Archive for the 'Federal Tax Return' Category

I am selling a duplex in Sacramento for 500k how much would I have for a 1031 after fees ?

Friday, June 25th, 2010

Bought in 1996 for about 100k. Assuming I use a realtor to sell the place….also how much would I have if I just sold the place and kept the money (I am an unemployed recent graduate so my only income as of yet is from rents (25k a year))… ALSO—> I am planning on using the 1031 to purchase investment property in Austin TX where I can get a far better %return, the problem is that the prop. tax is high (2.75%)…is the prop tax deductable on fed income tax? ALSO…will I have to pay CA state income tax when I sell the prop in Texas?

If you can answer ANY of the question I would be greatful…

peace

I am selling a duplex in Sacramento for 500k how much would I have for a 1031 after fees ?

Friday, June 25th, 2010

Bought in 1996 for about 100k. Assuming I use a realtor to sell the place….also how much would I have if I just sold the place and kept the money (I am an unemployed recent graduate so my only income as of yet is from rents (25k a year))….also,,, I want to get the tenants out of one of the units so I can renovate it and rent it for more (or leave it vacant) , what is the best way (legal) to get them to get them out (is it legal to break the lease for rennovation or if I plan to move into the unit?) should I offer money or pay for moving expenses…how long do I have to give them ALSO—> I am planning on using the 1031 to purchase investment property in Austin TX where I can get a far better %return, the problem is that the prop. tax is high (2.75%)…is the prop tax deductable on fed income tax? ALSO…will I have to pay CA state income tax when I sell the prop in Texas?

If you can answer ANY of the question I would be greatful…

peace

Tax Question: I got paid to be a speaker at a conference in another state. The organization made me…?

Friday, June 25th, 2010

fill out all kinds of tax forms, where I had to essentially say that I was an independent contractor performing a service for them, etc. All the forms were properly filled out and given to the organization, so presumably they will report my earnings to the Feds. No problem… My question is – will they also report my earnings to the state? (West Virginia) And if so, do I need to fill out a tax return for that state, even though I don’t live there? Or should I report the income to the state in which I live?

Also, should I claim my mileage that I drove to get to the conference and back?
I will get a 1099…

how long must one save federal income tax returns?

Friday, June 25th, 2010

how long must one save federal income tax returns?

If a person lives with me that receives public assistance,foodstamps and medical care would I be able to claim

Friday, June 25th, 2010

If a person lives with me that receives public assistance,foodstamps and medical care only would I be able to claim them on federal income tax return as a dependant? They do not receive any cash I let them live with me rent free.

Is the personal income tax unconstitutional and illegal?

Thursday, June 24th, 2010

I had heard rumors about this before but I have heard the movie “America From Freedom to Fascism” explained this in great detail. It basically sounds like nothing in the constitution allows for the IRS to tax personal income.

IRS typically says it is the 16th amendment that allows them to tax personal income, but multiple supreme court rulings have said the 16th amendment does not allow for any new types of tax, so personal income tax is still illegal.

Apparently many people have stopped paying federal income tax and have been acquitted in the courts because the IRS can not site what laws require people to file income tax each year and to pay personal income tax.

Multiple ex-IRS employees were interviewed who all confirmed they spent lots of time and research trying to find such a law only to discover there is none.

While it is apparently illegal to file a false tax return, there is apparently no law requiring you to file a return in the first place.
“The constitution allows for two kinds of taxes. They’re called direct and indirect. The federal government in the Constitution can tax almost anything, as long as it apportions the tax if it’s direct. The indirect tax is a, for example, an excise tax. I can avoid the excise tax on gasoline. …

The income tax which is being applied now doesn’t meet the criteria of either direct or indirect taxes.

The IRS claims that in 1913, the 16th Amendment, the income tax amendment, allowed the government a third form of taxation. What was the Supreme Court’s ruling on that? … The provisions of the 16thment Amendment conferred no new powers of taxation. The case also said that the 16th Amendment did not impose any new taxes and did not change any of the taxing restrictions of the Constituion.”
“It’s actually very simple. Congress tried to enact an income tax in 1894, the Supreme Court said that’s unconstitutional. When the Supreme Court says something ins unconstitutional, it’s unconstitutional.

