 The IRS SAYS I WORKED A JOB THAT I DIDNT? |
| its been going on now for a few years. no matter what i do it's not proof enough for them. i never even lived in the state that they are saying i worked in. they have tried to garnish my wages ... |
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 Will I get a stimulus Check? |
My mother claimed me on her taxes, but a letter told her that only children born after december 1990 are eligible for the extra 300 dollars.
Additional Details
okay im sorry i didnt add ... |
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 Gross Salary-What is my nett? |
I have seen a job that is paying £36,000 pa Gross. How do I calculate the ammount of Tax and Ni Contributiions to arrive at a monthly nett figure?
I do not have any outstanding tax from ... |
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 Should I declare dependants on my Tax Return? |
| Say "jim" was together with "sally" for 5 years and they were common law, and sally had a child. Jim took care of the child but was not the biological father and unfortunately ... |
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 Wait... Theres no law in the U.S. that requires you to pay Income Tax? |
You pay a tax on the income that you earn and file it with the IRS but do you really have to? So why are you paying and who will get rid of it? The truth to this answer will shock you.
A... |
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 Why is our fuel so expensive (UK) ? |
| If over the past few years when the £ has been getting stronger against the $ and fuel is bought in $, why has it been getting more expensive for us ? Have I missed something or am I just not ... |
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 How can I claim milage when I file my taxes? |
| I DRIVE FOR WORK TO SALES APPTS I WAS TOLD I CAN GET UP TP 30 CENTS A MILE. IF THIS IS TRUE HOW DO I GO ABOUT DOING SO.... |
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 If I owe the IRS money and am getting a refund on my 2006 taxes, is there a way to apply that? |
I'm using Turbo Tax and I don't see that as an option. Do I need to file on a 1040ez instead?
Thanks!... |
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 Would making community college tuition free mean more taxes for us? |
Additional Details
Gov. Mike Easley & Bev Purdue wants that in my state.
Charlotte's mayor, Pat McCrory opposes it.
Is Mayor McCrory right?... |
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 Hi my fren has applyed for PAN Card But still it is under process? ? |
| Hi my fren has applyed for PAN Card in NSDL on 9-09-2008, Acknowledgment Number:061900100010545, But still it shows it is under process why it is too late? why these people make deley?... |
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 How many hours a week can a person work in the UK? |
how many hours can a person work in the UK?
is this possible for a week :-
Full time-35 hours
part time- 25 hours
part time- 20 hours
Am i allowed to work ... |
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 Do I HAVE to file my 2006 taxes this year if I owe money? |
| I will owe money on my '06 return...can I wait to file it next year with my '07? What are the statue of limitations in regards to filing?... |
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 IRS Tax Rebate Check? |
I an supposed to get a $600 check via direct deposit. I have not got my money in my account yet.
Has this happened to anyone else?
Who can I call or contact to track down my money? V... |
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| So the Tax payer is bailing out the banks, what do we get back ? |
Will we gain anything by bailing out the banks, as I am sure the Bankers will still make sure they get their fat christmas bonuses even though they have messed everything up.
They ought to make ... |
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 Who gets to claim the grandbabies if they live with us the grandparents. We are having a hard time this.? |
| One grandbaby is 13 1/2 months old and has olny lived outside of our home for maybe 2 whole months. The other baby is 9 months old has has lived here for 6 months. The parents totally believe that ... |
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James O | What tax would I pay on any profit from renovating and selling a house? |
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Deltic21
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Some of your other answers are plain wrong.
If the house has ever been tenanted you will pay Capital Gains Tax at your prevailing tax rate (22 or 40%) after your allowances have been taken out. As these are £8800 this year plus various others, you may owe no tax at all.
If you have just bought the house to do up and sell on, and it was never intended to be tenanted, you will pay income tax on your profit.
If you bought the house to live in as your main residence, you will pay nothing as it qualifies for PPR (Principal Private Residence) relief.
Good luck, but always consult an accountant and remember to keep all your receipts! |
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notmarriednochildren
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If you make a regular habit of doing up properties and selling them on, like Saphire says, this does not fall within Capital Gains liability.
This is because regular transactions of a similar nature with a profit seeking motive, for example buying a property twice a year (yes, even whilst you live in it), to do up and sell on for a profit can amount to a trade therefore you will be charged income tax upon it, but on a plus side you will only pay tax on your profits from the venture as the expenses used to renovate the property will be deductable from your profits.
I hope this helps, but seek professional advice before you make any decisions.
P.s Just because other people tell you that 'their mate' gets away with it doesn't mean that it is strictly correct.
For the people that think this is the government 'screwing' people out of hard earned cash - if someone is making a profit from trading then this is no different from someone earning wages from employment. Any income earned from a trading source is taxable regardless of which European state you live in. |
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Sapphire
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This may be taxable as income tax as opposed to capital gains tax if you are a property developer ie you will not be allowed to use your annual exemption for CGT purposes. Be careful of the rules regarding living in the property and classing it as your principal private residence. It is a somewhat murky area but I believe there needs to be some sort of evidence that the property was purchased with the intention of living in it. If you can prove this then the last 3 years of ownership are exempt for CGT. The thing to remember - if they can tax it they will! |
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Chick
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Capital Gains Tax. The first £8,800.00 of your profit in 06/07 is tax-free, then the bands are 10%, 20% and 40% dependent on your other income. |
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amsterdam
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If it's your own dwelling (and you have no other home) you pay no tax. Otherwise you're liable for Capital Gains Tax, which is 40% after the first £7,000. So if you make - say - £10,000, you'll have to pay 40% of £3,000 ie: £1,200.
If you're married or have a partner, I'd suggest putting half in their name. Then you each get the £7000 tax free allowance and would not start paying tax until the profit was £14,000. |
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Bob N
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capital gains. Unless you live in it while you renovate.Two guys i know have a very succesful business renovating cottages. They live in them and sell on when finished. Their last property sold for £2.5 million, |
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MANCHESTER UK
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If you bought it to renovate and sold it without being a tenant i.e. living in it as your primary residence, you would be liable for Capital Gains Tax. |
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Michael P
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Lots and lots Gordon and Tony will take you for everything they can. But seriously if you live in the house for at least 6 months it significantly reduces the tax bill. Speak to an accountant they can advise you with the exact details. |
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djp6314
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what ever this poxy government can screw out of you... My advice is get yourself a good accountant, I just took a new one on for my pub, and what he doesnt know about tax and ways round it, just isnt worth knowing, he great saved me a load of money!!!! |
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