 Married filing separate and joint? |
| i think my ex husband (final as of 3-16-07) may have filed MFJ or single on his tax return. In our divorce decree it clearly states that why BOTH must file married filing separate as we could not ... |
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 I have not paid my taxes in 2 years..help!? |
| I never owe. I have always gptten like 1000 dollars back every year. But because I am behind on student payments, they always take it anyways. So for the past 2 years I haven't bothered. I want ... |
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 Why is my former employer reporting 1099 income for my rolled-over 401(k)? |
| I left my company last year and promptly rolled over all of my 401(k) *directly* to an IRA. I've done this several times before. I almost had a heart attack when I got a 1099 from them ... |
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 Do do employment taxes reduce Federal income tax? |
for insta
nce, let's say you earn $100 before tax wages.
$7.65 gets taken out for FICA taxes
Ignoring exemptions and other deductions, do you pay income tax on ... |
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 Is 125,000/year a good salary? |
I have a job offer that could bring me that. It's a reduction from what I am making now (reduced by about 50,000/year). However, I can spend more time with my family.
Any comments?... |
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 Do I have to pay taxes on lotto winnings if I do't live in the UK? |
| I have won a promo but before my prize is released to me they said I would have to Pay taxes on the money I won because I don't live in that countryand they don't take it out of the prise ... |
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 I just filrd my income taxes for the years 2001, 2003, 2004, 2005, 2006 what the penlties for this? |
| i just file late for all those years how long will it take before i hear anything from the IRS or the State. And is it to to get a refund on the years 2001 & 2003?... |
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 I have a confusing tax situation,please help!!? |
| I was paid 4000.00 from unemployment compensation in 2006 and have a w2 from 2005(that I did not use when I filed 2005 taxes last yr). The W2 states that I made $170.00, and paid $10.54 in SS tax ... |
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 Do I Need To Pay Estimated Tax On My Partime Business If I Have A Job? |
| I'm starting an online mailorder business from my house..I will have no employee's.will i have to file estimated tax or can i just file before April 15?... |
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 Change to 10% income tax band? |
| I says that from 6 April 2008, the starting rate of 10% is abolished for non-savings income. What exactly is 'non-savings income'?... |
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 Please can someone tell me whether 18 yr olds in full time study have to pay council tax? |
When does a one parent mum lose child benefit for their 17 + children if they are in full time study and cannot contribute to household expenses.
Additional Details
tx all fr replies.
... |
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 How much will my refunfd be???? the rebate? |
I paid 2100-2200 in federal taxes this last year.
I earned 25,900
single no dependants
How much you think??... |
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 What are the tax implications of winning a dream home? |
| If I sell it before moving in will there be a bigger tax hit than selling it as a primary domicile?... |
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 What exactly is a 1099 ? Important !? |
| I recieved a settlement through a company for wrongful termination..It was less than 20k. Will the company have to send me a 1099 with my W2 and if they do Not send it....what do I do come tax time ... |
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 Do all jobs have to pay you earlier at xmas? |
like dec 21'st or something?
Additional Details
im asking cos my employers are bast*ds to work for and i dont think they would pay their employee's early as a good will gesture.... |
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 My husband's employment filed him as married for 3 years now before we were married. Can we re-do his taxes? |
| We are now married and are being asked for past tax returns, only problem is we don't know if he was filed as married or single. The company claims they never kept his paperwork. If they ... |
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 Elderly 45 to 50 year old unemployed persons get ZERO? |
| Regarding the new Bush Tax Rebate If a filers AGI is --say for instance-- $2900 -----as I read, if you made less than $3000 you won't get anything--thats not right or fair???? Just another smack ... |
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 $600 Tax Rebate? |
| A lady I work with says that you only get that money depending on your social security number? I've heard much different, that it depends on your income and how much you make in a year. Anybody ... |
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 Someone from the IRS left a sticker on my door telling me to call? |
Does anyone have any idea the reason someone from the IRS would come by my apartment? I thought that if the IRS needed to contact you they would send out mail.
This is odd to me, the ... |
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moogierules | What happens if someone else pay off my mom's house? |
She is recieving social security. Would she have to claim this on her taxes? Will this affect her social security for next year? |
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Soror Kate ART VT
 |
Your mother will NOT have to claim this on her return. However, if the payoff is more than $11000, then the person who pays it off for her may have to file a gift tax return. Yes, the person giving the gift is the one who pays the tax on it. Yes, I know how screwed-up that sounds, but it's the truth.
However, if your mother has been deducting the interest on her return, she may only deduct what she actually pays, not what someone else pays off for her, so be careful there.
I don't know how it will affect her Social Security. Sorry, that's just not my area of expertise, though I'm learning. |
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FlCpa
 |
Your mother will not have to claim this as income. The person who pays off her house will more than likely have to file a gift tax return (the donee files this return anytime they have made gifts over the annual per person exclusion- which in 2006 is $12,000). However, unless that person has made substantial other gifts in his or here lifetime they will not owe tax. The lifetime unified credit for gifts is $345,800 which is the tax amount on one million dollars of gifts. If the person paying off you rmother's home has made more than one million dollars of gifts they will owe gift tax when they file the 709 (gift tax return). Since it is not being claimed on your mother's tax return I don't know how it could possibly affect her social security. |
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Judy1
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No, she wouldn't have to claim it, and no, it wouldn't affect her social security for the next year. Social security payments are based on work history, either your mom's or your dad's if she's collecting on his account. She doesn't get more because she has a mortgage payment, and would not get less if she doesn't. Now if she's getting SSI, that could be a different answer. |
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duoak
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If someone else pays off your mom's house, she must list that amount as income on her taxes.
What kind of social security is she on? If it is retirement benefits, it will not affect her. However, if she is on SSI or disability, SSA may stop paying her benefits or even go after her house. |
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bostonianinmo
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Assuming that she is receiving Social Security Retirement benefits, it will have no impact. Social Security Retirement is not a needs based entitlement. If you are eligible, you collect without regard to other income.
If someone paid off her mortgage, it would be treated as a gift. As such, it might be subject to the Gift Tax, however that has no impact on your mother. The Gift Tax is assessed on the giver, not the recipient. |
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TaxGuru
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If someone pays her mortgage as a gift to her, then she will not have income as a result. It would be necessary to consider all the circumstances in order to advise you properly, so you or she should consult an attorney or CPA if there's a large amount at stake.
I can't speak to the social security question in general, but based on a quick search of the social security website, it does not appear that her benefits would be reduced unless this payment is considered "wages" or "net earnings from self-employment." |
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ĴΩŋ
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You need to talk with a tax advisor. Check with H and R Block. They are good people. |
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misslabeled
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She may be subject to Federal Gift Tax based on the current value of the property if for whatever reason it cannot be collect for the giver. Before anyone does this "favor" for her, talk to a tax professional. It may not be much of a favor. |
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