 Does the 16th Amendment specify what is to be considered as "income," is all labor earnings considered income? |
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 Shouldn't we be able to deduct tips left at restaurants from our taxes, as they are someone's salary? |
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 Race and income tax question? |
is racial classification a factor when determining:
-how much income tax a person pays
-or what tax bracket a person is in
???
thank you in advance.
... |
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 Should there be just one tax band of 10%? |
any thoughts on this?
And I mean, EVERYONE pays, no exceptions, no loopholes, no get out clauses... everyone in the country pays one low rate of 10%
Consider it for a moment, ... |
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 So there is NO income tax law? |
that requiers you to pay income tax now knowing that is there any way to get away from paying that income tax avery week on your pay check?
Additional Details
that requiers you to pay ... |
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 I think there's a conspiracy against me? |
| I became unemployed/retired November 2007. I applied for unemployment insurance benefits. They denied it and I appealed. I won the appeal. Within one week of me winning my appeal I had the C... |
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 I recieved an email from the IRS and I wanted to know if this is a real email from them. Can you help? |
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 Rebate stimulus checks? |
| i want to check when i will receive my stimulus rebate ... |
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 Ok its May 30 and wheres the stim tax check? |
They said on the news and site go by last 2 dodgets of ss# and Iam o6 wheres mine and has anybody got deposit yet? it would be nice if somebody got it !
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Duh I feel ... |
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 Is there aby way to opt out of Social Security for an employee? |
| To me Social Security is a waste of my money. I cant retire till I am 70 and by then , there will be nothing left. If I invest or even bank that money, I will be getting a lot more productivity out ... |
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 Have i been paid to much? |
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a667341 | Will I have to pay an inheritance tax? |
My mother and I own a house together, but the mortgage is only in my name. If she dies will I have to pay an inheritance tax on her half of the house? The house is in Maine (don't know if that matters). |
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wizjp
 |
Why not have her do a deed of gift into you and have her retain what is called a "Life estate" that would allow her to guarantee her right to interest in the property untill her death, at which time it would pass to you without having to involve probate.
Check with a local atty; not a big thing to do. |
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Jbb
 |
The mortgage doesn't have anything to do with it -- it's just a loan. What matters is how the property is titled. If the title says you and mum are JTROS (joint owners with right of survivorship) - very common - then when mum passes, you will be the sole owner and the property does not go through probate. The basis price of the house will be "stepped up" by reason of mom's death - and no, there is no tax. Then, when you sell, the first $250k profit is not taxed either unless you have depreciated the property in prior years. And, by the way, inheritors do not pay inheritance tax. If any is due, it is estate tax and paid for by the estate, not the recipient. (other rules apply to 401k money, but that is too far afield) |
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curmudgeon
 |
the tax only kicks in at 5 million or so. |
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Juleette
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DEPENDS ON THE AMOUNT AND THE STATE
IN SOME STATES ANYTHING OVER 1000 IS TAXES BUT CHECK YOUR STATE (OF INHERITANCE) GOOD LUCK |
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Laura G
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the house has to go through probate first,
the house taxes will be due, but no
you wont have to owe inheritance tax on a house |
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stockoslayer
 |
I believe you wont be taxed unless your mother's share of the home is valued at over $2 million. |
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Ammo C
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How can you both own the house if you are the only one on the mortgage? Is her half paid off already or something? If the house is in your name you should not have to pay anything. But if she is considered part owner you will have to pay something for her portion. |
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hamm42
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its america, im sure youll have to pay something! |
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Heidi
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The life estate is a bad idea because then she's going to owe gift taxes now. Who is paying for the house? The IRS is really into substance over form on Estate Taxes, so if you are paying all of the mortgage and her name was only on the deed for paperwork reasons, you shouldn't owe. Maine is a different story. Most states have what is called a pick-up tax that "picks-up" what the Federal exemptions don't collect. One good idea is for her to start giving you a percentage of the house each year up to the maximum gift tax exemption. In 2006 that exemption amount was $12,000. |
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Sam Fisher
|
Not a tax expert, but I did stay at a .....
I don't believe you will get taxed. You already own the property (by way of the mortgage).
Capital gains tax kicks in when you make more than $250K in profit (capital gain) on the sale. ($500K if married).
But I'm am not certain, consult a tax attorney or CPA - this is the sort of thing you don't want to screw up. |
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