Log in

Income Tax Help's Journal
[Most Recent Entries] [Calendar View] [Friends]

Below are the 20 most recent journal entries recorded in Income Tax Help's LiveJournal:

[ << Previous 20 ]
Tuesday, September 17th, 2013
1:09 pm
Gift Tax questions
My father is wanting to gift me money. He wants to do it as tax free as possible (legally), so he will be giving it to me over time. From what I read online, $14k is the most he can give to me (or $28k because I am currently married) a year without paying taxes on it for Federal taxes.

For state taxes, this is where we get confused. He just (a few days ago) moved from upstate New York to North Carolina. He is living with me, so no bills or anything are in his name. He is wanting to give me the first $28k in a couple days, but he doesn't know if when tax time comes, if he will have to file with NY or NC? Would it be NY since he is technically not a resident in NC yet? He hasn't changed his ID, and has no income. He will actually never have a bill or anything in his name since he will be living with me permanently. He has recently started slipping into senility and wants to make sure I receive all of my inheritance before he is too far gone.

From what I read, no gift tax has to be filed for NY, where as NC is shows $14k would be taxed $100 plus 1%.

He wanted me to ask if there are other ways he could make sure I get the money asap? Such as...$28k now, then possibly pay me $1k/mo for letting him live with me? Or if he puts my name on his bank account, and I just withdraw the money every so often and put it in my account? I can't find anything about this online to make sure we can legally do this without getting in trouble. He doesn't have all that much to give, I believe the total is $51k.

If anyone has any knowledge/links to send out way, it would be greatly appreciated.
Monday, August 20th, 2012
7:14 am
Homeowner Question
My husband and I recently bought our first home, a new construction home in Colorado. What kind of paperwork and documentation should we save for tax time? Any tips to be aware of or advice you'd like to share? I want to make sure we don't miss anything when taxes roll around.
Thank you in advance!
Friday, April 13th, 2012
7:35 am
Claimed as "Married Filed Jointly"; never been married?
Found out my taxes were not accepted because, and I quote, "The IRS indicates that the Primary taxpayer's Social Security Number (SSN) has already been used on a return with the filing status of Married Filing Separately. Your filing status on this return is not Married Filing Separately and this is causing your return to be rejected. If you file as Single, Married Filing Jointly, or Qualified Widower when you should have filed as Married Filing Separately, then the IRS will reject your return. Since the IRS's records show that you have been claimed as a Spouse on another Married Filing Separately return, then you need to file as Married Filing Separately as well in order to file electronically."

Not sure who could claim me as being married, and not sure what benefit they'd get from using my social, but it's clear this needs to be fixed. Any suggestions on where to start?
Monday, February 6th, 2012
11:49 pm
Incorrect Dependent Status
Hi, comm! I'm so used to filing as a dependent that I just filled out my tax return on autopilot under that assumption. It was only after I filed the return that I learned that I'm not a dependent, because I'm 23, I wasn't a full-time student at any point, and I made over $3,700. Of course, this is under the assumption that I understand the IRS website correctly; these facts do mean that I can't be a qualifying child OR relative, right? Even though I did live with a parent all year, and they provided more than half of my support? (At least, in theory. I haven't sat down and figured out the numbers, but I didn't pay rent and she paid for my food. But I did make nearly $7k...)

Assuming I'm right, the difference means over $100 more refunded - which I could certainly use. I know that I would have to file an amended tax return, but I keep seeing references online to having to have documentation backing up the changes on an amended return and I have NO idea what kind of documentation I would use to prove this. How would I prove that I wasn't a full-time student?? Do I even have to worry about this? Please help!

Current Mood: confused
Tuesday, January 24th, 2012
7:58 pm
1040X is filed...
Do I have to send in my original form with the errors?  Or do I have to send in the copy of what it would have looked like, if I hadn't made the errors?  I had it corrected tonight at H&R Block.  I have a rollover 401k contribution and a student loan interest form.

Do any of those need to be sent in too?  The rep that did my taxes didn't think so.  Just making sure!

Thanks in advance!

Current Mood: confused
Thursday, January 19th, 2012
10:26 pm
I didn't get a Federal Refund. Why?
I had to PAY more.  What happened?  I went through it a few times.  Any chance H&R Block online was wrong??

