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 How do you give cash as a gift?
i gace my step mom 500 as a gift how do i do that so i can claim it in tax. i can i gice that cash as a gift
Additional Details
how can i give her the money as a gift so i can claim it ...


 My former employer says i owe them money and wont release my w2s.?
Can they really hold my w2s . Is that ...


 Which bank is better for opening NRI account : Indian Bank or ICICI?
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 Around this time last year H&R Block offered loans that they take out of your refund.Are they doing that this?
year?I only had to take my check stub in and got a 500.00 loan.I live in ...


 If a credit card has been reported to the IRS for non-payment, can the IRS take my tax-return when I file.?
I have credit cards that are being reported to the IRS for non-payment. When I file for my taxes and get a return back, can the IRS just take that money and apply it toward my credit card debt.
<...


 I pay my friend to watch my son and I pay her everyweek, how do I write that off?
I pay her in cash, how do we claim that on taxes? do we need documentation? She is just a family friend, she doesn't have a special licencing for it....


 Inherited and sold a house, do I pay income tax on this?
A computerless friend of mine lost her parents this year and inherited her parents house throught a pre-signed quit claim deed. She has since sold the house and banked the money. Does she have to ...


 Employer of 6 months has not paid tax to IRS, though they withheld it from me. Who is responsible to pay?
It's a new company and it was recently discovered they did not pay the IRS the taxes they withheld from all employees paychecks. Unfortunately, we have not been receiving pay stubs (I have 3 or 4...


 Do I need to pay tax if I want to start selling things on ebay professionally?
If so, how do I go about doing it?
Thank you ...


 Full Time - Tax?
I'm 17, been working at my job for the past 3 years.. 2 and a half as part time, 6 months as full.. and im yet to get taxed.. i get paid monthly..

i think its the best thing to own up ...


 Tax Q.. Please reply if you are a tax expert!?
Let say if i made $ 14K this year. I paid $6000 in tution for my college. I m single with no dependent. Would I be eligible to have some money back (lumpsum).
Also if someone can explain what ...


 I Wanted To Know When I Would Be Getting My $600 Tax Reabte?
the last two numbers of my social security # are 77 i know its in may but i wanted like a date thanks ...


 I got first paycheck and I lost 8.5% of amount to Social Security, Medicare, disable taxes! can i get it back?
I got first paycheck and I lost 8.5% of amount to Social Security, Medicare, and State-disability taxes! can i get it back? why is the gov't robbing me of my hard earned money? I am a college ...


 How much does the average American pay in taxes?
I'm doing a paper for school and does anyone know how much the average American pays in taxes/...


 How do I cheat on my taxes?
...


 Do i have to pay tax when i buy something out of state?
had one company charging me sales tax (ToysRUs) and the item is being shipped of OH. another company isn't charging me tax (Rightstuf) and they're shipping from IA. so what's the ...


 Is Social Security Money enough to cover expenses when we retire?
If that they dont cut benefits and you worked whole your life till retirement. would you get enough money to sustain same level of living after retirement with only SSN money?
Additional D...


 Should i use H&R Block for my taxes?
Is H&R Block a good firm to do a persons taxes? I hear people say they are a ripoff because they just fill out an electronic form they are reading off a computer, and that i would be better off ...


 I was told by my accountant that my direct deposit tax refund would be in today (2/9) but it is not showing up
Is there any way it could go in tomorrow, I bank with Regions. I just called them and they said no pending transactions....


 Can i get in trouble for sending my taxes in late?
If I send my 2006 tax return in like september or october, can I get in any real trouble, or just get fines? What if all my income was self-employed, does that make it worse?...



emmanuel gp
If my mom claims me as a dependent! Can i claim myself as independent???
hello, everybody i want to know or make sure if i my mom can claim me as a dependent while i claim my self as independent. i'll give some information so you can help me better. i just turned 20 on Nov 25-2007, i am a student, i have a part time job, and i just earned less than 11,000 last year, and my mom almost pay everything in the house. and because she pays almos everything or lets say everything in the house,she wants to claim me as a dependent, but i want to claim my self as independet, it's that possible to that? i want to know it before do that.
                     
 




notaperviemusculargent
Rating
Your mother has 5 tests to meet to claim you as a dependent. You are her son. So she has 5 tests the IRS administers to see if you are your mother's qualifying child:
1-age: you are no longer under 19, but, are you a full-time student?
2-relationship: that test is met. You are your mother's child.
3-length of residence: To meet this test, your child must have lived with you for more than half of the year. There are exceptions for temporary absences, children who were born or died during the year, kidnapped children, and children of divorced or separated parents.
4- support: To meet this test, the child cannot have provided more than half of his or her own support for the year.
5- special test to see if you are the qualifying child of more than one person.

