 Have you already recieved your Stimulous Package Refund check? |
was it for the amount you were expecting? More or less?
(I've been hearing some stories that people aren't getting what they were originally told)
Additional Details
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 My parents gifted me $24,000, now they want it back. Can I return the money with no tax consequences? |
| My parents gifted me $24,000 ($12,000 / each) to help me buy my first house. I recently sold the house after just over a year of ownership because plans in my life have changed. My parents are asking ... |
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 What is the tax law? |
| After nearly 5 whole generations of people, in the USA have been conditioned to pay income taxes, can ANYONE, anyone at all, show, in the federal lawbooks, where I or anyone else MUST pay an income ... |
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 Anyone know how i can track my tax return delivery? |
| Or any way i can find the delivery date? Thanx in advance.... |
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 Stimulus package question...? |
| My parents filed their 2007 taxes and would like to know how much they may get. They are married filing jointly. The income is $19,460.00. My sister and I live with them as dependents and we are over ... |
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 Has the UK become an "I'm alright Jack" nation? |
| Sounds like it with the answers I've seen this morning! As long as you're alright !... |
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 Stimulas package ?? |
i owe student loans; i need to know if the fed's will take my stimulas package for what i owe on my loans.??
i have heard that they will & that they will not.
does anyonr know ... |
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 Tax deductions- adult children? |
| My two sons (20 and 21) are still living at home. Each earned a little over $3500 last year. I provided 99% of their upkeep including room and board during 2006. Can I claim them on my tax as a ... |
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 I never filed 1999 tax return and just recieved a bill. Can I file my 99 return still? |
| I never filed my tas return in 1999. I recently recieved a letter from the IRS that I owe money from that year. I recently did my 99 return and relized I was owed money. Is there a time limit on ... |
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 Can you claim car insurance as an expense? |
| I am a driving instructor and im just wondering if i can claim my insurance, or any part of it, as a business expense. Never have done before as i only pay about £400 a year anyway but thought i'... |
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 Can married couples file seperate and each claim a child on the tax return? |
| I have a friend that has been doing this for the past few years. If it is not okay, is there a fine that she or he will receive?... |
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 I only made a little over $1,000 in 2006, should I file my taxes? |
| I live with my Dad and he has always delcared me as a dependant on his taxes every year. Last year, I barely worked(was full-time in college) and only made about $1,000(total taxes was like $200). S... |
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rawnjawn | If I made payments, can I claim interest paid on realestate if my name is not on loan, but it's on title? |
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Mathew
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Until last year you could not. But a new tax ruling indicates that you would be liable for the loan if the person who took out the loan failed to pay or at least your interest would be in jeopardy and therefore you may take the deduction. |
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Paul B
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If you can actually prove you made the payments on it - you should be able to claim the interest on the payments you made.
Check with the IRS to verify this.
They can give you an absolute correct answer. |
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kjhenkel
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You need to be careful when you make transactions like this. If this was a favor to somebody, you can "gift" it to them up to I think 15K per year. Anything over that will need to be charged to your lifetime estate tax shelter (which lowers the amount you can pass on to heirs tax free). If this was in fact a loan, you will have to record imputed interest and record that as income on your 1040. |
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STEVEN F
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A few years ago my sister sold a home and the bank issued a 1099(?) to her and one to my father (who was on the loan but not the tile) when only my sister should have received one. The accountant they consulted told my father to file another 1099(?) showing the full amount belonged to my sister. Something similar probably applies in your case. Please consult a CPA or tax attorney. They should actually know what I am trying to say. |
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Wannabe007
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not if your name isn't on the loan.. |
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blackrealty
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i am no tax guy but i would think if you have proof that you make the mortgage you can wright it off. but make sure no one else is. |
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Stingray
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You will need to show proof of payment along with a detailed explanation and accompanying copys of title and real estate contract and or agreement.
Darryl S. |
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its_kristy
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No. The interest statement is issued to the person listed on the mortgage. |
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TaxMan
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Sorry. According to the IRS Publication 936 (attached), it says, "You must be legally liable for the loan. You can not deduct payments you make for someone else if you are not legally liable to make them." If you co-signed the loan, you are legally liable. Otherwise, you have two choices. Either get your name on the loan, or give the mortgage money to the person whose name IS on the loan and let them get the deduction. |
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