Current Mood: anxious
Friday, January 6th, 2012
7:32 pm
question about unemployment insurance
Hi, all.  I'm new to the community.

I drew unemployment insurance for the very first time in 2011.  Will I get a tax document in the mail from my local unemployment office in a few weeks with all of the information I need to document my benefits on my taxes or is this something I have to keep track of?

I appreciate your help with my question.  Thank you.

Current Mood: curious
Sunday, April 10th, 2011
2:06 pm
Okay, so I've never done taxes before because I haven't ever made enough to have to pay them until possibly now. I was told that if I made $1k in earnings when I had quit/been released from my last job, then I had to file. So, I've gotten a new job and I *think* I might have broken 1k in payments, but 'm not certain. Should I scurry on over to the nearby H&R Block to get them done, or should I be safe?

Current Mood: nervous
Thursday, April 7th, 2011
3:27 pm
Business License? Seller's permit?
In June of 2010 I started selling some knitted hats at a local boutique and I need to get a business license and a seller's permit. I probably made around $100 total, the boutique went out of business.

I already did my primary incomes taxes on Snap Taxes but I haven't mailed them off yet (also, do I need to attach a copy of my W2?)
Will this affect anything, do I need to do anything special about these sales? Because a coworker told me if I made under $600, I don't need to file anything.

Help please! Thank you so much :)
Monday, March 21st, 2011
3:31 pm
Restricted Stock Options
I'm hoping someone can clarify how to enter information on Schedule D.
I received some stock options that were paid out when the company was acquired. 300 shares with a cost basis of $14.36, sold for $17.00. A portion of the stock was used to pay the taxes ($1,197.63) What/how do I enter this information as I'm assuming there is a tax liability. Thanks
Sunday, January 23rd, 2011
11:13 am
military residency question
I use H&Rblock, I know because my husband is military that even though we're stationed in Tx, we pay NY taxes and when filing.. we still file NY resident.

The part I'm confused on is when says:
New York Address
Review your permanent New York address and choose the New York county where you lived on December 31,

Do I put our Tx address anyway, but put in the county and school district code we lived in when he entered the military? Or do I put in the address we lived at when he entered (which we no longer pay rent for, someone we don't know rents it)? Or Do I put in the address of a family member who lives in the same school district/county as we did? (my mom said If we need this I could put her address since our old place was 2 blocks from hers)

-We don't live on base, we rent a house. We plan to stay renting this house until we PCS next which will be some where in the beginning of 2013. We had residence in NY for 90 days in 2010. I did read to make sure we file as resident, and we do. We actually prefer this as we're getting back almost 3x more than we paid.

*Edited to fix the text& add more info.
Friday, December 10th, 2010
4:47 pm
Hey everyone!
My husband went back in the military the beginning of this year (he was in for 5yrs before we met and 1 year while we were dating, and his mom did his taxes and she doesn't remember anything about when she did them).

I heard a lot of things that can be deducted but I wanted to come here and make sure. The military (or at least in his unit) they are required to get a hair cut every week..I've saved a bunch of receipts..$8 a pop..can we deduct them since it's required?

His dress uniforms... the dry cleaning (required before every inspection), the alterations, all his ribbons & decor that he had to buy... can we deduct them?

They are required to buy new boots every time they get roughed up. He had to buy a new pair after 10 months (he was told to because of how beat up they got), can we deduct them?

He had to go to WLC school and was given a sheet and had to buy everything on the list..it was a little over $300 (he was given a week notice so it weight heavy on us that month), can all of those items be deducted? (I think he may still have the list)

Is there anything else we can deduct that you may know of for military?
Thursday, November 11th, 2010
10:47 am
AMT relief promised
On 11/09/2010, the following letter was sent by the Chairmen of the Senate Finance Committee and the House Ways and Means Committee and others to the Commissioner of Internal Revenue.

"Under present law, more than 21 million taxpayers will be subject to higher taxes in 2010 unless legislation is enacted to limit the reach of the Alternative Minimum Tax (AMT). We realize that this fact is causing concern for many taxpayers and is creating administrative difficulties for the IRS as the agency prepares for the upcoming filing season.

