Sounds like the withholding being done by the employer was incorrect.Originally posted by: CtK
she just did the 1040ez form online and is getting back about $5000???????
Originally posted by: EagleKeeper
The 1099 is a catch all for moneys paid other than wages.Originally posted by: Noirish
So I participated in American Express's Wishlist promotion and won a few things.
I received a 1099M today from them stating $1210 other income.
1. Do I need to file it on my tax?
- It's not like I got it for for free. I had to pay for about 35% MSRP. I consider it a purchase but they consider it a prize. What's the verdict?
2. If I have to file it, how do I go about finding products' FMV? eBay? Online store? B&M printouts?
You can treat it as income. Either in the Misc INcome on the 1040 or treat is as business income.
If treated as business income, use the Schedule C if you wish to compenate for this "income" with expenses associate with the income generation.
Originally posted by: Noirish
Originally posted by: EagleKeeper
The 1099 is a catch all for moneys paid other than wages.Originally posted by: Noirish
So I participated in American Express's Wishlist promotion and won a few things.
I received a 1099M today from them stating $1210 other income.
1. Do I need to file it on my tax?
- It's not like I got it for for free. I had to pay for about 35% MSRP. I consider it a purchase but they consider it a prize. What's the verdict?
2. If I have to file it, how do I go about finding products' FMV? eBay? Online store? B&M printouts?
You can treat it as income. Either in the Misc INcome on the 1040 or treat is as business income.
If treated as business income, use the Schedule C if you wish to compenate for this "income" with expenses associate with the income generation.
The problem is, how can they count savings as income?
I have receipt shows I purchase the item.
Dated PrintoutsOriginally posted by: Noirish
Okay, how can I go about proving FMV is lower than they quoted?
Originally posted by: EagleKeeper
Dated PrintoutsOriginally posted by: Noirish
Okay, how can I go about proving FMV is lower than they quoted?
Should workOriginally posted by: Noirish
Originally posted by: EagleKeeper
Dated PrintoutsOriginally posted by: Noirish
Okay, how can I go about proving FMV is lower than they quoted?
i got the things around dec 05.
can i use dated printouts dated feb 06 or later?
Assuming that you are renting out a house/condo to another tennant:Originally posted by: brtspears2
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?
YesOriginally posted by: Univac
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???
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....
Originally posted by: ariafrost
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).
Originally posted by: Maximus96
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 $130k that somehow split amongst the 3 of us (me, mom and dad). I am not clear on the math because I heard it second-hand thru my mom and she?s not sure herself.
My buddy is a CPA and he tells me that?s nonsense and thru something called ?involuntary transfer?, the house has to be re-assessed no later than 6 month after my dad passed away. then the taxes, if any will be calculated from the sale price and the re-assessed value.
I?d like to seek a 3rd opinion. I?m not sure if it matters that the deed has all 3 of our names, but the title is only in my Dad?s name.
Thanks so much
If there was an error detected on a return for a previous year (or this year after you have already filed); you will have to file a 1040X (Ammended Return) for the affected year via paper.Originally posted by: Eli
Quick question...
I did my dad's 2005 taxes real quick through H&R block, who I used last year...
I noticed that in his 2004 tax summary, for some reason the standard deduction was 0$(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... ?
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.Originally posted by: cheapgoose
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