 When filing my tax return, how do i claim myself as a dependent? |
| on turbotax.com, im doing my taxes, if it asks who i want to claim as a dependent, can i put myself in order to get all taxes back if i made less then 12,000 in a year?... |
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 I have a tax question. Here's the situation.? |
| Me and my ex-wife has joint custody with 2 kids. On the divorce papers it says that I claim 1 child and she claims the other. However this year she did not have a job so she can't file her ... |
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 Just had a baby.............? |
| had a baby in June 2008. I already got my economic stimulus (for a childless couple.) Will I get an extra 300.00 now that I have had a baby?... |
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 Can I file head of household? |
| My g/f and I have 2 kids. One is hers and the second is ours. We live at her parents house and split the bills. We both work full time, she's under the table, I'm ½/yr 1099, other ½ W2 / ... |
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 Why don't people support tax raise on rich people? |
| How can they not afford it? It doesn't make sense not to support it.... |
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 If your accountant screws up on your taxes, then can he/she be held financially responsible? |
| We received info today from the IRS that says we failed to report $11,000 in nonemployee income. We submitted it to our accountant but somewhere there has been a screw up. The IRS now says we owe an ... |
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 What do you get a better income tax refund with a child or a house? |
| we live in new york state and my husband says owning a house will get you a better tax break.i say a child and claiming head of household will give more of a tax break.we both make together around 150... |
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 $80,000 Income and No tax write offs... Need Help? |
| I rent. I have no children. I have no deductions. What should I do??? Please H... |
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 Filed taxes on the 24th,.......i did it the 23rd checked email on 24th at 11 and it had been accepted.? |
| checked irs web and it said refund will be there no later then 5th.did anyone else get that? I heard they only deposit on fridays is that true? i have bank of america.how do they do it?... |
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 Do I have to report a rollover from a previous employeers 401k plan into my current 401k plan? |
Last year, I rolled over the funds in two 401ks (from previous employers) into my current employer's 401k. I.e., I just went from 3 plans to one. I didn't keep any of the funds, etc.
... |
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 Can I make payment arrangements for a IRS balance I owe? |
| trying to avoid it coming out of return. What can I do to prevent it? It was for a 9.51 cent return that wasnt filed on accident.... |
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 How many of you have got your stimulus check and it was less than what you anticipated? |
| I got mine and I was supposed to have got 900 and I only got 600. All of my friends that were supposed to have got 600 got 300. What's up? Has this happened to any of you? If so, what have you ... |
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 I received a ltter from the internal revenue service stating we would be receiving a stimulus check for1200.00 |
| not that I am complaining, but we owe the irs, we have been on a paymnt plan with them where they take money out of our account every single month. says that the check will be mailed on May 30th. Are ... |
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 Parents claiming me as a dependent for 2006, but now I'm married. Do I file married filing jointly? |
I graduated college in May 06 and got married in June 06. My parents are claiming me as a dependent because they paid for my college. (and still paying)
Now I am doing my husbands and I... |
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 Should i be self employed or an employed? |
My boss has offered me to go self employed. I thought hell yeah! I get £300 aweek for 2 days work as i sort out his kitchen. What would the difference in pay be?
If i was self employed would i ... |
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| New tax please help? |
| As Lord of the Manor I own all of the land and surrounding countryside that the local village is build on, and as such I may tax the common folk accordingly…now it is a common known fact that ... |
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Guniek | Is there any legal way to avoid paying capital gain taxes on the sale of rental real estate property? |
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bostonianinmo
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No, no way. A tax pro might be able to help you keep the bite as low as possible, but there's no way around the tax code on that one.
OK, I'll qualify that a bit. If you move into the rental unit as your primary residence for at least 2 of the 5 years prior to sale you might be able to exclude the gain. Any depreciation deduction that you took while you were renting it out must be used to lower your basis which will increase your gain. If the gain then exceeds $250,000 ($500,000 for married filing jointly) the excess will be taxed at the appropriate capital gains rate.
Another option would be a like-kind exchange but that only defers the gain, it delays the tax bite but does not avoid it. |
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jseah114
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The only way you can do it under current tax laws is to do a like kind exchange. This is where you, instead of selling it for cash, you sell it to someone who "pays" you in like-kind property (house for house). You will then be rolling over your basis in the old property to the new property and no gain will be recognized currently. |
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mugwumper
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Another way is to lose money on the sale. Then there are no capital gains. Ha! Sorry...I just had to. |
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emeraldsky21
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If you have sold it already then there is really no legal way to avoid the tax. If you have not sold it yet than contact your attorney or your accountant and ask about a 1031 Exchange (Like-Kind Exchange). There are rules regarding it but you can defer the tax on the gain until you sell the new property that you exchanged the old one for. |
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ninasgramma
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You may be able to defer the tax by exchanging the real estate for another piece of real estate which has a business use. This is called a "1031 exchange".
Or you could bequeath it to your heirs, who will inherit the property on a stepped-up basis and not pay tax on the capital gain that you had. |
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loryntoo
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You can always donate the gain to a charity. |
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besthusbandever
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you need to go and talk to a local CPA and see what they say, you probably have a time period to roll that money over into another property if you want to buy something else, but they can explain all of that to you. |
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Jack Chedeville
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placing the proceeds into a trust. |
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