Topic: Taxwise
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Answers to Common Questions
What does this mean for me tax-wise?
Julie, Thanks for your question. Your cost basis is the fair market value on the date of death. Since you state that value was $75,000 per lot, if you sell them for $25,000 you have a $50,000 long term capital loss. However, you can deduct... Read More »
Source: http://en.allexperts.com/q/Tax-Law-Questions-932/selling-Inherite...
How will my friend be affected tax-wise upon my demise?
First of all, depending on what state you live in, your friend may have to pay state inheritance tax. I would recommend you look at the Register of Wills internet site for your state to see if there is a state inheritance tax and what perce... Read More »
Source: http://www.answerbag.com/q_view/734588
How do you handle this tax-wise?
Yes. You should have them fill out a W-9 because you may need to issue a 1099-MISC to report how much you paid them during the year. The W-9 gives you the tax ID number of the company. However, if the company is a corporation, you are not r... Read More »
Source: http://answers.yahoo.com/question/index?qid=20110524202553AAR5VLu
More Common Questions
Answers to Other Common Questions
Inheritance taxes may be taken off the top. Income taxes, if any, will remain your problem. Get help for both estate issues (getting the money) and income taxes issues (if applicable). I'm not going to plug any of the big discount brokers h...
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Source: http://www.answerbag.com/q_view/480171
Charitable contributions of money or property to US-based charitable organizations (not specific individuals) are deductible from your adjusted gross income if you itemize deductions on Schedule A. You can also deduct out-of-pocket expenses...
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Source: http://www.quora.com/How-do-donations-work-in-the-US-tax-wise
Jason, Thanks for your question. They cannot donate directly to you and get a charitable contribution deduction. In order to get a deduction, there are two ways you can go. The first approach is probably the simplest. Get a church or par...
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Source: http://en.allexperts.com/q/Tax-Law-Questions-932/2008/5/Mission-g...
You should file an extension of time to file (Form 4868) until you meet the test, and then file your 1040 claiming the exclusion you are entitled to for 2010 based on the calculations on Form 2555 as previously noted.
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Source: http://www.askmehelpdesk.com/taxes/physical-presence-test-when-ca...
education.mypressonline.com - it provides some tips about applying to US federal and state grants for college students.
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Source: http://answers.yahoo.com/question/index?qid=20100130103554AAqkBdZ
Since you are itemizing, you can deduct qualified charitable contributions. Your tax savings will be the contribution times your tax bracket. For example, if you donate $100 and you are in a 15% bracket, you'd save $15 on your taxes due to ...
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Source: http://answers.yahoo.com/question/index?qid=20080225201306AA2ebtm
There should be no tax problems. You keep good records and pay the IRS each year. Most cities won't trouble you about business tax unless you are making $30,000 a year in profits. Since you are already in business, this has already been add...
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Source: http://answers.yahoo.com/question/index?qid=20090622131916AAkCMEH
