Income tax return question.?
Bob and April own a house at the beach. The house was rented to unrelated parties for 8 weeks during the year. April and the children used the house 12 days for their vacation during the year. After properly dividing the expenses between rental and personal use, it was determined that a loss was incurred as follows: Gross rental income $4,000 Less: Mortgage interest and property taxes $3,500 Other allocated expenses 2,000 (5,500) Net rental loss ($1,500) What is the correct treatment of the rental income and expenses on Bob and April’s joint income tax return for the current year assuming the IRS approach is used if applicable? a. A $1,500 loss should be reported. b. Only the mortgage interest and property taxes should be deducted. c. Since the house was used more than 10 days personally by Bob and April, the rental expenses (other than mortgage interest and property taxes) are limited to the gross rental income in excess of deductions for interest and taxes allocated to the rental use. d. Since the house was used less than 50% personally by Bob and April, all expenses allocated to personal use may be deducted. e. Bob and April should include none of the income or expenses related to the beach house in their current year income tax return.
So I have a question about claiming head of household. Tax related?
So I have a roommate. We split everything 50/50. I m curious if either of us can claim head of household if we have no dependents. Hes and I are just single adults who share a home. Neither is considered a dependent. Taxes are very confusing. Both our names are on the home for the record.
Filing for tax/ tax refund question.?
Ok, please forgive me for asking but I am very tax ignorant and I'm trying to avoid going to H & R Block. I am trying to file my own taxes online, but it doesn't seem to add up. #1. I am a part-time night college student. #2. I have 1 child. #3. I am Head of Household. #4. I paid $150 a week in child care. ($7800.00 year) #5. Income was $73,000. #6. I live in New York City. #7. Paid over $17,000 in taxes. Now, I am sure that the correct taxes have been taken out of my checks, but I did it online and it said my tax return would be $9524.00. I asked my sister (Laurelin) and she has told me that I must of did something wrong to get that amount, but I can't find anything wrong, or is it just that my refund will just be that amount, and or possibly too much taxes were taken out?
How can I get the most money back on my tax return if I own a home and have 3 small children?
Definitely file an itemized return. Then, if you have a mortgage on the home you own, the mortgage interest can be deducted. Also, ask your tax preparer if you meet the criteria of being deemed Head of Household. Next, do you get paid from your job as a 1099 or as a W-2? If you’re paid as a 1099, that’s great. If you get paid as a W-2, inquire about being paid as a 1099. When you’re paid as a 1099, withholding taxes are not taken out of your paycheck. Therefore, if you’re paid as a 1099, you will not get the most money back. However, you will pay less in taxes annually compared to if you were paid via w-2. If you are unable to be paid as a 1099, ask your tax preparer to discuss all the possible deductions available to you & let your tax preparer know you are not concerned about being audited. So, they can push the deductions. I hope my answer assisted you.
Question about Child Support, divorce and filing taxes?
It is your status at midnight on the 31st of December that is your status for the entire year. If you were divorced in September then his status for the year is single. You cannot legally file with him. If he owes child support the government will seize his refund to pay to you for unpaid child support. They will also be attaching his paycheck and taking a chunk out of each one for unpaid child support. If he quits work to avoid paying he may wind up going to prison and making license plates to pay it. He is definitely trying to smoke one past you on the tax thing. You can file as head of household with child(ren) and get EIC & CTC so you don't need him anyway.
As a college student, should the address on tax return be the home (parent's) address or the college address?
If you are e-filing and getting a refund, you would use your parents’ address. Either the refund would go into your bank account or your parents, depending.There are also other issues around getting American Opportunity credit and dependent status if your parents are providing more than half of your support.
I put two children that are not my on my income tax I was providing for them and now I got a 886-h-eic form?
Did they live in YOUR home ALL year? No? Then you cannot claim them. Yes? Can either parent claim the child at all? Yes? Then you cannot claim them. An unrelated child must live in YOUR home ALL year and not be able to be claimed under the Qualifying Child rule by anyone else such as a parent, grandparent, uncle, sibling, etc. If you can claim them, ALL that you get is the exemption. No Head of Household filing status, no EIC, no Child Tax Credit, etc. You must have claimed them as your natural children in order to file an EIC claim. Since they are not your children by your own admission, that's tax fraud. At the very least the EIC will be denied. You'll also be banned from future EIC claims for at least 2 years. If the IRS believes that the claim is deliberately fraudulent the ban will be for 10 years. Now that the IRS has kicked off an audit of your claim it's too late to file an amended return and retract the claim without any penalties or sanctions. You will still be subject to the IRS sanctions for the fraudulent claim anyway. Filing an amended return may help in limiting the ban to only 2 years so go ahead and do so and hope that the examiner handing your case is in a good mood when they get to your file.
How can I employ my minor children at home without incurring any tax or reporting requirements (USA)?
Let me answer your question in a slightly different way than originally asked with a broader answer. As noted in another answer, if you are having your child do errands around the house personally for you (and not as part of a business), there won’t be any tax reporting requirement. If you have your child work in a business you own, he/she should be set up as a regular employee with withholding and tax reporting; however, you would be subject to child labor laws as well. If the child works on his/her own (ie. a paper route or moving yards, etc.) as a self-employed individual, there will be tax reporting and self-employment tax. There will also be the advantage of being able to set up an IRA with a contribution limit to the extent of earned income up to $5,500. If the child works in your business with tax reporting, this IRA advantage would also exist.
I have a tax question, single parents please answer!?
first off, filing as single and head of household is two different filing status' and the list of the most tax breaks of filing status are as follows from most to least: Married Filing Jointly Widow(er) w/ qualifying dependent Head Of Household Single Married Filing Separatly So to answer your Q, Head of Household is a better tax break than filing single. Just make sure that you are divoriced (if ever married) and that you can claim you child(ren) and that you meet the requirements to be Head of Household
17yo son made 10,800$ and is filing a tax return. Can we still claim him as a dependent he lives at home.?
yes