Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I think all this income tax is nonsense. If the taxes were taken out of our salaries correctly there would be no "owing" and no "refunding" at the end of the year.
I believe this is just another money making scheme. The general public doesn't even understand how to prepare a tax return, so now you have to pay someone to prepare it.
Everything becomes a mad rush for the 15th...ugh We Americans make everything so difficult for our people.
I think the whole thing is just a bunch of crap.
How would you know at the beginning of the year when you update your W4 what's going to happen that can affect your tax liability? What if you buy a house, have a child, decide to go back to school, move to a new city, get a big raise, lose your job, invest money, get married, get divorced, etc? There are a lot of things that can affect your tax liability so it would be nearly impossible to withhold exactly the correct amount throughout the year from your paychecks.
Or would you prefer to just pay the government the amount from the table based on your W2 income and ignore all of the potential credits and deductions you are entitled to, just to avoid paying someone to prepare your tax return?
How would you know at the beginning of the year when you update your W4 what's going to happen that can affect your tax liability? What if you buy a house, have a child, decide to go back to school, move to a new city, get a big raise, lose your job, invest money, get married, get divorced, etc? There are a lot of things that can affect your tax liability so it would be nearly impossible to withhold exactly the correct amount throughout the year from your paychecks.
Or would you prefer to just pay the government the amount from the table based on your W2 income and ignore all of the potential credits and deductions you are entitled to, just to avoid paying someone to prepare your tax return?
I think that nightcrawler, in his own way, meant that he would rather see a simplified tax code such as a flat tax or a value added sales tax instead of the jumble of laws that most people do not comprehend that we have now, and I agree with him.
However, since nightcrawler's dream of a simpler tax is not reality, I'm still here to try to answer tax questions and help with tax planning.
I think that nightcrawler, in his own way, meant that he would rather see a simplified tax code such as a flat tax or a value added sales tax instead of the jumble of laws that most people do not comprehend that we have now, and I agree with him.
However, since nightcrawler's dream of a simpler tax is not reality, I'm still here to try to answer tax questions and help with tax planning.
Yes, that is exactly what I meant. Something simple that regular working class people really and truly understand.
I have a question about a stock investment I made. I purchased DSX in 2007 and it went through a mandatory spin-off in January 2011. Their press release states the following "The distribution of Diana Containerships common stock or cash in lieu thereof will be
characterized as a taxable dividend for United States federal income tax purposes. The
amount of the dividend for such tax purposes will be equal to the sum of (x) the fair
market value of Diana Containerships common shares received by a U.S. Holder and (y)
any cash payment in lieu of fractional shares paid to a U.S. Holder. You should treat the
effective date of the partial spin-off as the date of the dividend. Diana Shipping
shareholders are urged to consult with their tax advisors with respect to the U.S. federal,
state, local and foreign tax consequences of the partial spin-off."
My questions are:
1. Am I supposed to have an adjusted basis on my original DSX shares?
2. How do I calculate the basis for my spin-off DCIX shares?
I have a question about a stock investment I made. I purchased DSX in 2007 and it went through a mandatory spin-off in January 2011. Their press release states the following "The distribution of Diana Containerships common stock or cash in lieu thereof will be
characterized as a taxable dividend for United States federal income tax purposes. The
amount of the dividend for such tax purposes will be equal to the sum of (x) the fair
market value of Diana Containerships common shares received by a U.S. Holder and (y)
any cash payment in lieu of fractional shares paid to a U.S. Holder. You should treat the
effective date of the partial spin-off as the date of the dividend. Diana Shipping
shareholders are urged to consult with their tax advisors with respect to the U.S. federal,
state, local and foreign tax consequences of the partial spin-off."
My questions are:
1. Am I supposed to have an adjusted basis on my original DSX shares?
2. How do I calculate the basis for my spin-off DCIX shares?
The best thing to do is to contact the company or broker, and they can tell you more about the valuation of the spinoff shares. They may have a formula sheet. If Diana Containerships stock spin-off decreased the value of the DSX shares, then you definitely should have a cost-basis in the spun-off shares. Again, the calculation formula should be received from the company to get the basis in your shares.
I don't know if other people have asked this or not. I own a house in long island. If I buy an apartment in NYC and rent it out, do I need pay the NYC income tax? How about I don't rent it out and use it for a couple days a week?
I don't know if other people have asked this or not. I own a house in long island. If I buy an apartment in NYC and rent it out, do I need pay the NYC income tax? How about I don't rent it out and use it for a couple days a week?
Thanks!
You have to pay NYC income tax if the rent is sourced from NYC, as it is in your example. If you use the apartment (stay in NYC) for at least 183 days, then you are subject to NYC taxes on all your income.
Keep good records (credit card bills showing you were in Long Island certain days, etc.) in case you are audited. Make sure you are under the 183 days threshhold. Keep a log book.
I want to know why I own property and my friends who rent got a bigger (almost double) tax return than I did. I seriously think the IRS is out to get me. I never get large returns...in fact most years I have to pay alot...not married, no kids.
This is my first year I got a return but why was it not as high as some other peoples?
I want to know why I own property and my friends who rent got a bigger (almost double) tax return than I did. I seriously think the IRS is out to get me. I never get large returns...in fact most years I have to pay alot...not married, no kids.
This is my first year I got a return but why was it not as high as some other peoples?
Refunds are based on a lot of factors. They could be in a different tax bracket, they could have more withholding/estimated payments throughout the year, they could have more credits allowed, they could be married, they might have children, and the list goes on and on. Also, if you have too many deductions to itemize you might be getting hit with AMT so the property tax and mortgage interest may not help as much as you think.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
a question about a second home in NYC
