 Why did I get different amounts of tax taken from two seperate checks? |
I recieved 2 checks this period, one was my regular salary paycheck, and another was a slightly higher bonus check.
On the paycheck the federal government took out 6%, and the state took ... |
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 What can I exspect if I have not filed my taxes in four years.? |
| I would like to know what I need to do in order to get my taxes straightened out.... |
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 Does someone need to pay taxes on rent collected if it is passed between family? |
| If woman A and woman B have an agreement that woman A will collect rent from a property woman A owns, and give $1,000 per month to woman B, is woman B required to pay income tax on this sum? Woman A ... |
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 What do Social Security Disability recipients need to file to receive their tax rebates? |
| Is there any special form that needs to be filed to receive the tax rebates? I am inquiring for a person I know on Social Security disability who hasn't filed in the last two years and may be ... |
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 How is raising the minimum wage and cutting taxes a good thing? |
Doesn't taxes pay for social services and other programs?
Where does our taxes really go?... |
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 Tax question? |
| my 2 kids, who are minors inherrited some money from their grandma. they earn about $5000 each in interest on this money, do they have to file a tax return, and if not, at what point do they have to ... |
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 IRS taxes (Simple pay option) Deposit NOT yet in my account HELP!!!!? |
My e-file (IRS) tax application was accepted on the 11th but..
The IRS said they would be depositing the $$$$$ today the 25th (08') And the refund has yet to hit my account today the 25th<... |
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 Do I have to file taxes? |
| I am 20 years old (almost 21) and live with my parents (dont rub it in). I make roughly between $250-$320 a week ($9.50 an hour) do I have to file taxes? what is the minimum amount of money I have to ... |
|
 Can I claim my soon to be born son who is in the womb? |
I was wondering if I could claim my son, who is yet to be born until march 09, he is happily in the womb and is under my care.
Is it possible?? I mean after all according to christians ... |
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 Do i have to pay tax on minimum wages? |
| i am working as an apprentice carpenter on the minimum wage, should i pay tax on ... |
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 Mimimum Wage Question? |
| Why do they tax the minimum wage? I mean its already minimum earnings. I belive govt. should have minimum wage which can be tax free (a sustainable standard of living) - and all earning above that ... |
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pandjnewton | If I sell my house without putting the proceeds into another house, how can I avoid taxes? |
My employer will build a house and allow my family to live in it rent free. We will sell our house. We will make quite a bit when we sell our house. Since we won't be reinvesting in a house, I am wondering how to avoid taxation. |
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Sara B
|
You should re-invest it in rental property. Then it becomes a buisiness and a write-off. |
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tw9812
 |
you can refer to IRC section 121, or search for principal residence.
You need to ask your tax advisor since your employer is providing house for you and the FMV of the rent is part of your imcome and it is taxable.
Basically, the 500k excemption for joint return in every 2 year is true as long as the sold house is your principal residence. |
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3eleven
 |
Listen to RunningUTE!
Very bad advice on this site |
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ftlbear
 |
The law changed in 1998. There is a $250,000 tax exemption for capital gain on the sale of a house. The rollover no longer applies. So if you are married, you can take a $500,000 profit without paying taxes. This is good every two years, as long as you personally lived in the house as your principal residence.
Check out the Ray Lucia radio program or Raylucia.com as he talks a lot about this and has a great group of people including a tax attorney on his show. Be well. |
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zartsmom
 |
You can avoid capital gains tax on proceeds from the sale of a house up to a certain level. Go to www.ustreas.gov and look at the IRS rules to get specific information. |
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because_i_said_so
|
you cannot avoid it. You have two years to turn it over....then if you dont reinvest it, you have to pay tax on it. My mom is a mortgage broker, and I just asked her. Good luck. |
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extra_37
 |
Two options. First, if the profit is under $500k, then their isn't any tax ($250K if single). Or you can turn it into a rental property and earn some additional income and get some great tax savings.
You do understand that you will be getting taxable income from living in that house. Consult a tax advisor. |
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juan ton zoup
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you can never avoid taxes |
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RunningUte
|
The first $250,000 ($500,000 if married) is tax free. Assuming you are in the U.S. check out the rules at IRS.gov.
Also, be aware that the free rent that you will be getting is considered W-2 income from your employer and taxes and social security and medicare taxes will have to be paid on the "fair market rental value".
Furthermore, since you will no longer be making equity in your home, I strongly suggest that you take any proceeds from the sell of your home and invest it into a good mutual fund. That way you will have the best of both worlds: Free rent (less the taxes) and an increasing investment..
Hope that this helps.
*******BE VERY CAREFUL WHO YOU LISTEN TO HERE*****
There are a lot of wrong advice here: (Can't avoid it, put it into a rental property.......) Watch out! |
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