 How can you track your federal income tax return? |
| its been about 8 weeks since i sent in my federal tax return and i need to know how i can find out if it was ... |
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 My financial advisor told me I can claim my meals, mileage, haircuts and...? |
| and clothing on my taxes for my work. I am employed, not an independant contractor. I go to the location in my town twice a week, and travel 66 miles 3 days a week to another town. I don't ... |
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 Bloomin Hell? |
| If you click on all the countries under taxation, USA has 2 questions, others none (I think) and UK 38+ questions. Is our tax system that bad?... |
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 If i bought an item on ebay from an international seller. Would I get taxed when it is posted to me in the UK? |
| More specifically i was looking to buy a sports racket. The listed price from power sellers in Hong kong looks cheap. Would I get taxed by the customs here in UK when the package arrives. And if so, ... |
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 Is there a standing reward of $100,000.00$ to anyone that can provide a law requiring you to file a tax return |
a tax code rule that says if you are required to file a Federal Tax return then you must file dose exist.
But you are not required to file.... |
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 Help with taxes!!? |
| Does anyone know of a website where it explains the meaning of claiming single or married and the amount of dependants? I am married and I would like to have more taken out of my paycheck each week ... |
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 How can I get less taxes taken away from my paycheck???!!!???!!!? |
I make a good income and feel that taxes are killing me. I get paid biweekly and and my check is $2925 and it comes out to $1885 after taxes!?!?!?!!? How can I get this down?
My Dad is ... |
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 IRS Stimulus check question? |
| did anyone get their stimulus check yet? How long did it take after your letter came to get it? also what numbers does your last two digets fall under? I know I supost to get mine within this week or ... |
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 PAN Card Allotted or not ? |
| I have a strange problem. My auditor has filed IT returns on with a PAN No which is claimed to be in somebody else name. How do i find out whats the PAN number alloted to me ? I had applied for PAN ... |
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 Are too many people claiming too many benefits these days? |
| I've been temping in a debt management company for the last few weeks and processing people's financial statements. More than 70% of the people are on benefits, alot of them with 4+ ... |
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 I already filed my fed taxes. The next day, I got a 1099G for a 2006 state refund? |
I did my taxes online, and filed electronically....I don't remember ever having to report my past year state refund in past years....
What is that 1099g for, anyway? Do I HAVE to ... |
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 I am going to pay 67% as income tax on my income? Thats Terrible... Help me...? |
| I am a telemarketer from india working for a mortgage company is USA, that company said i need to pay income tax in USA at 37% and now when i get my NET income after taxes. In India i have to again ... |
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| Would I need to pay council tax? |
| Me and my boyfriend are moving into together .. Im a degree student and my bf is in full time work. Now because Im a student would we need to pay council tax? Whats the system for student?... |
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James Earl J | We were gifted a home.....Should I sell my home or stay in it until 2012? |
We were gifted a home in August 2007.... I am told that we need to live in it for 5 years.... I have 2 kids and the house is really small my wife and i have been looking at larger homes and want to move..... We have 100K mortgage and it has recently been appraised at 420K..... I think capital gains are in play but i dont know for sure.... we have actually lived in the house since 05 but just took ownership in 07..... I am busting at the seams and just wonder what to do |
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Judy1
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Try to stay in your current home until August of next year. If you live in it for 2 years of the 5 right before the sale (you have) and owned it for 2 of those same 5 years (you haven't yet) then you can defer cap gains tax on up to $250K of gain, or $500K if married filing a joint return. So you'll save a ton of tax if you can stick it out until you've owned it for 2 years. There is no 5 year requirement - it's 2 OUT OF THE LAST 5 years. |
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ninasgramma
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Your basis is not zero, it is the basis of the donor. So, it is impossible to say how much your gain is going to be. If you sold the home now, you would pay long-term capital gains on the difference between the sales price and the donor's basis. Your mortgage does not figure into the tax on the gain.
Long-term capital gains is currently taxed at a maximum of 15%.
If you can continue to own and live in the home until August of 2009, you will pay no tax on the gain on the home, up to $500K. |
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viajero_intergalactico
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Charles gave you some really good info, but there is no substitue for what "es" says to do.
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Charles G
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Was living in it 5 years a requirement for the gift?
For tax reasons, living in the house you own two of the last five years enables you to exclude $250,000 ($500,000 if you and your husband both lived in the house 2 of 5 years) of capital gains.
If you can hang on until Aug. 2009, you would save a bundle on taxes.
Otherwise, move and take the tax hit. If you can sell this house (no guarantees) you could probably pay the taxes. Make an estimated payment of about 35% of the sale price. |
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v b
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The deal is that when you got the gift, you got the capital gains from the giver too. To be able to move and exclude the gain you must meet the section 121 rules. One of which is own the house for two years. |
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xtraheavy01
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If you were gifted the home, you need to figure out what your cost basis is. This maybe a transfer from the prior owner cost to your hands or the FMV at the date of the gift, depending on how it was handled.
This will determine the gain on the property. If you live it for 2 out of 5 years up to the date of sale you can exclude up to $500,000 of capital gains while you are the owner of the property.
You need to run the numbers and see if its worth it to hold the property for the required holding period and take advantage of the section 212 exclusion
Renting the property is an option, but the depreciation you will take will be subject to recapture at ordinary income You will be able to collect rent and write of the expenses of the property plus depreciation. If the result is a loss , you may be able to offset the loss
from other income such as wages, interest etc.. |
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es
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See an accountant and get professional advice. Nobody here knows your personal circumstances, and an accountant might have some good ideas for you-perhaps you should consider turning it into a rental and generating income. Really, get professional advice. It is better to pay for good advice than have some dummies tell you what to do on the internet! Some of the people who will answer you have no idea what they are talking about. |
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Martin
 |
If the US can’t fix the economic problem? What will be the best choice? |
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mamatsidale
 |
If you can hang in there until the market rebounds it will be worth your while. If you have found a home that you're already interested in buying, you can do a 1031 exchange and avoid paying capital gains tax on the sale of this home, but you still have to find a buyer for the current home, which in this market, may be a little tough. You might have to discount it for a quick sale... |
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