Tax Blog

This is a difficult situation. We own a piece of undeveloped land in FL and are considering selling to put a down payment on a house in CA. We have owned it for about 14 years. My husband is military and a FL resident. We currently are stationed in CA and I am a CA resident. The land is a joint tenancy. FL doesn’t have a capital gains tax, but CA does. So I am guessing that we have to split the gain 50/50 and have 50% taxed by the state of CA. We are trying to use an online capital gains tax calculator to figure how much we will have to pay.

We had an assesment to pave the street. Would that be an improvement cost?

Also, the state bought a small portion to widen a highway. Would the money they paid us be deducted from the basis?

How do you come up with the depreciation? My property value has went up (according to the county assessment).

How do you figure out what the tax rate is on the gain?

I know this is tough one, but I appreciate all the help.

Tax Blog

I am married and lived in Oklahoma the last two years, I went in August to Arizona to work for a few months till December. What tax form do I need is it the 140NR or 140PY? I already filed my Oklahoma and Federal return, I know I need to file I just don’t know which one I need?

Presented by ten tri-state area accountants.

Tax Blog

My wife and depecndent child received their SSN this year. I filed tax return jointly with my wife but forgot to change her (and our dependendent sons) ITIN with SSN number. To receive economy stimulus package can we resubmit the tax return changing ITIN to SSN. Also how this could be done?

Planet Election Guide: Property tax hike
In an era of steep revenue declines, the Telluride Town Council is asking voters to consider a 3 mil property tax increase that would pay for street maintenance, snow removal, curb and gutter projects and paving.

Read more on Telluride Daily Planet

Tax Blog

The dealership we bought it from (we purchased new in Feb. 2006) told us that we would be able to claim the credit for a few years. Is this true? Or did we only get a one time tax credit?

When Harry’s boss Doug starts deducting income tax from Harry’s paycheck, the Solomons realize that they have never filed a tax return and that they owe $9500 to the government. To combat this, they invent the ‘brilliant’ notion of lying on their tax return and Dick reworks the sums so that the government owes them several hundred thousand dollars. Sally attempts to help by setting up a failed home hairdressing business, but when women start arriving for haircuts, Harry and Tommy ‘camp up’ and take to the ‘salon’ to help. Lying doesn’t work, however, and the Solomons are faced with an audit – and the threat of being exposed as aliens.

Tax Blog

A.It is less than the investor’s actual tax rate.
B.It is more than the investor’s actual tax rate.
C.It is not affected by the investor’s actual tax rate.
D.It must be equal to the investor’s actual tax rate.

Tax Blog

A single pack of cigarettes is 20 cigs in a pack, and a multi-pack is 10 single packs. What I mean is, if i go to buy a single-pack and a multi-pack at the store, will the tax on both of them be the same? I know the tax on single-packs is $0.62, but what about multi-packs?

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Tax Tips For Canadians For Dummies: Annual

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