They tried again in 1913 and the Supreme Court said the 16th Amendment conferred no new power of taxation.

So if they didn’t have it then, and they didn’t get it, they don’t have it. There is no constitutional basis for attacks on the wages of Americans living and working in the 50 states of the union. Period. End of argument.

The definition of income in the Constitution was given in the Eisner versus McCumbre case. And it turns on gains or profits that are made from some activity. Doyle versus Mitchell, 247, U.S. 179, 1918. Here’s what he said. The idea of gain or increase arising from corporate activities. In other words, it doesn’t mean wages. It doesn’t mean dividends. It doesn’t mean alimony. It means a gain or profit arising from corporate activity.”
“Isn’t it true that the word income is not defined anywhere in the Internal Revenue Code?

The law says that the government has a right to tax income from any source derived.

So, but the word income is not defined in the code? It just says income without a definition of what income is.

That’s right. That’s right.

…. The definition of income in the Constitution was given in the Eisner versus McCumbre case. And it turns on gains or profits that are made from some activity. So the Supreme Court has rules. Income is not wages. It’s not labor. It’s gain from corporate activity.”

Title 26 requires you to file a return.

But doesn’t TItle 26 have to be in compliance with the Supreme Court decisions?

You’re gonna take a 1920 case and superimpose it on the whole Internal Revenue Code that was written after it? No, that’s not…”
“We’ve been brainwashed. People have been told, you know, that you need this income tax system to fund government, which is absolutely ridiculous. I mean, my question is, well, if that’s true, how did we fund government from 1776 to 1913?

And a lot of people might say, well, gee, if there wasn’t an income tax, what would happen to education? They don’t understand, uh, that education is paid for, for the most part, out of state and local taxes, your property tax.

People might say, well, how are we gonna build and maintain our highways if there’s no money coming in to the government? We need our highways. There was a tax on every gallon of gasoline that people buy.

Proceeds from the income tax do not pay for highway construction. The amount of money that we spend on defense is exactly equal to the amount of corporate income tax, which is quite legal and quite constitutional.”

Hi. I am delinquent on my student loans because I cannot afford to pay them. Can I still get a passport?

Thursday, June 24th, 2010

They already take my tax returns. I have tried working out a payment plan but the agency the loans were sent to want at least $600 a month and that is my rent!!! I am single and make enough to live on. My loans total $70,000 (gotta love private colleges). The sad part is that when I was 2 classes shy of my bachelor’s they said I reached my borrowing limit and had to drop out. Anyway, I would like to go to my best friend’s wedding in May 2007 but I heard that with delinquent federal student loans they will not issue a passport…is this true?

Is there a rule of thumb for increasing your exemptions on your W-4?

Thursday, June 24th, 2010

If a person gets a tax refund, is there a rule of thumb for increasing your exemptions on your W-4 in order to get more money back during the year? At one time, I heard that for every $600 you get back on your federal return, you can increase your exemptions by 1. This assumes that your financial situation is similar to last year.

would legalizing pot cure the imigration problem with mexico?

Thursday, June 24th, 2010

if we decriminalize pot in the usa,make it legal and tax it the same as alcohol with similar laws with driving and such..let the mexicans grow it in there country add a federal tax to it to pay us back what they owe..keep a import tax on it and this would give them a cash crop in there country and a reason to return home.. the market here would increase and be better off because everyone would have the munchies and be allot more peaceful to one another..just a idea,and of course we could add some things also.. opinions?

I forgot to file my state taxes. Will I be fined?

Thursday, June 24th, 2010

I don’t think I owed any taxes for the state(I live in ohio). I filed my federal income tax return but didn’t file my ohio on time because I had no idea what was the correct form to use. Now I’m worried that I’ll owe fines or something. I haven’t gotten anything in the mail notifying me about not filing state taxes and I know nothing about what to do. Any help would be much appreciated!!!!