The Tax Questions Blog

Archive for October, 2008

Question: It the accrued interest taxable in current year?

I have a promissory note from a relative that promises to pay accrued interest from an estate ( the person is still living) , To keep peace in the family I agreed to it. Cash is tight and I do not wish to pay income tax on money I do not have and might never see.

Answer: All debt obligations bearing interest even if it doe's not make annual payments including private notes made after 1990 are required to report accrued interest on the annual anniversary date every year. If you end up having a loss on this investment the whole amount of the loss can be carried back three years or carried forward ten years.

Springfield City Council poised to close police-fire pension to new hires

City leaders on Tuesday outlined a plan that -- pending the City Council's approval Monday -- will officially close Springfield's police-fire pension plan to new hires and allow employees in the Tier II plan to move to the state LAGERS system.

Milton Friedman - Free to Choose 1990 - 1 of 5 The Power of the Market PL 3/5

Question: Buyer in Canada claims didn't receive item,filed Paypal claim against me but I have tracking info as proof.

I sold an item on eBay to a buyer in Canada and they claim they never received the item. I have a tracking number and when I check it, it tells me that they attempted to deliver the package. I didn't receive the package back and I don't know if the buyer picked it up from their local post office or not. I contacted USPS and was told that they don't know what could have happened to the package because it was transferred to Canada Post (other private company not associated with them). So now the buyer filed a dispute against me but I provided proof of shipping and after I escalated it to a claim, the buyer never responded after that and didn't meet his deadline, however the case is now again "under review". I have never been in this situation before and did everything right on my part, so will PayPal side with me or the buyer and how long would it take, given the details above, for this to be over? Thanks.

Answer: I had a similar situation a few years back with an eBay purchase going to Toronto. I had never dealt with international shipping before this. The buyer filed a claim and I sent the proof of shipping/insurance. It went through their review system and the money was given back to the buyer (taken from my account). They claimed that my shipping info was not proof of anything since it went across an international border. As it turned out, the package was held up in customs for additional charges and the buyer did receive it several months later. Lucky for me at the time that he was honest. When it was finally delivered, he mailed the refund back to me. Based on that personal experience not just from international shipping, but how eBay deals, I wont send anything outside of the USA anymore and my ads say so. The only thing I can hope in your case is that it is being held up in customs. Best of luck to you and I hope this is useful

Veterans cite lack of assistance

CORPUS CHRISTI —Ninfa Salazar spent more than a year untangling government red tape to secure medical benefits for her father, a World War II veteran. All she needed was proof he had served — paperwork lost in a fire decades ago, easy to replace, she thought.Early on, she went to the taxpayer-funded county veterans services office for help. She was told to call an office she already had ...

Internet Censorship: New Law To Restrict Online File Sharing

Question: moneycontrol.com?

I build house with HBA IN 1989.Can I trasfer property to my wife or have to sell & buy new property in my wife name,long term gain is adjusted.as you said in court judgement.HRA will not be taxable

Answer: Your question has no clear details. Please add details or ask a new question with clear details like what you want actually. I do not think any body can answer your question in full.

FAQs on revised code

Under the direct taxes code (DTC) regime, what happens if a salaried employee withdraws money from his/her approved Provident Fund (PF)/Superannuation fund (SF) /Gratuity and other retrial benefit schemes? How will the DTC affect pension plans?

SEC chief wants to catch scammers in the act

When it comes to securities fraud, 2009 was either the best of times or the worst. Both arguments are made in the statistics.

America Freedom to Fascism 10-11 Aaron Russo