From your information, it appears to turn on whether you are a full-time student and whether your mother provided more than half of your support. The IRS usually accepts what the school declares. Here's the worksheet that the IRS wants you to use to determine if one pays over half of the support:
Funds Belonging to the Person You Supported
1. Enter the total funds belonging to the person you supported, including income received (taxable and nontaxable) and amounts borrowed during the year, plus the amount in savings and other accounts at the beginning of the year 1.
2. Enter the amount on line 1 that was used for the person's support 2.
3. Enter the amount on line 1 that was used for other purposes 3.
4. Enter the total amount in the person's savings and other accounts at the end of the year 4.
5. Add lines 2 through 4. (This amount should equal line 1.) 5.
Expenses for Entire Household (where the person you supported lived)
6. Lodging (complete line 6a or 6b):
6a. Enter the total rent paid 6a.
6b. Enter the fair rental value of the home. If the person you supported owned the home,
also include this amount in line 21. 6b.
7. Enter the total food expenses 7.
8. Enter the total amount of utilities (heat, light, water, etc. not included in line 6a or 6b) 8.
9. Enter the total amount of repairs (not included in line 6a or 6b) 9.
10. Enter the total of other expenses. Do not include expenses of maintaining the home, such as mortgage interest, real estate taxes, and insurance. 10.
11. Add lines 6a through 10. These are the total household expenses 11.
12. Enter total number of persons who lived in the household 12.
Expenses for the Person You Supported
13. Divide line 11 by line 12. This is the person's share of the household expenses 13.
14. Enter the person's total clothing expenses 14.
15. Enter the person's total education expenses 15.
16. Enter the person's total medical and dental expenses not paid for or reimbursed by insurance 16.
17. Enter the person's total travel and recreation expenses 17.
18. Enter the total of the person's other expenses 18.
19. Add lines 13 through 18. This is the total cost of the person's support for the year 19.
Did the Person Provide More Than Half of His or Her Own Support?
20. Multiply line 19 by 50% (.50) 20.
21. Enter the amount from line 2, plus the amount from line 6b if the person you supported owned
the home. This is the amount the person provided for his or her own support 21.
22. Is line 21 more than line 20?



No. You meet the support test for this person to be your qualifying child. If this person also meets the other tests to be a qualifying child, stop here; do not complete lines 23-26. Otherwise, go to line 23 and fill out the rest of the worksheet to determine if this person is your qualifying relative.



Yes. You do not meet the support test for this person to be either your qualifying child or your qualifying relative. Stop here.

Did You Provide More Than Half?
23. Enter the amount others provided for the person's support. Include amounts provided by state, local, and other welfare societies or agencies. Do not include any amounts included on line 1. 23.
24. Add lines 21 and 23 24.
25. Subtract line 24 from line 19. This is the amount you provided for the person's support 25.
26. Is line 25 more than line 20?



Yes. You meet the support test for this person to be your qualifying relative.



No. You do not meet the support test for this person to be your qualifying relative. You cannot claim an exemption for this person unless you can do so under a multiple support agreement, the support test for children of divorced or separated parents, or the special rule for kidnapped children. See Multiple Support Agreement, Support Test for Children of Divorced or Separated Parents, or Kidnapped child under Qualifying Relative.


pikaberrygrl
Rating
Since you are currently a full-time student, you lived with your mom more than 1/2 of the year and you did not provide for more than 1/2 of your own support, your mom should claim you as a dependent. It will probably be more beneficial for your mom to claim you than for you to claim your own exemption.


Judy1
No, only one person can claim you for an exemption. From the info you provide, that one person is your mom, not you.


sabrina j
nope you cannot you have let the gov know someone is claiming you as a dependent


ROB
nope sorry dude. but if you adopt a kid you can claim them.


Super Mom
Rating
Also, you wouldn't get hardly anything back, and the loss of not claiming you would greatly impact your mom's tax return. Make a deal with her, to do a little extra for her, and see if she will kick down a cut of the tax return to you in return for you not claiming yourself, that's what we did when I was a working kid.


kathykoul
You still qualify as your moms dependent. The bad thing is that even if she doesn't take an exemption for you then no one can because you're not allowed your own exemption as long as you qualify as a dependent. So I suggest she claim you and get the exemption.


Joseph
Rating
If your mom claims you as a dependent, you cannot claim yourself as a dependent.

If you did this, you both could be audited and one of you would end up owing the IRS a lot of backed taxes.

Trust me, if your mom is paying almost everything, the tax benefits for her of claiming you as a dependent far out weigh any small amount you would gain from claiming yourself. I would let your mother claim you.


karie
Rating
i lived with my aunt last year up until aug. 22 she did claim me although i payed for my car insurance, my car, gas money, food, and personal items that i needed. she still claimed me. and she claimed my sister. who didn't live with her the full year. could she someone reverse that so my mom could claim my sister?


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