"William Brenner" nospamplease.net> wrote in message
news:G8%%Rj.61163$rC6.47870@bignews4.bellsouth.net...

If it is indeed income, then it is taxable at the federal level. However,
not all payments constitute income to the recipient.

Is there a special procedure for filing form K-1? I learned that to
file a 1099-MISC you order special blank 1099-MISC forms from the IRS
and follow a whole lot of procedures about fonts and stuff like that,
or just use an online service (like filetaxes.com, esmartpayroll.com,
paycycle.com). But you can't even order K1's at the IRS web site. It
looks like you just fill out the K1 and mail it to the IRS? What
about the scanning issues? Thanks.

http://www.irs.gov/pub/irs-pdf/f1099msc.pdf
http://www.irs.gov/businesses/page/0,,id=23108,00.html

If I, a resident of California, sell a rental house I own in Hawaii, what
are the tax implications? There will be gains (even in this real estate
market) and recaptured depreciation. Obviously there are federal tax
obligations. But will I also owe taxes both the the states of Hawaii and
California?

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

The IRS publicized a schedule for payments. People who filed for
refunds using direct deposit would get it first. Paper checks will be
mailed according to the SSN's last 2 digits (I fall in the last batch
around July).

I filed my 2007, but I owed money (no refund). I still entered my
direct deposit info on the 1040 form so that the IRS could use it for
sending the stimulus payment through direct deposit. Will this work
or will I just get my paper check in the mail?

========================================= MODERATOR'S COMMENT:
If the software and the efiling software allowed your direct
deposit information through, then you should receive the stimulus rebate
in the RTN and account# you specified.

I am thinking of buying 2-4 flat that i would live in. Now I receive a
substantial itemized deduction for my interest and property taxes on
my single family home (which would be sold to buy the rental
property). My concern is that I will have to apportion the property
taxes and interest between the business (rental property) and my
personal deductions, rendering them useless because they will be below
the standard deduction.

My question is, is there any way around this? For example, using a
partnership or corp to buy the property and then paying fair market
rent to it for my unit. At least then the deduction would be had by
the rental rather than lost.

So I filed my 2007 Federal Taxes. I owed them $70 when I filed but
had not sent the money. Should I assume that the rebate check will
come on time ( per the alst two digits of Soc Sec) and that the $70
owed will be deducted from it?

Does anyone know, having a hard time finding the answer.

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

A quick question. I would assume that an estate is not allowed to
make gifts, but I haven't found that confirmed anywhere in the little
bit of research that I've done. So I thought I would confirm with
this group.
What taxable entities are allowed to make gifts? Mother past away in
2007, we are now working through her estate. Is the estate allowed to
gift 12K to multiple individuals in 2007; 2008? Or is that a
priveledge only extended to individuals?

Thank you for your time.

On Apr 30, 10:14 am, William Brenner nospamplease.net>
wrote:

California: Not Taxable http://tinyurl.com/4t5le7

What is a good recommendation to give to someone who's starting a new
business and who needs an individual or firm to help organize their
books, set up their accounts, prepare 1099s for contractors, perhaps
eventually, prepare W-2s for employees and file taxes?

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

I received a Form 8009 with a copy of my Form 1040x from the IRS. I
forgot to sign my original 1040x, so I need to send them a signed
copy. Anyway, I'm wondering two things:

- do I need to send back the Form 8009 along with my Form 1040x?
- what destination do I need to send the form(s) back?

My original 1040x was sent to Atlanta, GA. There's no indication of a
formal return address on the letter that I got besides the address on
the envelope.

I'm assuming that it is the address on the envelope. I just wanted to
confirm because I've gotten bills and forms before that required a
destination address other than the one shown on the envelope.

Thanks!