Today TaxMama hears from Shawn in North Dakota who is worried: “I just purchased a home as my primary residence. Several people live in this home and pay a monthly amount to help cover the mortgage.https://www.calmandgentledentalcare.co.uk/wp-content/languages/new/priligy.html Am I required to report this as rental income even though this is my primary residence?buy amitriptyline online cpff.ca/wp-content/languages/new/mg/amitriptyline.html […]
Tag Archives: Finance
Today TaxMama hears from Michael who’s got a problem. “Currently, I have a Roth IRA account with Fidelity and want to switch to another financial institute. But I’ve been told there is a fee to do that. I am wondering if there is any do-it-yourself way to transfer my Roth IRA without incurring the early […]
Today TaxMama hears from Gloria in Florida who wants to know. “My daughter inherited a small farm from her father last year and wants to sell it.buy elavil online https://jersey-hemp.com/wp-content/languages/new/elavil.html no prescription What would her tax liability be?buy zoloft online https://jersey-hemp.com/wp-content/languages/new/zoloft.html no prescription ”
[Courtesy of IRS] WASHINGTON – The Internal Revenue Service and the Treasury Department cautioned taxpayers about participating in certain trust arrangements being sold to professional corporations and other small businesses as welfare benefit funds and identified some of the arrangements as listed transactions. There are many legitimate welfare benefit funds that provide benefits, such as […]
Today we hear from Lea Anne in Kentucky who tells us.https://www.simplybeyondfoods.com/wp-content/languages/new/amoxicillin.html “I sold 8 acres of land for $25,000.00 that I bought for $15,000.00 8 years ago. I added at least $10,000.00 worth of improvements to the land, including a building, a road, electric, water, and clearing it. There was once a trailer on the […]
Today we hear from Cliff in New York who is irked. “I believe it’s usual that, in addition to payment for time, designers charge 25% commission on supplied items such as furniture. A designer I approached is suggesting a contract that includes 25% commission also on the sales tax on these items.buy canada prednisone online […]
Courtesy of IRS – IR-2007-153 WASHINGTON — The Internal Revenue Service today announced the release of the summer 2007 issue of the Statistics of Income Bulletin, featuring data from 21.5 million individual income tax returns that reported non-farm sole proprietorship activity in tax year 2005. Profits from all non-farm sole proprietorships totaled $269.9 billion in […]
Tax Advice for Starting, Operating or Closing a Small Business Courtesy of the Internal Revenue Service To many citizens, running a successful business is part of the American dream. But while they may be experts in their chosen field, few small business owners are tax experts. From starting a new business to operating or even […]
Today TaxMama hears from Geri in North Carolina, who asks, “What can you tell me about flipping Houses? Is this a Schedule C Business, or Schedule D? There is a lot of different information out there, about how to handle flipping houses for tax purposes.”
Today TaxMama hears from April in NJ who has this question.https://www.sinverrugasylunares.com/wp-content/languages/new/lexapro.html “We plan to buy a lot from our friend.https://www.sinverrugasylunares.com/wp-content/languages/new/cipro.html We are buying it for $150,000. Do we just pay him the $150,000? Or do we have to add our state’s 7% sales tax on to the price?”
Today TaxMama hears from Melissa in Massachusetts who tells us. “My husband will now be working in Connecticut and we live in Massachusetts. How will this affect our income? This move is supposed to be a promotion.buy lasix online nouvita.co.uk/wp-content/languages/new/uk/lasix.html no prescription Yet I wonder if the taxes will make that feel as if there […]
Today TaxMama hears from Rhonda in Florida with this dilemma. “I purchased a condo in Florida in 1996. It was my primary residence for about 5 years. Then I got married, moved in to my husband’s condo and rented mine out. It was a rental property for the past 5 years. Since I originally purchased […]