 Should I file my own taxes online? |
Hi all, im not sure if I should go to Hrblock to do my taxes this year, as I have done in the past. I dont have any dependents and my wife and I claim married 0 all year.
Should I keep going to ... |
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 Can I claime my niece on my taxes? |
Can i claime my niece she was born today. my sister have not work for a whole year and would like for me to claime her on my taxes since she does not work. will this be a problem?
Additional D... |
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 So is not putting 2p on petrol going to help the poor working people of the UK? |
| After it's gone up by 30p in the last two years! the idiots in this Government are far as far removed from day to day life for the majority as it's possible to be!... |
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 W4 - tax form? |
I can't figure these things out. ... I'm single with no dependents. Shouldn't I be claiming zero? Why am I reporting 2?
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There's nothing else to ... |
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 Witholding taxes question:single with no dependents? |
Iam single with no dependents what is the best number to claim with not so much money taken out. but yet dont owe at the end of the year?
second question:what if i dont want not to much taken ... |
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 Will I receive my Stimulus check? |
| Has anyone that owes back child support receieved their Stimulus check? I owe my ex back child support. I got my letter on Thursday saying my check would be here tomorrow. And I havent received ... |
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 Stimulis check interception? |
| I wrote a while ago and asked if my ex, who is behind of child support, would have his stimulis check intercepted like his income tax was. All of the answers that I got were yes. My good friend is ... |
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| How many people have already "spent" their stimulus rebate check? |
| Have you already went out and bought something because you are counting on this check to pay for it?... |
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| If I own a business can I use both mileage and vehicle costs? ( gas repairs, etc? |
| Can you use both mileage and repairs when you own a business and the vehicle is owned by the business?... |
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 How should I do my taxes? |
| I just moved back in with my parents in June, I was a newly single mom, my son't father left me. I don't pay rent or anything but I pay for everything me or my son needs. I even buy our ... |
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| What are the advantages and disadvantages of having a flat tax? |
It seems like a good idea to me, but as an economic centrist, I prefer to weigh all the options before deciding what I like.
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That was TAX, not CAR.... |
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 How can I find out how much taxes I will owe if I withdraw from my IRA of $70,000? |
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I am 68, with low income which is less than $17,000 per year. No state taxes.... |
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Dominicks Granny | Is "Cancelled Debt" Income subject to Self-Employment Tax? |
Additional Details
This was a personal loan. Both my husband & I were self-employed at the time. However, this was a personal loan from my father-in-law (Before anybody jumps on me for not paying it back, let me explain that my husband suffered a hemmorhagic stroke which left him with brain damage and confined to a wheelchair. I had to quit work to care for him, and I had to sell the property to pay off as much debt as I could and still have enough to purchase a small home in town. We live on extremely limited income!) I reported it on my 1040 on line 21(other income). I use TurboTax. TurboTax didn't calculate owing any self-employment tax on those monies, however I got a letter from the IRS stating that my return has undergone an examination, and I owe the self employment tax on those monies plus penalties, interest.................... I have searched and searched, and find no information that leads me to believe that a personal loan that is wrote off is subject to self-employment tax.
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PepsiLime
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No, just regular tax at whatever your tax bracket is. |
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Judy1
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No, just to income tax. |
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NoNickname
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"Cancelled Debt" is unearned income and thus not subject to self-employment tax, but is subject to regular tax. |
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starbix
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First of all, why do you consider this cancelled debt? Did your father-in-law decide that you'll never pay it back and write it off as bad debt? There'd be no advantage to his doing that. Were there any specific terms to this loan? Is it in writing? Would your father-in-law agree to call it a gift? If so, then it may not be taxable at all. If it is cancelled debt and you incurred all the other losses you mention, you may be able to exclude it from your income. Under the insolvency exclusion, you can exclude cancelled debt to the extent your were insolvent (assets minus liabilities). Example, if just prior to the cancellation of debt your assets were worth $50,000 but your liabilities were $75,000 you are insolvent by $25,000. If the "loan" was for $26,000 you can exclude $25k and need only report $1000 as income. Cancelled debt is taxable for federal taxes but not self-employment taxes. Good luck. |
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Tomk
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No, you don't have to pay self-employment tax on the forgiven loan. Actually, I would not have called it a "loan" at all if it were me. You don't have to pay taxes on GIFTS. You could have considered that a gift from your father in law rather than the forgiveness of a loan. If the amount was more than $12,000, then --crazy as it sounds-- your father in law would have had the obligation to pay taxes on the excess.....IF he reported it.
In my opinion, you could have skipped listing this altogether and called it a gift. |
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CHRIS V
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It is whatever tax bracket you are in 15%, 25%, etc. That is the amout you will owe. For example $10,000 of debt is written off as part of a settlment, and you are in a 25% tax bracket you will have to pay Uncle Sam $2500 next year. Assuming the creditor files a 1099-C. |
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MukatA
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Cancelled debt is reported as other income. Since you were self employed, probably IRS is taking the stand that this debt was your business debt so it is subject to self-employment taxes.
If the debt had nothing to do with your business, then you have to prove this fact to IRS.
Another point, check how did your father in law treat this amount. Did he treat this as his business loss? |
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shelcom
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It's income, so if you're self-employed you will need to pay all taxes on it. |
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