 If My Mother Transfers Her $125,000 House to Me Will I Have to Pay Capital Gains Taxes When the House is Sold? |
My mother is elderly and thinking about transferring the title of her house to me.
She bought it decades ago for $25,000.
I do not live with her.
If I later sell the ... |
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 Do you find it funny that I'm scrounging your taxes? |
I'm on the dole, are you glad to give me money because I'm too lazy to get a job?
Additional Details
Nicole - I love you
Carly - you spend that much on make up? J... |
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 Do you have to claim child support payment on your taxes? |
My grandma says no and my fiance and his sister say yes.
Which is it? Do you have a website to back up your claim??
Thanks,
Belinda
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Oh, I ... |
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 How does council tax work when students (who are exempt) live with working professionals (who arent)? |
I am a full time student, which means I am exempt from paying council tax, but I am about to rent a house with two of my friends who are both working full time.
When working out rent they ... |
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 Can my boyfriend claim my child on his taxes? |
| My boyfriend and I have lived together for 4 years. I have 3 children from a previous relationship and my boyfriend has no children. I do not receive any child support from my kids biological father. ... |
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| Maybe im naive (ok.. i am haha) but.. i have NO IDEA about taxes.. help? |
I am a single female.. and i have had two jobs this year.. one making about 38,000.. one making 45,000... I claimed 1 for my taxes.
I know.. i should have a better idea of finances but im ... |
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 Has anyone gotten there tax return back today that was done by H&R block? |
| i was just wondering because i was told i would be notified by text message and wanted to know if anyone has done this and received their return?... |
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 Husband hasn't filed his taxes in years?!!? |
| I checked the mail to day to find out my husband hasn't filed is taxes in years. 2002,2003,2004,2006 What is going to happen to us? We have 30 days to file but once we do won't we have to ... |
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 It's May 2nd and I did not receive my tax stimulus refund !!!!!!!!!!!!!!!!!!!!!!!!!... HELP? |
| Hi, I was supposed to be one of the lucky ones on that first schedule but I have not received anything yet as of 11:40. They said the payments would come in for that schedule May 2nd at the latest. ... |
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 Tv licence pleaaaaaase answer!!!!???????? |
| please answer am i better of buying a £135 year one????? cos it works out @ 22.5 per month for only 6 month!!??? if i jpoin up for a card cash scheme and they send it out in 7-10 days will that ... |
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 HOW much of your pay check do you give to charities? |
I think its over 15% for me.
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YOU know a penny given from the heart is worth more then a All the Gold in TEXAS .... |
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 Ive been over paid at work? |
In last months wages I was overpaid by about £750 before tax.
My employer is now asking for over £500 back by cheque or they say it will be deducted from my next months wages in one hit! No ... |
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 This may seem like a stupid question, but how could somebody born and raised in this state have a wrong ss#? |
| I work in a job where all my patients/clients SS number is posted on their record. SS numbers vary by state and region. For example in the state I now live in, Louisisana, everybody's SS number ... |
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 Why does the government see fit to put a tax on sanitary towels and tampons? |
I mean I can see the theory on cigs and alcohol but the tampons and towels.
Where is the logic?... |
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| IRS , is this true? |
| as long as you don't file, you haven't broken any laws. once you file, you enter into an agreement to pay. the US supreme court ruled in 1991 that our labor was our personal property and we ... |
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 Obtaining a copy of my W2 form? |
My employer is out of town until next month and I can not find my W2 form [2007]. Is there ANY WAY I can get a copy online somehow so that I can do my taxes?
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Forgot to ... |
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Mikey | Is it illegal to claim someone elses kids on my income tax? ? |
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Mike
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ha, sounds like tax fraud to me. |
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chatsplas
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YEP.
Did they live with you entire year and you provided more than half their support? Maybe. . . . .
Not enough facts. . . . |
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Judy1
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If they lived with you ALL year and a parent didn't, and you provided over half of their total support, then you might be able to legally claim them as dependents, but not for EIC or child tax credit.
If you are their sibling, aunt or grandma, and meet all the rules for their being qualifying children, you can claim them legally if their parents don't if they lived with you for over half the year, are under age 19 or under 24 and a full time student, and didn't provide over half of their OWN support. You could claim EIC and the child tax credit for them if you qualify.
Otherwise, no - and this is something the IRS is checking more closely since they are aware there is a lot of abuse there. If you claim kids illegally you'll have to pay back whatever you got by claiming them, plus interest and monetary penalties, and if you got EIC illegally you'll be banned from getting it for several years even if you qualify based on your OWN kids. |
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v b
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IRS pub 501.
In order to claim someone as a "qualifying relative" on your taxes, you must meet various tests.
One of these is that no one else can claim the person as a qualifying child (if they can, you can't claim the child as a qualifying relative). Unless a guy can claim his girlfriend as a dependent, he can't claim her kids as dependents.
For qualifying relative:
1. Either close family relationship or they lived with you from 1/1 to 12/31. (Let me stress that *or.* You do not have to be related to them.)
2. They must be a US citizen or resident alien.
3. They can't file a married filing joint return with someone else.
4. They make less than $3500 for 2008.
5. You can prove you provided more than half of their support.
For all this you get a $3500 deduction on your tax return. At the 10% tax rate, that saves you $350. A qualifying relaive does NOT entitle you to HOH filing status, child tax credit or EIC. Claiming them as "foster children" or "nieces/nephews" or "stepchildren" when they aren't is fraud and when you get caught, you have to pay the money back and are barred from EIC for up to 10 years. |
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Suntan
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It really depends on many of factors, to name few.. what relationship do you have with these kids (stepkids, nieces, nephews....), how long do they live with you, and of course, age of kids and others. If these kids are qualifying children of someone else you can not claim them for sure. I suppose you have asked this question because of the Earned Income Tax Credit (EITC) Purpose. Nobody just can't answer your question based on the information you provided. The US Tax Law is too complex and it has so many IFs and ORs. If you want a good answer, you should provide good details. |
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worldstiti
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It is not illegal if you contribute to more than half of their support and no one else is claiming them. Which is very unlikely.
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beautiful0325
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Very much so. |
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Prophet 1102
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Yes |
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masterhersh
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no democrats do it every year |
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saberao98
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Is the child a relative?
If yes, answer the following:
1. No one else will claim the child as a dependent
2. The child earns less than $3,400.00 during the year
3. You provided more than half the total support during the year.
4. You are related to the child (grandchild, step child, sibling, half sibling, nephew, niece, aunt, uncle, in-law, foster child (placed by government agency)
5. The child must be a citizen
If yes to ALL the above, then yes you can claim the child as a dependent. YOU MUST be able to prove all the above are true. Keep your ducks in a row. |
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sexybabe
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Er Yes!! |
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I <3 Shoes
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yes, unless you take care of them and have guardianship. |
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BOBINGTON
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Wow are you serious!? Of course it is! |
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varona06
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duh..yeah...but ppl keep doing it anyways... |
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Jennifer
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yes it is illegal. why would you want to break the law. |
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short cake
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Um yeah. That's a BIG no no. You will more than likely get caught. |
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papi
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only if you get caught |
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bumblebee
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Yes...but only if you get caught..... |
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dunbars-girl
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duh! but everyone frken does it. but if the govt does find out. your owin a hella lot of money.
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