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 Can i claim my girlfriends 2 kids? |
| my girlfriend and her 2 children have lived with me for 5 years, this year i tried to claim the kids on my taxes for the EIC credit, the IRS sent me a letter saying no way because they are not blood ... |
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 I just filed unemployment and they are taking 10% out for taxes I want to know is this going to affect my w2? |
Additional Details
I want to know is this going to affect how much I get back at the end of the year. By filling unemployment. And do they take your taxes withheld from your employer to ... |
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A . Z . | Rent & tax...? |
Someone I know has rented their flat for a small amount of time (under yr) to a student therefore can claim back the council Tax. However if they try to claim the money back they inform the Local Govt that their property has been rented. Therefore news might get back to the Tax man thus would they have to pay income tax on the rent income? The rent income only covered the mortgage so no money (profit) was made but are they still taxable? If so would it be best not to claim back the council tax so no one knows the flat's been rented. |
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Chick
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Say, your friend gets 10k a year in rents. They can deduct allowable expenses from this to arrive at a taxable profit. Allowable expenditure does not include the mortgage. It only includes mortagage interest paid. They can deduct things like council tax, water, furnishings, and the interest paid on the mortgage. but cannot claim capital expenditure. For example, they're paying 10k on the mortgage in the year and 3k of that is interest, only the 3k can be offset against the 10k rental income.Therefore, in the eyes of the taxman they probably will be making a profit. They may be breaking even on the mortgage, but that doesn't matter.
Also, there's a capital gains tax implication when the property is sold... any profits made are liable to capital gains tax.
Hope this helps. |
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scorpiotoo2000
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Bad move don't ever avoid paying tax the government don't like it. If I were your friend I would admit it before word gets back to them. |
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katehughes2706
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Well he shouldnt be paying the council tax anyway, the tenant should |
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Davy B
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As others say the owner will have to let the taxman know but if the rent simply covers the outgoings [mortgage and so on] then there will be little or no tax to pay.
It is really not worth trying to avoid them! they may get to know by other sources... |
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thebigtombs
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The council tax should be paid by the tenant, not the owner.
Renting a property out and not informing HM Revenues and Customs could be a bit of a problem, as any moeny earned would need to be treated for tax purposes, if there is no profit, then there should very little or tax burden, however failing to mention that this property is being rented out could be seen as an avoidance of tax, and therefore prosecution could result.
It's best to contact the tax office and explain the situation, explaining that 'your friend' is very busy and just never got round to telling them.
As it is less than a year, it is unlikely to be deemed as a serious offence, and 'your friend' may find that actually they can claim tax back, for expenditure on the house that has not been covered by the income they receive from it. |
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jackie m
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In the UK if you rent out your property you MUST inform the inland revenue as it is classed as taxable income, and the tenant should be paying the council tax but if its let to a student they are exempt from council tax. |
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Onestep downfrom God
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Declare the income, less expenses including mortgage interest, on the 2007/08 tax return.
If the result is a net loss there's no tax to pay, so why hide it.Plus you can carry the losses forward against any future profit. |
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Mark J
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There may be no income tax liability as mentioned above but should the property be sold then there may be a libility to capital gains tax - this depends on the gain over the year it was let.
The solution is not to sell it until it becomes your main residence again. There will be specific rules for this and you need to contact a tax advisor. |
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CARA S
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yes |
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suerye
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Well, the local authority won't inform the Inland Revenue that the porperty is being rented out - but if your friend is not making any profit on the letting, why is he bothered about IR finding out? You only pay income tax on the profit made.
Always best to declare these things as some jealous person is quite likely to dob him in to IR and then they can investigate his whole income. |
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Steve B
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What you going on about ??? Council TAX is on the PROPERTY OWNER (not the person who lives there).
Of course most Landlords get the Council Tax from the Tennet, however the owner can not 'claim back' anything ... |
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