If i had no employment last year but i did recieve unemployment benifits do i still need to file taxes?
Answers: yes - unemployment benefits are taxable income on your 1040 - you may have enough deductions and exemptions where you won't owe any taxes, but you still have to file
yes unless you specifically opted for no taxes to be taken out of your checks you need to file your taxes. however you probably wont have to pay anything out.
Is capital gains tax payable on inheritance from sale of property for the beneficiaries?
Answers: In the case of an inheritance, anything over an allowed amount will be taxed under Inheritance Tax, which is a form of death duty. The present allowance for an inheritance is currently £300,000 for tax year 2007 to 2008, and this £300,000 threshold includes the value of a house - unless it is left to a UK-domiciled spouse. The value of estates above that threshold is taxed at 40%.
There is no capital gains tax just because a person dies and leaves a property in their will. There may however be inheritance tax for the estate (not the beneficiary) to pay.
If the executors of the estate sell the property before it is passed on to a beneficiary, the estate pays capital gains tax based on the increase in value from the time of death to the time of sale. The tax is paid out of the estate before the estate is distributed to the beneficiaries.
If the beneficiary sells the property, they will pay capital gains tax based on the increase in value from the time of death to the time of sale.
Can my mother claim me as a charge exemption?
I already filed my taxes and claimed myself buy my mother get mad at me and said she could claim me as a rates exemption and she would get style more money back than I would.I lived beside her until the first of July and I turned 18 July 20th. I made about 7,000 from July till Dec.
Answers: Yes, she can claim you as a dependent (not an exemption). And you probably are worth more to her within tax nest egg than you saved yourself. You can profile an amended return and "unclaim" yourself. You'll owe more taxes (or get a smaller refund) and after she can claim you. (Requirements for her to claim you: 1) you are under 19 or 24 & a student, you lived beside her for at least partly the year, 3) she provided more than 50% of your support. )
If she does... the IRS will send you a notification, calling out your mistake. You end up paying in the region of 100 bucks.
This happened to me second year. Since I was contained by school and living beside them... my step dad claimed me... and I didnt know.
Your mom has every right to claim you if you live near her. She can do that until your 23.
Deduction, not exemption.
Yes, she can, because she paid for your support for more than 6 months up to that time you turned 18, and your income was so small that you didn't "have" to wallet.
if she says you are a sheep she get a discount for livestock
You didn't say if you be a fulltime student for any part of the year, but it sounds approaching she supported you half the year and you be under 19. She probably would receive closely more than you did if you filed single.
She claims you as a dependent and take an exemption for you.
Your mother can claim you until you are 24 . Unless you provide all your food, clothing and rent rewarded to your mother she should be able to discount you. If one of my kids did that to me they would be looking for a new place to live.
as long as you didn't take-home pay more than half your own support consequently yes she can claim you.