I owe $293 to the irs from finishing year,how much would be my cost?
gosh! is kinda complicated to calculate this,how much i owe them right very soon after penalties and everything? thankfulnessAnswers: You'll have to ask them for the current amount due... it depends on a little factors. Their method is explained here:
http://www.irs.gov/taxtopics/tc653.html
Capital gain on a house?
my grandfather bought a house for 825000 on a 1031 exchange and owned it for 18 months, during that time my wife and I lived and paid the morgtage at hand. We then bought the house from him for 625000 because that be the most mortgage we could afford with a personal agreement to foot him back the rest over time. Due to personal reason we had to provide the house in 13 months and sold it for 865000 to income realtors and get fund the original amount of 825000. I am pretty sure that I am going to owe wherewithal gains on the difference of 240000, is within anything that can help within my situation.Answers: If you lived in the house adjectives the time since you bought it, then here is no CGT to pay.
i am within UK and dont understand wot a 1031 exchange is..
hold u paid the extra 20,000 to your granpop if it be bought for 825000 u got 865000 compensated mortgage and granpop a total of 825000 seems similar to a difference of 40000 ...I dont know how things work in your country... but cgt on the diff between what u bought it for and what u trade it for ..
so u legally bought if for 625000 profit is 240000
So ..If they dont read between the lines the fact that it originally cost granpop 825000... consequently ure on a looser have u get it written down anywhere??
I'm doing taxes...I contribute to a 457 (same as 401k) account...is that the same as a IRA?
Answers: no. a 457 plan replaces your Social Security contributions.
my memories of when my wife had a 457 plan are that the amounts she contributed to it weren't included in the taxable income reported on her W-2 and, therefore, that she got no deduction for those amounts on the IRA contributions line.
But, they did count toward the annual contributions limit for making your own IRA contribution. And they counted toward the maximum Social Security contributions on form SE [self-employment tax].
check current IRS publications for details at irs.gov [use their search function and type in "457 plan"]
No, it's not the same. Different part of the tax code, different limitations, restrictions, etc.