 Has anyone received their stimulus check yet?? |
| My husband and I both have social security numbers that end in numbers under 20, indicating that we will recieve our check today, May 2. We filed our taxes online in January and recvd our refund via ... |
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 What should i do with my tax check? |
you see i filed my tax check and get the federal part back what should i do with it?
any suggestion is ... |
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 Uk answers only please.? |
| does anybody out there know of any debt consolodation companys that come to your house to discus everything.any answers would be much appreciated.... |
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 I didn't say that I have not been or do not plan to pay my taxes owed from 2005? |
| I certainly do and have been paying since 2005, however, since I am on a repayment plan, why should I be further penalized by having the stimulus check applied to that balance as well. I feel like I ... |
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 Can home repairs be written off on taxes? |
| I have a pipe leak in the front yard getting fixed and it's going to cost 500 dollars. Will I be able to write that off when I do my taxes?... |
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 I have had a letter from a Bailiff company saying i owe £600 for council tax from a old address 2 years ago.? |
| It was a shared house and lost contact with my flat mates. Ive phoned the company and made a apponitment with them, as I cannot afford to pay it all immiediatly. What will their responce be?... |
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 I have called the IRS MANY Times and keep getting different answers (last 2 are 21)? |
| I am sure that my check will be mailed..... but I was at first told that it wasn't going to be (by the IRS). I still cannot get anything to show up under "where's my payment". T... |
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 Okay it's 5/1. Has anyone received their stimulus check yet? |
| the last two digits of my ss# are 43 so I know they said by May 9th, but I haven't heard a single person say they got theirs yet...... |
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 Can an employer cut your wage? |
| Just received letter confirming under Job evaluation my new banding and stand to loose £3000per year (current salary protected until April 09). What can I do? Anyone else been through same thing?... |
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 I quit my job and haven't received my last paycheck & it would be no use to get it in person. Any suggestions? |
Additional Details
The place where I worked is a doctor's office. There is no manager. The doctor already told me that he was gonna mail it and it's been 5 weeks already. The ... |
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 Is it the LAW to use the itemized deductions even if you don't want to? |
my question is simple: do you have to take the itemized deductions deduction (assume your deductions the std. deduction [interest and real estate taxes])?
By law, do you HAVE TO take the ... |
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 Anyone with last two of ssn ending with 10-20 get their paper rebate checks yet.? |
Just wondering casue I got a notice that I should get mine by friday. And hubbys last two is 16
Additional Details
yea did the where's my rebate thing says its going to be mailed on ... |
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 Can I claim my mother as a dependent? She lives in Mexico, I support her financially 100%? |
She does not have a SSN, she lives in a house rent free owned by me. I do have records of me wiring money to Mexico every month.
Thanks!
Additional Details
nite_Angelica, it's ... |
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 What would you feel like if you only had a dollar to live on? |
| Think about this...If you only had one dollar to buy your food and clothes..how easy do you think that would be?? Not very easy at all. So i want to know what you would do.... |
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Bambi | Will my daughter have to pay taxes on this? |
If I pay off my daughter's bills ,including her vehicles, will she have to claim it as income and pay taxes on it? The total would be forty thousand.
Additional Details
She is not a dependent, I live with her and her husband. |
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FlCpa
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Your daughter will not pay taxes on it (the gift tax is paid by the donor, not the donee) and, unless you have made substantial other gifts in your lifetime, neither will you. You WILL need to file a Form 709 gift tax return, but your lifetime unified credit will offset the gift amount that goes over the annual exclusion ($12,000/person in 2006). To use the least amount of your unified credit give your daughter $12,000 and her husband $12,000. That way you only have a $16,000 "taxable gift" to report on the 709. The gift tax that will be computed on this amount will be $3,000, you will then use $3,000 of the $345,800 lifetime unifed credit available to you to make your 2006 tax liability for the gift $0.
If you have questions about this structuring please post them and we can answer. |
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Lianne
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Will you be my mom? Just kidding. You can pay off the daughters bills without her being liable for taxes if you have claimed her as a dependent. Is she in college? Even if she isn't she may still qualify as a dependent. If you give over a certain amount the gift tax applies and it's actually YOU that pays the tax on the money you've gifted. Go to http://www.irs.gov |
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Angie W
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One big question, are some medical bills? If so, you can pay directly to the doctor, hospital, or whatever and could possibly take a medical deduction on your return. (If you itemize and meet the income threshold amount). |
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InspectorBudget
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For tax year 2006,
An individual can give up to $12,000 free of gift taxes to any other individual. This means that a Dad & Mom, for instance, can give a child a max of $24,000 without being subject to gift taxes. This is an annual limit, you can do it all over again next year.
So, a suggestion is to pay off $24K this year, and pay off the balance of $16K next year. That way, you avoid any problems.
Bear in mind that the tax obligation rests on the giver(s), not the receipient.
Paying off a kid's loans, or even forgiving a documented loan, is considered as a gift. |
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Clock Watcher
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can you adopt me and pay my bills too? |
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STEVEN F
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This would most likely be qualify as a gift. Your daughter would not be taxed. You can give your daughter and son-in-law $11,000 each once a year without incurring 'Gift Tax'. If you give, more in one year, you are required to fill a gift tax return. I'm not clear if you will actually owe any gift taxes.
You could Give them half the amount and loan them the other half now. Then, next year give them the balance of the loan. |
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sunflower
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http://cagle.com/news/Taxes2005/main.asp |
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I ♥ AUG
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I believe the answer is yes. I think there is a maximum of $10,000 (or it may be $11 or $12 thousand) that one person, including a parent, can give to another person with no tax implications, but anything above that the recipient would need to pay tax on.
Now, as for how in the heck the government would know that you gave your daughter $40K rather than $10K I have no clue. I don't know how this policy is actually enforceable, but hopefully someone else answering knows more about this and can explain it better. |
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Soror Kate ART VT
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I'm a tax professional with a reputable firm. The answer is that no, she would not have to claim the gift as income. HOWEVER, please be cautious, as you could get stuck having to file a Gift Tax return. Yup, YOU could be the one to be taxed. So, get with a reputable professional (with several years of experience), and go over your income and other financial information so you know exactly how it will effect you. H&R Block will go over the info for free in most cases - you only pay if you actually file with them. |
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spot
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I would suggest, instead of paying off at once, do it over a period 6 months or so. If the individual transaction is less than 10,000, nobody will report to IRS. |
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