6 tax myths that will cost you
Some of your commonly held beliefs about tax law may not be based in reality. Find out whether you believe in these taxation fairy tales that may cause you to pay more tax than you actually owe.
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How much more confusing can tax laws be ?
Seems the only ones I understand are the ones that make me pay more & more in every way possible.
I gave in a few years ago & started using Turbo Tax, so I'm assuming I don't qualify for any tax credit on my home at all. But I still don't understand the wording in this article.
What 8 years is it talking about ? Does it mean the 8 years that this tax credit was in service ? I didn't think it was here that long. Which 8 years ? Is it talking about between 2002 & 2010, since it had to happen before Sept. 2010 ? That's 8 years, isn't it ?
Can anybody execute an explanation in plain English for me please ? Cause this article sure makes me feel dumb.
I am with you on that! I am also confused on the 8 years window they are talking about. I bought mine in 2004 but I had lived in my other house for 8 years prior buying a new house in 2004? meaning I bought the first house in 1996 owned and lived there for 8 years then sold and purchased the second house in 2004? When they first started this first time homebuyer credit I inquired and was told I didn't qualify based on info above mentioned but every year i filed my taxes I wonder if i did qualify back then or just wasting my mind to think about it, can someone please tell me.....
You have to be careful about using married filing separately status. If you live in a community property state, all income and itemized deductions have to be split 50-50 so there is no benefit there unless it is deemed separate property like an inheritance and no funds are ever co-mingled. Then income from the inheritance is only reported to the owner if the couple decides to file MFS. ie. John earns 30K and Suzy earns 20K, if they file MFS they have to report income each of 25K in community property state. If Suzy has inherited income property that she keeps separate and generated 2k from it then she reports income of 27k while John reports 25k.
the biggest tax myth out there is that we have to pay a federal income tax.
there is NO law on the books anywhere that says the common working american has to pay a federal income tax,,as a matter of fact there is a standing offer open to anyone that can find where the tax code says that we do,,if you can find it they will pay you $50,000
the offer has been out there for years and noone (even irs employees)have collected it yet,,because THERE IS NO LAW
hows that myth for ya
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