Originally posted by: Scouzer
So what percentages did you guys finally pay? I paid 22.9% here in Canada this year. Pretty decent.
Originally posted by: abc
Question about the economic stimulus pkg.
If i claim my parent as dependent on my taxes, my parent then does not qualify for the stimulus payment.
I can choose then, not to claim my parent.
I should go the route that is worth more for either of us.
How much is claiming an elderly parent worth in tax deduction actually.
will it be worth more than $300?
The amt the parent is worth as a dependent I think, depends on my tax bracket?
Originally posted by: MotionMan
Long time listener, first time caller...
My uncle lent a friend a large amount of money that was to be invested in the friends business. That was many years ago. The business has gone nowhere, but that is another story.
For some reason, my uncles tax adviser, kinda out of nowhere after many years, had him claim the loan on his 2006 taxes (I just learned about this). I assume he means as a bad debt. I believe he only listed the original loan amount but not any of the interest that has accrued since then.
Does that mean that the loan has been wiped out such that the friend does not have to repay it, or can my uncle still collect on it and adjust his taxes in some way when he recovers the money? If he is SOL on the original loan, can he still collect on the interest?
Thanks.
MotionMan
Originally posted by: v1001
Can someone tell me how I can carry over a business loss into next year? Do I just file normal and then add the loss to next year?
I bought 2 properties and then sold the one off for it's fair price. But until I sell the next one off it's going to look like a loss. Plus some stock market loss. So it's going to look like I made nothing and lost a lot of money this year. Anyway I'd like to carry it over and write all that off next year.
Originally posted by: Squisher
Easy question:
The wife got two W-2s in the mail, one with her income then another with some off-the-wall amount. About 2 weeks later we get a Corrected W-2 showing that the off-the-wall W-2 to be corrected to $0.
Because I'm mailing the return, do I have to include all three of her W-2s or just the one with the real amount?
Originally posted by: EagleKeeper
Originally posted by: MotionMan
Long time listener, first time caller...
My uncle lent a friend a large amount of money that was to be invested in the friends business. That was many years ago. The business has gone nowhere, but that is another story.
For some reason, my uncles tax adviser, kinda out of nowhere after many years, had him claim the loan on his 2006 taxes (I just learned about this). I assume he means as a bad debt. I believe he only listed the original loan amount but not any of the interest that has accrued since then.
Does that mean that the loan has been wiped out such that the friend does not have to repay it, or can my uncle still collect on it and adjust his taxes in some way when he recovers the money? If he is SOL on the original loan, can he still collect on the interest?
Thanks.
MotionMan
Bad debts can be written off via the Schedule A.
If the funds are eventually paid, then it becomes misc income that must be declared when received. If declared as misc income, rgualr taxes rules on the misc income will apply. If the amoutns is large, it can be declared on the Schedule C and any expenses related to recovering the income can be deducted.
Any interest received should also be declared as misc income or using the Schedule B.
? Do you have a 'business' or are these just houses you're flipping?
Assuming they're capital assets, you're going to be able to offset 3k in losses against your regular income. The rest will be carried forward (forever IIRC), offsetting other capital gains OR offsetting regular income (limited to 3k per year)
Originally posted by: v1001
? Do you have a 'business' or are these just houses you're flipping?
Assuming they're capital assets, you're going to be able to offset 3k in losses against your regular income. The rest will be carried forward (forever IIRC), offsetting other capital gains OR offsetting regular income (limited to 3k per year)
This is my business. I flip them and also I have a bunch of rentals that I rent out. I do not have any other income.
I bought some land together that I was going to do something with but am not going to now with how bad the market is. Best to just stay away from the market right now. For some reason we just basically split the cost on the titles. I sold off the 1/3 acre for what it was worth. But now it's going to look like a huge loss until I sell the large portion of land.
It's going to look like an $88,000 loss for now. So you are telling me I can only write off $3000 a year?? Geez thats going to take forever. That can't be right.
Originally posted by: Maximus96
Currently, my W4 withholding is 5. My wife is set to 1 I believe. This year we end up with a $6k refund after all out deductions and credits. I don?t like that. What should our withhold be in order to minimize the refund or make a *very* small payment.
Originally posted by: ironwing
I sent in my paper return more than seven weeks ago. It was a very simple 1040 with standard deduction and a 5695 energy credit form. Should I be worried that I haven't heard boo out of the IRS or received a refund yet (direct deposit)? The state refund came in over a month ago.
Originally posted by: zhwu
I have a question regarding my ESPP (employee stock purchase plan) sales.
I quit a job in 2006 and sold all the EPSS stock for that company in 2007. According to the statement for that transaction, there are some qualified dispositions (for share I held 2 years or longer) and some Disqualified dispositions (shares I held less than 2 years)
I did some research and most of the online sources say that company is suppose to report all those Disqualified sales on my W-2 for 2007. However, I did not receive a W-2 from that company for 2007 (since I quit in 2006 and did not work for them at all in 2007)
Do I suppose to receive a W-2 from that company? (the amount should be low, less than $500 by my estimate) Also, if I can?t get a W-2 from that company on time (Their local HR department is normally clueless and I doubt I can find a local HR person who can even understand the problem), can I report these disqualified sales as qualified sales? I figure I would pay IRS tax for this amount anyway, either as ordinary income (if reported on W-2) or as short term investment gains (if I don't have them on W-2 then my reported purchased price would be $500 lower) Not really sure if IRS would really care since they get my tax either way?
Are you filing using the Schedule C for business income. If so, you can use the 179 deduction.Originally posted by: Yossarian
Section 179 deduction question--I bought a computer to use to work from home. It's used 80% for business. I don't have a home office. Is there any reason I shouldn't take it as a 179 deduction instead of a regular 5-year depreciation? I'd rather get the full deduction now but don't want to bend any rules.
Originally posted by: d33pt
I bought a home in 2007. On the closing statement I have the following fees. Can I deduct both as points paid?
Loan Origination Fee to Mortgage Broker Company
Loan Discount Fee to Lender
How about other fees like these:
Appraisal
Mortgage Processing fee
Generally, what fees can be deducted from this statement?
Thanks.
Originally posted by: EagleKeeper
Are you filing using the Schedule C for business income. If so, you can use the 179 deduction.Originally posted by: Yossarian
Section 179 deduction question--I bought a computer to use to work from home. It's used 80% for business. I don't have a home office. Is there any reason I shouldn't take it as a 179 deduction instead of a regular 5-year depreciation? I'd rather get the full deduction now but don't want to bend any rules.
If no Schedule C, then you would have to use the Form 2106 and the Schedule A