What is the name of your state? Michigan I am buying a house and I am paying the realtor fees per our negotiations. What can I have my title company term them so I can write them off on my taxes? If you cannot answer that b/c you may be walking a legal tight rope. Let me ask this. What can you......
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Marital Debt & garnishmentTue, 03 Jan 2006 22:08:00 GMTWhat is the name of your state? Ohio I had this question posed to me today, and even after searching the the IRS website, I can't seem to find the answer. A couple is divorced ... wife is court ordered to pay half of credit card debt ... her paychecks are garnished for this (22.6% of her wages)......
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Can I write it off?Fri, 18 Mar 2011 12:24:00 GMTHello Karen, Thank you so much for your quick reply. I would like to ask one quick follow up question if I may. Since I am carrying some business debt on my business credit card, can I use this to benefit my tax return in some way? I know I am able to write off the purchases and the interest...
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Per diem expensesFri, 18 Mar 2011 12:28:00 GMTCarole - With tax season approaching you are probably bombarded, my apologies for adding to it. My husband travels extensively for his job (NHRA Drag Racing Circuit). His lodging is included but not his meals nor on the road expenses. He is very bad at keeping his receipts but I have most of...
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misc incomeFri, 18 Mar 2011 12:48:00 GMTI am a retired flight attendant. I get a certain number of airline tickets each year. Recently, my former company has been sending me a 1099-misc stating the value of the tickets as non employee compensation. I no longer work there or perform any services for them. Do I have to pay self...
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CT Motor Vehicle Tax Statute of limitationsTue, 19 Dec 2006 22:22:00 GMTWhat is the name of your state? CT I moved out of Connecticut in 1994, and registered my car in Maine in 1995. CT has sent my name to a collection agency 12 years later because I didnt pay taxes on the car, which wasn't in CT for the year they are assessing it. Do I have an obligation to pay......
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Depletion on gas well royaltiesFri, 25 Mar 2011 11:07:00 GMTMy wife inherited several Texas gas well royalties from an aunt in 1993. Reviewing old 1040's I can't find any depletion taken (several by a professional accountant). The current 1099-MISC's only show the royalty amount, except for one that shows Gross and an unspecified deduction....
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Taxes on Pension Plan WithdrawlFri, 25 Mar 2011 11:01:00 GMTI became separated from my employer in 2007 and have an opportunity to withdraw money that they contributed to my retirement. The ? is do I have to pay the taxes and early withdrawal penalty at the time of withdrawal or can this information be reported on my income tax return?...
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Sale of joint house after divorceFri, 18 Mar 2011 12:31:00 GMTMy ex-husband and I sold our joint house in 06 and received separate 1099-S forms. Mine showing 75% of gross proceeds, his showing the other 25%. What amount do we enter on our tax forms in order to pay the correct taxes owed? If we both enter what is on our 1099 form, it will show a slight loss...
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Gift taxFri, 18 Mar 2011 12:33:00 GMTWe know we can only give our daughter $20 000 a year without tax consequences. We would like to make an improvement to her house that will probably cost $ 40 - 60 000. Can we give her the money all at once or would we need to spread it over 3-4 yrs.?. We have a neighbor who spent $ 50000 for...
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considered income?Fri, 18 Mar 2011 12:32:00 GMTHi Carole, Friends of our just cashed out a $100,000.00 cd and used the cash(minus the penalty) to build a home. Do they have to claim those funds as income on their tax return? Sharon ANSWER: Hi, Unless the CD is within an IRA they will not claim the funds as income except for the interest...
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IRA contributionsFri, 25 Mar 2011 11:02:00 GMTI could have sworn that when I first got instructions for making IRA contributions, I was told to set up a Roth and for a number of years sent the maximum to that account. My current tax professional tells me that I should contribute to my traditional IRA in order to get a reduction on my taxes,...
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Gymnastics booster clubFri, 25 Mar 2011 11:41:00 GMTThe booster club at my son's gym is considering applying for 501(c)(3) status. I have read your overview of booster clubs and understand the potential issues. I have a few questions on potential violations: We currently have 'individual', 'general', and 'equipment'...
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child tax claimingFri, 18 Mar 2011 12:31:00 GMTI have a question regarding claiming a child on taxes. I am in s same sex relationship and we have three children they are not biologically mine however I support them over half the year since there is split coustody with the father. The mom is a full time student so I support us. The father is...
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Corporate Tax Lien - Am I personally protected?Fri, 25 Mar 2011 11:05:00 GMTHi, The state of NY has placed a tax warrant/lien on my former corporation. It's for the state franchise tax. Am I at risk of a lien being placed on me personally? I was told no by a few people because it was a C-corp and it's corporate income taxes. So far the lien is only in the name...
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tax liability?Wed, 14 Mar 2001 07:24:00 GMTIn Oregon. My wife moved out in 2000. I believe she sold a large amount of stock held in her name to cover her expenses. These stocks would have a sizeable capitol gain. Am I liable for capitol gain tax on this? [Edited by pogo on 03-15-2001 at 01:42 PM]...
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getting back taxesFri, 18 Mar 2011 12:31:00 GMThi i am a tourist i bougth a personal computer here in usa and a camera i paid like 180 dollars in tax someone told me that i dont have to paid for taxes because im a tourist and that i can get the taxes back so if you can help telling me where can i go to claim the taxes i appreciate...
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capital gains taxFri, 18 Mar 2011 12:32:00 GMTHi John, My mother purchased a condo about 15 years ago in MD and put me on her deed. She recently sold the condo and at the closing, I was handed (and signed) a 1099 form stating that I received half the profits from the sale of the condo. All the profits went to my mother. Is there anything I...
