- Oct 30, 2000
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The problem is, how can they count savings as income?
I have receipt shows I purchase the item.
- Oct 30, 2000
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It is not savings.
It is moneys returned to you by AMX. Think of it as equivalent to interest on a bank account and/or a dividend.
However; you at least can attempt to expense off some of the costs to get such savings.
- Oct 30, 2000
- 42,589
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- Oct 30, 2000
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Maximus96
Diamond Member
- Nov 9, 2000
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My dad passed away in the end of Nov 2005. Prior to his passing we all decided its best to add my name and my mom?s name to the deed of the house. The house was originally purchased for about $130k 15 years ago and is worth about $450k now. I?m getting conflicting answers as to how much tax I?ll have to pay if I sell the house.
My mom spoke to a lawyer or accountant that does a weekly radio show and thru some kind of voodoo math, he told her that I?ll be looking at about $40k in tax if I sell the house for $450k because I haven?t had ownership for 2 years since my name was recently added in Nov 05. I guess he accounted for the initial purchase price of $130k that somehow split amongst the 3 of us (me, mom and dad). I am not clear on the math because I heard it second-hand thru my mom and she?s not sure herself.
My buddy is a CPA and he tells me that?s nonsense and thru something called ?involuntary transfer?, the house has to be re-assessed no later than 6 month after my dad passed away. then the taxes, if any will be calculated from the sale price and the re-assessed value.
I?d like to seek a 3rd opinion. I?m not sure if it matters that the deed has all 3 of our names, but the title is only in my Dad?s name.
Thanks so much
My mom spoke to a lawyer or accountant that does a weekly radio show and thru some kind of voodoo math, he told her that I?ll be looking at about $40k in tax if I sell the house for $450k because I haven?t had ownership for 2 years since my name was recently added in Nov 05. I guess he accounted for the initial purchase price of $130k that somehow split amongst the 3 of us (me, mom and dad). I am not clear on the math because I heard it second-hand thru my mom and she?s not sure herself.
My buddy is a CPA and he tells me that?s nonsense and thru something called ?involuntary transfer?, the house has to be re-assessed no later than 6 month after my dad passed away. then the taxes, if any will be calculated from the sale price and the re-assessed value.
I?d like to seek a 3rd opinion. I?m not sure if it matters that the deed has all 3 of our names, but the title is only in my Dad?s name.
Thanks so much
I'm going through turbotax right now, and I'm trying to figure out my rental expenses. The question asks:
Enter any rental property utility expenses. These include:
- Electricity and gas furnished to tenants
- Phone bills related to rentals
- Water
I pay for water and gas for the water heater through HOA fees. How do I sort this out?
Enter any rental property utility expenses. These include:
- Electricity and gas furnished to tenants
- Phone bills related to rentals
- Water
I pay for water and gas for the water heater through HOA fees. How do I sort this out?
- Oct 30, 2000
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Assuming that you are renting out a house/condo to another tennant:
You are stating that the HOA is responsible for the water and gas utility bills for the complete "development" and that there are no meters on the house. If there are meteres; then the utility company should be able to provide you the info if the HOA will not.
If that is not the case and the HOA can/will not break down the bills; then just ignore the utilities. You are able to deduct the HOA fees anyhow.
Therefore the bottom line for rental expenses will still be the same.
Ok, What are property taxes???
I have three bills here,
Village Tax
County Tax
School Tax
Thay all seem to be based on the property value, so Do I add these up and use that amount???
I have three bills here,
Village Tax
County Tax
School Tax
Thay all seem to be based on the property value, so Do I add these up and use that amount???
- Oct 30, 2000
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Thank You for the answer!!! Ummm, May I have another??? 
I was going through a divorce last year and I found out the Ex wasn't paying the county taxes, so last year I ended up paying for the privious couple years also.
Can I include those back property taxes in this years return also???
as they were not used as a deduction in the years they were SUPPOSED to be paid....
I was going through a divorce last year and I found out the Ex wasn't paying the county taxes, so last year I ended up paying for the privious couple years also.
Can I include those back property taxes in this years return also???
as they were not used as a deduction in the years they were SUPPOSED to be paid....
- Oct 30, 2000
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Property taxes are deducted for the year that they were paid, not due.Originally posted by: Univac
Thank You for the answer!!! Ummm, May I have another???
