June 20th, 2008
Taxpayer asks:
I would like to ask some tax related questions related to selling a house outside of the USA.
We sold a house in Hungary, with all taxes paid there.There is documentation to prove this. Would there be a tax liability in the USA if the money from this sale would be brought into […]
By Kelly -- 0 comments
June 16th, 2008
Taxpayer asks:
I thought the Postal Service’s “forever stamp” was a great idea. I stocked up on forever stamps at 41 cents each right before the new postage rate went up to 42 cents. Now I have a dilemma. Since these forever stamps with a basis of 41 cents are now worth 42 […]
By Kelly -- 0 comments
June 9th, 2008
Taxpayer asks:
This is my situation. In 2007, I sold a bunch of stock my grandpa gave me, and had a gain of roughly $8,000. I had my regular income at around $50,000, and $6,583 was withheld. I did not make any estimated tax payments throughout the year. I owed $1,271 in […]
By Kelly -- 2 comments
October 12th, 2007
So following up on yesterday’s post about the proposed tax relief for debt cancellation related to foreclosures, I wonder, “Is it fair?”
Today’s Fix the Tax Code Friday question is:
Should Congress offer tax relief to those who are affected by the housing market (those in foreclosure)? Should Congress offset the lost revenue by limiting capital […]
By Kelly -- 2 comments
October 11th, 2007
The House Ways and Means Committee has voted to permanently remove the income tax consequences for homeowners whose debt is partially forgiven by a lender after a foreclosure. The bill is likely to pass the House and Senate, and President Bush has already spoken publicly about his approval of the measure.
Great. Now homeowners […]
By Kelly -- 5 comments
July 26th, 2007
But not many… in the Ways and Means Committee.
The Business Journal of Phoenix (how’s that for a source?) is reporting that U.S. Rep. Harry Mitchell, a Democrat of Arizona, is introducing a bill to keep federal capital-gains taxes permanently at 15 percent and to make recent cuts to federal estate taxes permanent. The Democratic Representative […]
By Kelly -- 0 comments
July 20th, 2007
I listed my house for sale this week (yes, you can expect lots of home-related posts in the next few weeks). While we expect to benefit from a boost in the market since the time we bought our house, we aren’t going to make the kinds of crazy profits that you’ve been hearing about […]
By Kelly -- 0 comments
March 22nd, 2007
Taxpayer asks:I sold a primary residence last yr and bought a new one. I did not gross over $250,000 on the sale of the house. What figures should I pay attention to for reporting purposes from the closing sheets? I presume that any taxes paid out prior to the sale of the house are on […]
By Kelly -- 0 comments
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