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Interest expense life estateFri, 25 Mar 2011 11:00:00 GMTAre you saying that since she has a life estate the home is her's even though I am the one with the debt on it? If she were to transfer title to me, she's 75 and on oxygen with respritory problems would she or I have tax implications. She had the mortgage orginially - I refinanced it in...
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Laws regarding KY sales taxFri, 25 Mar 2011 11:07:00 GMTWe sell used equipment. If we sell to an out of state company or individual and the buyer hires a common carrier to pick up the machine at our yard, do we have to charge them sales tax. What exactly are the laws regarding the common carrier and sales out of state and out of the country....
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High School Dance Booster ClubFri, 25 Mar 2011 11:42:00 GMTWe were involved in a booster club for the past three years. WE assumed the public school was managing or overseeing the booster club and its financial activities. Upon asking questions for financial information per the Freedom of Information Act from the school itself, we were told that the...
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Donating to Groups Defined by OrgFri, 25 Mar 2011 11:46:00 GMTScenario - A 501(c)(3) organization serves distressed individuals in a particular city. Every month, beneficiaries apply to the organization for specific defined cash benefits. Can the organization group these beneficiaries every month and allow donors to make a contribution directly to support...
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sole proprietership taxesFri, 25 Mar 2011 11:06:00 GMTI've had a sole proprietorship for 18 months and have not filed/paid any taxes. The only records of money in and out that I have are my statements from my bank. I'm embarrassed to go to an accountant but I know I'm going to have to sooner or later. My business gross is probably...
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Non profit booster club membership feesFri, 25 Mar 2011 11:43:00 GMTWe are a 501c3 booster club for gymnastics and are restructuring. Is it legal to charge a membership fee to join the booster club? Would it be considered discriminating against other athletes in the gym to charge a fee?...
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Participate Now & Receive a $500 for Tax Expenses CaliforniaMon, 26 Feb 2007 05:57:00 GMTParticipate Now & Receive a $500 for Tax Expenses"with participation in their promo at Link (http://infotrue.t35.com/o000215.html)you can receive a $500 for Tax Expenses. I think I am going to go through to see if it works - anyone else tried this before?"...
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Why did I receive the Business Tax Registration renewal notice? WisconsinWed, 12 Jul 2006 03:01:00 GMTThe initial Business Tax Registration (BTR) fee of $20 covers a period of two years. At the end of that period, a $10 BTR renewal fee applies for an additional two-year period. The renewal fee applies to all persons holding permits or certificates subject to the BTR provisions....
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Foreign-owned Delaware LLCTue, 10 Feb 2009 07:54:00 GMTCan someone answer these questions about about tax exemptions for foreign-owned Delaware LLCs: According to several sources: "Non-residents of the U.S. who are members of an LLC and who are not otherwise subject to U.S. federal income taxation pay no tax in the U.S. if the LLC's income is......
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Farm LossMon, 31 Jan 2005 17:34:00 GMTWhat is the name of your state? Kentucky What is the maximum number of years you may file a loss on Schedule F? Thanks...
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If I receive federal extension electronically,how do I notify WestVirginia extension?Thu, 13 Jul 2006 02:00:00 GMTAt the top of the West Virginia income tax return, write Federal Extension Granted and the IRS confirmation number....
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How do I file electronically & get a fast refund? CaliforniaSun, 02 Jul 2006 23:34:00 GMTe-filing your state income tax return is the fastest way to receive your tax refund. When you e-file and select direct deposit, you can enjoy the convenience of having your refund in your bank account in one week or less. If you don't choose direct deposit, your refund is generally mailed in one......
Participate Now & Receive a $500 for Tax Expenses"with participation in their promo at Link (http://infotrue.t35.com/o000215.html)you can receive a $500 for Tax Expenses. I think I am going to go through to see if it works - anyone else tried this before?"...
The initial Business Tax Registration (BTR) fee of $20 covers a period of two years. At the end of that period, a $10 BTR renewal fee applies for an additional two-year period. The renewal fee applies to all persons holding permits or certificates subject to the BTR provisions....
Can someone answer these questions about about tax exemptions for foreign-owned Delaware LLCs: According to several sources: "Non-residents of the U.S. who are members of an LLC and who are not otherwise subject to U.S. federal income taxation pay no tax in the U.S. if the LLC's income is......
What is the name of your state? Kentucky What is the maximum number of years you may file a loss on Schedule F? Thanks...
At the top of the West Virginia income tax return, write Federal Extension Granted and the IRS confirmation number....
e-filing your state income tax return is the fastest way to receive your tax refund. When you e-file and select direct deposit, you can enjoy the convenience of having your refund in your bank account in one week or less. If you don't choose direct deposit, your refund is generally mailed in one......
We sell used equipment. If we sell to an out of state company or individual and the buyer hires a common carrier to pick up the machine at our yard, do we have to charge them sales tax. What exactly are the laws regarding the common carrier and sales out of state and out of the country....
We were involved in a booster club for the past three years. WE assumed the public school was managing or overseeing the booster club and its financial activities. Upon asking questions for financial information per the Freedom of Information Act from the school itself, we were told that the...
Scenario - A 501(c)(3) organization serves distressed individuals in a particular city. Every month, beneficiaries apply to the organization for specific defined cash benefits. Can the organization group these beneficiaries every month and allow donors to make a contribution directly to support...
I've had a sole proprietorship for 18 months and have not filed/paid any taxes. The only records of money in and out that I have are my statements from my bank. I'm embarrassed to go to an accountant but I know I'm going to have to sooner or later. My business gross is probably...