As the leaders of the Congressional tax-writing committees, we want to assure you that Congress is working on legislative relief. We will work to craft the AMT provision so that, in the aggregate, not one additional taxpayer faces higher taxes in 2010 due to the onerous AMT. Such legislation will allow the personal credits against the AMT and the exemption amounts for 2010 to be set at $47,450 for individuals and $72,450 for married taxpayers filing jointly.

We plan to do everything possible to enact AMT relief legislation in a form mutually agreeable to the Congress and the President. We urge the Internal Revenue Service to take all steps necessary to plan for the changes that would be made by this legislation.

Thank you for your immediate attention to this matter."
Tuesday, July 20th, 2010
3:15 pm
Free Tax Help
Federal Tax Withholding Calculator
Please use this calculator to see how much Federal income tax should be withheld from your monthly payment. Answer the following questions and press Calculate for your results.
My monthly payment before deductions is: $ .00 Enter whole dollar amount
(no commas, please).

For withholding purposes, I am: Select single status for withholding purposes
Select married status for withholding purposes

Number of allowances I can claim: Enter number of withholding allowances

Click here for free help on  your tax return, federal tax and if you need a tax attorney, we are here to help.
Tuesday, June 15th, 2010
9:31 am
Anyone hear of any first-time home buyer credit checks coming through?
I did an original return on Feburary 9th that still hasn't come through for the first time home buyer credit, although they just got the rest of their refund issued.

In most cases I've sent through the home-buyer credit as an amend, e-filing to get the client their actual refund, then amending to go after the other $6500/$8000.  I haven't heard of a single client getting this money.  Have you?
Wednesday, May 19th, 2010
11:16 am
Making Work Pay Credit and 1098-T
As a graduate student that is not employed by the university I receive a 1098-T for tax purposes. I also receive a stipend that does not have taxes taken out - no W-2.

I did my taxes and since no taxes are taken out during the year I owed $700.00 to the IRS. The other day in the mail I receive a letter from the IRS (that was scary) telling me I am eligible for the Making Work Pay credit and they will be refunding $400.00 of the $700.00 I paid!

I'm thrilled but I think they made a mistake...what should I do?
Sunday, April 11th, 2010
6:53 pm
Insurance payout on rental building fire?
Rental building burned down.  Landlord got insurance payout of $300K in 2009 in excess of their 200K basis.  Decided not to replace the property and fixed it up to sell building lot instead.  Sold it in 2010 for $30K.  There were $40K in costs associated with demolition.

I was about to assure the landlord that nothing taxable happened in 2009, that the insurance payouts reduced the basis and the gain will be reportable when they dispose of the property in 2010.

But do I reduce the basis, at least, to 0? 

Do I reduce the basis BEYOND 0 and report gain in 2009?
Sunday, March 7th, 2010
9:49 am
I am married, but my husband and I separated (not legally, he just moved back home). The last time I talked to him, he still hadn't gotten all his W-2's. As he is not proactive in the least, who knows when he'll get them. I have mine and would like to file soon because I will be leaving for a month for training (I'm in the military) and will have no access to anything to file.
I know that filing as Married, Filing Separately is usually stupid, but I'd rather not wait for him to get his shit together. Plus he has a son that he pays child support for, and I'm not sure how this would affect my return.

So my question is mostly HOW stupid is it to file separately? And also, if I do this, what information of his will I need?
Friday, February 12th, 2010
12:57 pm
1098-T Confusion
Hello, I'm a full-time graduate student. I received my 1098-T with the following information. Scholoarship = $38K (box 5) and amts billed = $37k (box 2), stipend of $19K (not shown) what amt is taxable? The $19K is the only income and part of it was used for books and required school items.

Thanks, hopefully your answer will assist others that are confused!
7:57 am
Married, two houses and two mortages
We got married in October 2009. I own a house and a mortgage, both of them only on my name. My wife also owns a house and a mortgage in her name only. These have been our primary residences.

Right now, after the marriage, she lives in her house 5 days a week until we can sell it and she can find a job where I live, about 100 miles away.

We make about the same amount of money. We are thinking of filing our taxes as married but filing separately, so we can take advantage of the mortgage deduction for each one of us.

Does this make sense? Is there anything we should be aware doing it this way?
[ << Previous 20 ]
About LiveJournal.com