The Tax Questions Blog

Archive for April, 2009

Question: A question about Taxes: Do I put all student loans, grants, and scholarships as taxable income?

Aside from the money that I made at my job in 2007, do I factor in all of my student loans,grants,and scholarships? Are those taxable income?

I have my 1098T form. Im just sooo confused. HELP!

Answer: No. Loans aren't income since you have to pay them back - you don't show them at all. Grants and scholarships are only income if they are spent on something other than eligible expenses - tuition and fees are eligible, room and board are not.

Firm Capital Mortgage Investment Trust: Confirmation of Special Year-End Distribution Amount and Reminder to ...

TORONTO, ONTARIO-- - Firm Capital Mortgage Investment Trust confirmed its previously announced special year-end distribution of $0.105 per unit. The December and special year-end distribution which total $0.183 per unit, will be payable on January 15, 2010 to Unitholders of record on December 31, 2009.

Consitutionality of tax-free clergy housing allowance challenged in Sacramento

The Rev. Michael Rodgers leads a small congregation in North Highlands and lives in a nearby neighborhood, which he can afford because he receives a government benefit his neighbors do not: a tax break on his housing.

response to "Tax the church 2" from Freethinker3161

Business groups gird for session

Maryland business executives are bracing for the almost inevitable program cuts and tax increase proposals as legislators prepare for next week's opening of the 2010 General Assembly session.

Question: Is inheritance money taxed or taxable?

A relative of mine has recently passed away, prior to his passing, he informed me that he had left me some money in the form of an inheritance. My question is, does money that you inherit from family get taxed or need to be reported at all to the IRS?

Answer: 1. Any thing (money and property) you receive as gift or inheritance, you (the receiver) don't pay any federal tax liability. About any state tax, you need to check from your state's web site.

2. If you inherit a property, your cost basis is the valuation (Fair Market Value) of the property at the date of the decedent's death or the FMV (Fair Market Value) on the alternate valuation date if the personal representative for the estate elects to use alternate valuation.

3. If you sell the inherited property at a price up to your cost basis you don't have any taxes due. However, if you sell the property at price more than the cost basis to you, then you pay the taxes on the profit (sale price minus your cost basis). Report the sale on schedule D of Form 1040.

Ask the Experts: What are the taxes on inherited homes?

How to handle the sale of a parent's home is a question many baby boomers face after their parents are gone. Here are two different situations answered by Internal Revenue Service specialist Jesse Weller and estate planning attorney Tracy Potts.

Federal IRS Inheritance Income Tax Return Laws & Rates 2009, 2010

Question: Can I do a walk thru after an eviction notice is filed with courts?

When can I do a walk thru ? After an eviction has been served and filed with the court, can I as a landlord do a walkthru the property before the court hearing? With a 24hr notice of course. State of Ohio

Answer: As a landlord you can do an inspection at anytime....just provide proper notice.

Why Renters Get The Shaft

Here's what more than a few tenants are in for.

Jello Biafra With D.O. A. -That's Progress