Are there any electronic tax forms I can download? Not talking about .pdf docs that are meant to be printed off... I mean docs that can be typed into so they look nice and can be edited if there's a mistake?
I usually use TTax, but can't this year and I wondered if there's a btter way then handwriting everything, which is a royal pain...
Kinda off the wall, but was wondering what you tax guys know what would be the benefit of the following situation:
A homeowner in the area has privately bought and sold the home about 6 or so times between themselves and a trust they manage. Is there some sort of tax benefit in doing this? I'm just curious.
Eventually, wear and tear means you need to replace the property. By that time the gov has provided you some assistance to do so.
For the ATOT tax gurus:
I'm going back to school full time this fall. I know the obvious things like tuition and loan interest are usually tax deductible, but what else is there that I can use to my advantage for next year's taxes? What about school supplies (computers, books, etc)? Application fees? Travel expenses? I'll take anything I can get.
Probably not so much a tax benefit, but a real estate scam.
Usually it's not back and forth between an individual and 'their' trust, but rather a group of individuals or entities. There was a group of 4-5 that got busted in my area that were buying cheap and then doing fake 'high' sales between them all really messing up the comps in the area.
What happens usually is these types have a dozen or so properties in the queue all bought at what becomes fire sale prices in a now inflated market. They then bring those properties into the game at just below the comps they created and people think they are getting a bargain.
Interesting, and thanks for getting back to me. Not sure if that's the case here. There were 2 sales in 2005, 2 in 2003, and 1 in '98 and '99. I just found it odd.
based on how you presented this I thought it was for one tax year.
based on what you know you should be able to look up more info on those sales...
Are there any electronic tax forms I can download? Not talking about .pdf docs that are meant to be printed off... I mean docs that can be typed into so they look nice and can be edited if there's a mistake?
I usually use TTax, but can't this year and I wondered if there's a btter way then handwriting everything, which is a royal pain...
Probably not so much a tax benefit, but a real estate scam.Kinda off the wall, but was wondering what you tax guys know what would be the benefit of the following situation:
A homeowner in the area has privately bought and sold the home about 6 or so times between themselves and a trust they manage. Is there some sort of tax benefit in doing this? I'm just curious.
Usually it's not back and forth between an individual and 'their' trust, but rather a group of individuals or entities. There was a group of 4-5 that got busted in my area that were buying cheap and then doing fake 'high' sales between them all really messing up the comps in the area.
What happens usually is these types have a dozen or so properties in the queue all bought at what becomes fire sale prices in a now inflated market. They then bring those properties into the game at just below the comps they created and people think they are getting a bargain.
Question:
If I decide to file Married Filing Separate for the first time in ~15 years, what are the odds that I'll get flagged for an audit? (Not that I have anything to hide, just wondering)
Also, if filing as above, does my wife HAVE TO file despite having no income?
Every year I use Turbo Tax it gets more cumbersome and makes more errors.
Oh, and it gets more expensive too.
My business checking acct received a 1099-INT ($200). Do I have to report this in the 1040 form or can I list it as income under Sch. C (along w/ deductions offsetting it)? 1st yr side business. Planning on showing 1st yr loss of $300 after a $500 computer purchase.
The 401K withdrawal vs a loan is the issue.
A loan needs to be paid back to the plan is is not taxable unless you do not pay it all back.
A withdrawal is taking money that you do not intend on paying back - therefore it becomes taxable.
Code D is elective deferrals - usually retirement plan
I understand that. We took the 401k on a hardship (no penalty) and we decided to not take a 50% loan on it b/c we needed as much as possible.
My question is...did I figure this up correctly? Should I owe $930 in taxes now from this?
Under a “safe harbor” in IRS regulations, an employee is automatically considered to have an immediate and heavy financial need if the distribution is for:
Medical care expenses for the employee, the employee’s spouse, dependents or beneficiary;
Costs directly related to the purchase of an employee’s principal residence (excluding mortgage payments);
Tuition, related educational fees and room and board expenses for the next 12 months of postsecondary education for the employee or the employee’s spouse, children, dependents or beneficiary;
Payments necessary to prevent the eviction of the employee from the employee’s principal residence or foreclosure on the mortgage on that residence;
Funeral expenses for the employee, the employee’s spouse, children, dependents, or beneficiary; or
Certain expenses to repair damage to the employee’s principal residence.