 What does VAT registered mean? |
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I know what V.A.T stands for but what does VAT Registered mean?... |
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 If a person doesn't file taxes, but doesn't owe the IRS additional money, what are the chances of a problem? |
| Yes, she is required to file based on IRS requirements, but if she doesn't owe money will they really come after her?... |
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 Will we be able able to claim my kids? |
My fiance claimed my 2 kids and me on the 2005 income tax return
and IRS audited him and we did not have enough evidence that shows he
lives with me and maintains my kids finacially well ... |
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 Are there any ways that I can claim back some IHT tax which I have had to pay on my late Fathers estate? |
| I have had to pay out quite a few thousand pounds on his estate and think it is so unfair paying this money back to the G... |
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 Why is it so hard on small businesses? |
| My husband and I own a residential/small commercial electrical company. We have 10 employees and 5 trucks. Besides having the cost of insurance on the vehicles, we have to pay workman's comp, ... |
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 Why don't I have my tax rebate? |
| The news articles have been saying the people with low social security #s will get theirs first (the last 2 digits) my husbands is 00, you can't get any lower, and he was the main filer on our ... |
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 Question about tax deductions, Can you? |
| A friend of mine told me that you can catalog donated items; such as men's shirts, woman's pants, per pair, etc. and get a certain amount back. I plan on going through them and write it all ... |
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 Why register for VAT? |
| Apart from businesses having to register for VAT if their turnover is over £61000, what are the benefits for registering if you dont have to?... |
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 I AM GOING TO BE A FATHER IN THE END OF NOVEMBER. I AM WONDERING IF I SHOULD CLAIM MY CHILD AS A DEPENDENT NOW? |
| MY QUESTION IS THAT I MAKE MORE THAN MY WIFE. SHOULD SHE CLAIM OUR CHILD OR SHOULD I? WHO WILL GET MORE BACK WHEN FILING FOR TAXES?... |
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 How can a non-custodial parent claim child on taxes, if child support is up to date? |
my son lives with his mom, all the time. i have visitation, she stopped letting me see our son.
she is contemp. my attorney said i can claim our
son each year as long as my support is up to ... |
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 Can I claim my girlfriend as a dependent? |
Hello
This might sound stupid but, can I claim my girlfriend as a dependent. She has been living with me the whole year, she is a student, she worked for like 3 ½ moths part time at the ... |
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cindy m | My father invested $15K in my business in 2001. Business died year later. Can he see tax return on monies? |
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Jo Blo
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Your father could have taken the loss as a deduction but only in the year your company went broke, it's too late now to take that deduction. |
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STEVEN F
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Even if it was deductible. The statute of limitations for claiming refunds for tax years ending in 2003 or before has expired. He would have had to claim a capital loss in 2002.
Had this happened more recently, I believe he could use the loss to offset capital gains and use up to $3,000 net loss per year. |
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Dee
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Since this was not an arm's length transaction, tread with caution. If you were self employed, it's too late. If your business was, for example, a partnership and his interest was not dissolved/sold until within the last 3 years, & he was a silent partner (no active participation), you may want to read the following:
See the very bottom of page 9 & top of page 10 at the following:
http://www.irs.gov/pub/irs-pdf/p925.pdf |
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resume_reply_chris
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What are you asking? tax return? please clarify. |
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Judy1
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Not sure what your question is.
If you're asking if he can look at your tax return, no he can't unless you show it to him.
If you're asking if he can claim a capital loss on HIS tax return, he might have been able to if it was clearly an investment and not a gift to you, but if the business died in 2002, he'd have had to claim it for that year (when the investment/stock became worthless) and it's too late to claim refunds for 2002. |
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bostonianinmo
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If this was a true investment then he can claim the loss on his taxes as a capital loss. It must be an arms-length transaction since you are closely related. The IRS often looks at these as gifts if you didn't structure things properly.
No refunds are available for tax years 2002 and 2003, however the loss limitation is $3,000 per year so he could file amended returns for 2002 and 2003 to carry forward the remaining losses. He can still get a refund for tax years 2004 though 2006 so it might be worth the hassle of amending those earlier returns in order to carry the losses forward to the years where the refunds are still available. |
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levindis
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I believe you are asking if he can write off the $15,000 loss on his taxes and I believe the time allowed for him to do that has expired. I believe you have 3 years to claim a loss on your taxes. in whcih case 2005 would have been the last year to claim it. |
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Bruce
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He can write it off as a bad business loan and use it in next years tax return to get a portion of what he paid in taxes while the business was in operation. I guess it really would depend on how much tax he submitted as to how much he would actually get back. And I guess it would depend on what country your dealing with because US has different laws than Canada. |
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