I was going through a divorce last year and I found out the Ex wasn't paying the county taxes, so last year I ended up paying for the privious couple years also.
Can I include those back property taxes in this years return also???
as they were not used as a deduction in the years they were SUPPOSED to be paid....
Also, if the Ex was supposed to pay them; and you did; it might be able to be consider it as a support/alimony payment that could be used against the taxable income the year that it was paid. Depending on your relationship; the Ex cold then get into trouble if they did not report the alimony as income.
When alimony is paid; you must include the SS# of the spouse so Uncle can cross-refence the income declaration if needed.
- Jun 10, 2004
- 14,600
- 6,084
- 136
Question:
I am 19 years old, a dependent, and will not be filing a tax return. I am also enrolled full-time in college. Do my parents get to claim some sort of deduction for the tuition/bursar's bill payments they made for 2005? My father says that the finaid office is supposed to send some sort of document to him... but I don't know. (Being the first child sometimes sucks... freshman year of college = no clue about these things).
I am 19 years old, a dependent, and will not be filing a tax return. I am also enrolled full-time in college. Do my parents get to claim some sort of deduction for the tuition/bursar's bill payments they made for 2005? My father says that the finaid office is supposed to send some sort of document to him... but I don't know. (Being the first child sometimes sucks... freshman year of college = no clue about these things).
- Oct 30, 2000
- 42,589
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Your parents will be able to use the Hope Credit for you.
You can review the information/instructions for this on the IRS web site.
Tax S/W will walk you through the instructions needed to fill out the proper forms.
The school may send a document; however; your own records on expenses will allow filing for the credit if the papers do not arrive.
Quick question...
I did my dad's 2005 taxes real quick through H&R block, who I used last year...
I noticed that in his 2004 tax summary, for some reason the standard deduction was 0$(it wasn't claimed), so his taxable income was 23k. This caused him to actualy owe a whopping $24.00
This year he made 24k, but the standard 5k deduction was there, so his taxable income was 19k or something and he got a ~400$ return. Why is this? Is there any way to re-do his 2004 taxes, or was there something different about 2004 or... ?
I did my dad's 2005 taxes real quick through H&R block, who I used last year...
I noticed that in his 2004 tax summary, for some reason the standard deduction was 0$(it wasn't claimed), so his taxable income was 23k. This caused him to actualy owe a whopping $24.00
This year he made 24k, but the standard 5k deduction was there, so his taxable income was 19k or something and he got a ~400$ return. Why is this? Is there any way to re-do his 2004 taxes, or was there something different about 2004 or... ?
- Oct 30, 2000
- 42,589
- 5
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If there was an error detected on a return for a previous year (or this year after you have already filed); you will have to file a 1040X (Ammended Return) for the affected year via paper.Originally posted by: Eli
Quick question...
I did my dad's 2005 taxes real quick through H&R block, who I used last year...
I noticed that in his 2004 tax summary, for some reason the standard deduction was 0$(it wasn't claimed), so his taxable income was 23k. This caused him to actualy owe a whopping $24.00
This year he made 24k, but the standard 5k deduction was there, so his taxable income was 19k or something and he got a ~400$ return. Why is this? Is there any way to re-do his 2004 taxes, or was there something different about 2004 or... ?
sorry I didn't read through the whole thread, but can someone recommend a software or online site to use?
I didn't make too much money, was a full time student. I did however paid a butt load in medical bills. surgery, PT, Cat Scan, those are deductible right?
Thanks
I didn't make too much money, was a full time student. I did however paid a butt load in medical bills. surgery, PT, Cat Scan, those are deductible right?
Thanks
- Oct 30, 2000
- 42,589
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For your first question, we will decline to answer. The information is posted in the OP of this thread. We expect people to at least try to located the information rather than us spoon feeding it to them.
For your second questions; You will have to itemize using Schedule A. The amount of bills and insurance premiums that exceed 7.5% of your income can be used in the Schedule A line item on Medical Expenses. Then the total of the Schedule A deductions will have to exceed the threshold of your standard deductioin.
MA State Tax, Form1 question.
Line 5 is: "Mass. bank interest". Where is INGDirect located? Do I need to add the interest from INGDirect?
Line 5 is: "Mass. bank interest". Where is INGDirect located? Do I need to add the interest from INGDirect?
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