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The 10 Most Recent Messages By XMFTaxes

Take me back to where I was.
  • Date: 11/21/07 7:10 PM
  • Number: 929
  • Recommendations: 1
<<Another question - I know that I can give 11K per individual(family members in this case) per year without involving the IRS.>>

Actually, for 2007 it's $12,000 per individual. The gift is NOT TAXABLE to the recipient, nor
(Continued...)
  • Date: 6/1/05 6:18 PM
  • Number: 1477
  • Recommendations: 5
<<Scenario A: The less you take in salary, the more you stand to save in soc sec & medicare taxes (assuming the salary is well below the fica ceiling). For instance, a salary of $40K yields a tax savings of $7650. The downside is that a $40K
(Continued...)
  • Date: 4/26/05 7:31 PM
  • Number: 5471
  • Recommendations: 1
<<A little history, I have owned the home for 3 years and lived in it for the first 2 years and rented it out the past year. I have an opportunity to sell it and want to know if I have to claim the capital gains, I've seen conflicting
(Continued...)
  • Date: 2/10/05 12:13 AM
  • Number: 5345
  • Recommendations: 1
<<I have a question about the tax consequences of the following senario: ISO's were given at price a, and exercised at a + 15. The stock was not sold until two years later at price a + 14.>>

Ok...got it...

<< At the
(Continued...)
  • Date: 11/16/04 2:19 AM
  • Number: 5141
  • Recommendations: 1
<<I just realized that I should have been making quarterly estimated tax payments this year, and I haven't. In order to keep penalties to a minimum, should I file a Third Quarter payment at this late date, or just pay off the whole year in one
(Continued...)
  • Date: 8/29/04 3:20 PM
  • Number: 4997
  • Recommendations: 4
<<I am in the process of preparing for an IRS tax audit.>>

As David Jacobs pointed out in his response, I would also suggest the use of a qualified professional to represent you in this matter. It's not just because of the tax
(Continued...)
  • Date: 8/29/04 3:05 PM
  • Number: 4996
  • Recommendations: 2
<<We are living in a house that we purchased with the help of my husband's parents.>>

Congrats on your new home...hope you're enjoying it.

<< They cosigned the loan with us and we have each paid half the mortgage
(Continued...)
  • Date: 4/1/04 6:57 PM
  • Number: 4670
  • Recommendations: 1
<<We have just inherited a home and are weighing the issues surrounding whether to rent it out or sell it.>>

Much depends on your personal situation...so this isn't really a black and white question.

<<I thought I
(Continued...)
  • Date: 2/4/04 8:46 PM
  • Number: 4469
  • Recommendations: 3
Hi there...

Pixy was right on with his analysis. My question becomes: WHY?

If you meet the ownership and use requirements, the sale of your personal residence is virtually the only way you can sell something, realize a gain, and not
(Continued...)
  • Date: 12/9/03 10:35 PM
  • Number: 4284
  • Recommendations: 0
<<How do I account for the fact that the original company was bought out. Do I have to account for the two time periods, 1997-2001 and 2001 to this year, or can I just establish my 1997 cost basis and use that for the whole
(Continued...)
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Take me back to where I was.
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