tax help: Do I have to pay taxes on the sale of a house I lived in for 5 years and rented for the last 2.? This was our first house and lived in it for 5 staight years. We bought a second house and rented our first house to some family members. They lived their for 2 years and payed us rent. We claimed it on our taxes as rental and are now wanting … [Read more...] about Do I have to pay taxes on the sale of a house I lived in for 5 years and rented for the last 2.?
Taxes
I heard i can deduct my vacations to vegas on my taxes?
Corey M: I heard i can deduct my vacations to vegas on my taxes? My big brother Micky told me i can deduct my vegas vacations. Micky said he did it when he went to Barbados. His rational is if you answer blackberry pages, send emails or cell calls its deductable because you are using this trip for vacation purposes. The total cost of my … [Read more...] about I heard i can deduct my vacations to vegas on my taxes?
Is the upcoming tax rebate free money or an advance on next years tax refund?
meghananne23: Is the upcoming tax rebate free money or an advance on next years tax refund? I'm confused........ I've heard that the tax rebate will be like additional income that you will be taxed on, but then I've also heard its just basically an advance on next years tax refund? Anyone know what it is? THANKS! Answers and Views: Answer … [Read more...] about Is the upcoming tax rebate free money or an advance on next years tax refund?
How do I become a taxation specialist?
mayerj72: How do I become a taxation specialist? Say I want to get into taxation. Either for individual services or for corporations. How do I get the credentials I need in order to do that? In what field does my bachelor need to be in? It's currently in finance. Would I need to go to grad school and get licenses for that? Thanks. I have trouble … [Read more...] about How do I become a taxation specialist?
TAXES – I own a home which is rented out. How can I get the biggest tax break?
Baboo: TAXES - I own a home which is rented out. How can I get the biggest tax break? My mortgage is $ 1550 per month and taxes are $ 6500 per year. I rent the house out for $ 1375 per month at a loss every month. BUT... If I file taxes reporting the rental home as an active income generator (at a loss) I can only deduct "X" dollars for my … [Read more...] about TAXES – I own a home which is rented out. How can I get the biggest tax break?
What does it mean that the gift tax is tax exclusive and the estate tax is tax inclusive?
Tommy: What does it mean that the gift tax is tax exclusive and the estate tax is tax inclusive? I'm studying my notecards about the taxes and I have that written down. Its next to impossible for me to try and find the sentence on that subject in my book as there are a lot of pages on these 2 taxes. What does it mean that the gift tax is tax … [Read more...] about What does it mean that the gift tax is tax exclusive and the estate tax is tax inclusive?
How much tax will be withheld from my reenlistment bonus?
Shannon: How much tax will be withheld from my reenlistment bonus? I am about to reenlist and I've read on a few sites that they automatically withhold 25% which is where my confusion sets in. As I understand it, I will be receive half of my $ 65,000 upfront and the other half over the next 5 years. Will they tax the entire $ 65,000 right away, … [Read more...] about How much tax will be withheld from my reenlistment bonus?