how much will I actually take home each month? |
| Am just about to move back to the UK from Dubai which is tax-free and am wondering how much money I will actually ... |
|
 Why am I getting a lot less tax refund this year? |
| Our income has been the same for 3 years, and we even gave/ itemized an extra $1000 this year beyond the prior 2 years. We didn't jump into a new tax bracket, and we continue to have "0&... |
|
 If I make $170,000 annually, about how much would I have to pay in taxes? |
| First time doing taxes, 19 years old, New York City, Web design job...... |
|
 What happens when 2 people claim the same child on a tax return? |
| We have court orders stating that my husband and I can file for both of my step sons on our tax return, b/c we are not getting any support from their mom. We got a call from out tax man stating one ... |
|
 Taxed on bank account, is this legal? |
| can anyone give me advice on what to do with my bank please, last 4 months ive been getting taxed on my account, is this normal? not alot, no more than £5 but why should i be taxed on my account ... |
|
 Poll: When did you file your return & when do you expect it? |
Im reading on here that some people got their returns today & some will get them tomorrow. I though January 30th was the first date?
When did you file?
When do you expect your ... |
|
 HELP! I just got something in the mail saying I didn't file 2005 taxes!? |
| I had no clue. It was the first year I lived on my own. Yes, it's my responsibility, but I just didn't think about it. Now, I have no clue where I worked because I have had 2 and 3 jobs at ... |
|
| Do i need to file for income taxes? |
| i just start my first job(first) last month, I have made only about $1000 after taxes, so do i need to fill out income taxes, please help, or should i just call H&R block or some other tax ... |
|
 I have received a lottery winning notification from yahoo UK Ireland Whether it is genuine? |
| I have been asked to submit claim form to claim the prize amt from Yahoo UK Ireland Lottery Prtomotion. Is it genuine?... |
|
 How much is $90000 after tax each month? |
I would like to know how much would I receive each month after tax on an annual income of $90000? Tx!
Additional Details
Hi, I am a single person w/no dependents and don't own a ... |
|
 Has anyone with SSN ending in 10-18 receive their tax rebate through the mail yet? |
| On the website, it says that my husband and I will receive $1800 ($1200 for filing a joint return and $600 for our two dependents.) It's supposed to be mailed out next week, but I still have not ... |
|
|  |
FISHING BUDDIE | If I have to of my friends living with me and giving me a rent check to I have to show that on my taxes? |
I charge my both my friends 450.00 a month do I have to put that as income on my taxes, and how much would I get taxed for, and how much would my roomates get back on there taxes if they claimed how much they were giving me for rent. |
 |
 
bostonianinmo
 |
No, you are just sharing expenses as far as the IRS is concerned. Rent isn't deductible so your roommates won't be claiming it anywhere on their Federal tax returns anyway.
If you were operating a rooming house it would be different, but with 2 "room dogs" you're just sharing expenses. |
|
DMG
 |
Since you are sharing a living arrangement and expenses, you should not have to claim it as income. Even if you did, your friends would not be able to claim it as a deduction. Rent is not a deductable expense, but it is considered income for an investment property. If the property your friends live in is an investment property that you don't live in, then you have to claim it.
I also agree that if what you are charging them is in excess of your mortgage, shared utilites, taxes, insurance and maintenance, you would then have to claim income. You would get to back out your capital expenses AND operating expenses for the property. Additonally, if you provide any shared furniture, you can deduct the wear depreciaiton on it. All in all, I doubt you are making profit by sharing expenses so going through these motions is a probably a waste of time. |
|
taxreff
|
The correct answer lies in the details. It is important to look at the substance of a transaction, not merely the name.
The question becomes do you have a landlord/tennant relationship, or are you all living together and the others are helping to pay expenses. Based on some of the terms in the question (ie: friends, roommates) it sounds like a cost sharing arrangement among friends. In that case you have neither income nor expense.
Conversely, if you do have a landlord/tennant relationship with these people, you would have to file Schedule E to report your rental income and expenses. |
|
Judy1
 |
If you are just sharing expenses and you aren't making money off the deal, then you don't report it, and they don't either.
They wouldn't get anything back on their federal taxes - rent isn't deductible there. If your state has a program they'd be eligible for, then they could probably still get the state benefit if that's a split of the rent, although not if it's for rent, utilities, food, and all the other household expenses. |
|
TC
 |
If you own the house and your roommates are not acquiring equity, then the rent is taxable income the same as your paycheck.
However, you should be able to deduct certain expenses from your rental income.
Your buddies cannot deduct the rent for Federal income tax purposes. However, some states have rental rebates. |
|
remowlms
 |
For one thing, they can't deduct rent for a living space on their taxes. However, you do have to claim any income you are making off of them. So if your mortgage/rent is $400 a month, then you are making a profit from them and you must claim that income. Now if they are just covering the total rent/mortgage along with you, there is no income and you don't have to claim a thing. |
|
Lov
 |
yes. |
|
junebug
|
Yes you do have to claim that rent on your taxes. I have the same situation and my tax preparer shows that on my taxes as additional income. |
|
"Just" a Mom
|
Yes...you are now a landlord! Your tax rate depends on what state you live in. Your roomies cannot deduct their rent. |
|
sarah
|
Yes, you must show all income received. I don't have the answer to your other question as to back taxes or amount due to the IRS as I don't have all of the information needed, which would include your revenue etc... |
|
Ģąήġşтд βФЎ ≈ŗὰþþ мџšїк≈
 |
Yes, you must show all income received. I don't have the answer to your other question as to back taxes or amount due to the IRS as I don't have all of the information needed, which would include your revenue etc.. If they claim it you have to! Your tax rate depends on what state you live in. Your roomies cannot deduct their rent! It would go under other income.. It is not much either way.. :-) |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
11 | 15 minutes(s) ago
| | | |
10 | 42 minutes(s) ago
| | | |
11 | 2 hour(s) ago
| | | |
11 | 3 hour(s) ago
| | | |
11 | 5 hour(s) ago
| | | |
11 | 8 hour(s) ago
| | | |
11 | 10 hour(s) ago
| | | |
11 | 2 day(s) ago
| | | |
11 | 1 week(s) ago
| | | |
11 | 2 month(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
