Number Show.com http://www.numbershow.com Accounting Stuff Tue, 09 Mar 2010 21:47:48 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 How to convert HELOC to fixed rate mortgage and pay not tax penalty when house is sold? http://www.numbershow.com/2010/03/06/how-to-convert-heloc-to-fixed-rate-mortgage-and-pay-not-tax-penalty-when-house-is-sold/ http://www.numbershow.com/2010/03/06/how-to-convert-heloc-to-fixed-rate-mortgage-and-pay-not-tax-penalty-when-house-is-sold/#comments Sat, 06 Mar 2010 16:51:40 +0000 publish12 http://www.numbershow.com/2010/03/06/how-to-convert-heloc-to-fixed-rate-mortgage-and-pay-not-tax-penalty-when-house-is-sold/ tax penalty
Boris asked:


Hi,
To buy new house I took HELOC against my old house which I planned to sell shortly to pay off HELOC. I could not sell my old house so I am using it as rental property now. I want to convert HELOC into fixed rate secondary mortgage. If I convert HELOC into fixed rate mortgage, when I sell my rental property will the money from sale be transferred to my primary mortgage company without lump sum distribution to avoid tax penalty?

Thank you

Kathleen

]]> http://www.numbershow.com/2010/03/06/how-to-convert-heloc-to-fixed-rate-mortgage-and-pay-not-tax-penalty-when-house-is-sold/feed/ 2 if you owe an estimated tax penalty at the end of the year, are you allowed to make payments on it? http://www.numbershow.com/2010/03/06/if-you-owe-an-estimated-tax-penalty-at-the-end-of-the-year-are-you-allowed-to-make-payments-on-it/ http://www.numbershow.com/2010/03/06/if-you-owe-an-estimated-tax-penalty-at-the-end-of-the-year-are-you-allowed-to-make-payments-on-it/#comments Sat, 06 Mar 2010 08:26:42 +0000 publish12 http://www.numbershow.com/2010/03/06/if-you-owe-an-estimated-tax-penalty-at-the-end-of-the-year-are-you-allowed-to-make-payments-on-it/ tax penalty
angeldust asked:


If I should happen to owe an estimated tax penalty at the end of the year, would I be able to make payments, or does the IRS require the entire payment up front, by a due date? What happens a person does not have the entire amount to pay immediately for an estimated tax penalty? Surely this lovely country won’t throw a person in jail because they can’t shell out an extra 200 or 300 dollars.

Just curious.

Ramon

]]> http://www.numbershow.com/2010/03/06/if-you-owe-an-estimated-tax-penalty-at-the-end-of-the-year-are-you-allowed-to-make-payments-on-it/feed/ 3 if you owe taxes at the end of the year, including an estimated tax penalty,does the irs allow a payment plan? http://www.numbershow.com/2010/03/06/if-you-owe-taxes-at-the-end-of-the-year-including-an-estimated-tax-penaltydoes-the-irs-allow-a-payment-plan/ http://www.numbershow.com/2010/03/06/if-you-owe-taxes-at-the-end-of-the-year-including-an-estimated-tax-penaltydoes-the-irs-allow-a-payment-plan/#comments Sat, 06 Mar 2010 06:46:33 +0000 publish12 http://www.numbershow.com/2010/03/06/if-you-owe-taxes-at-the-end-of-the-year-including-an-estimated-tax-penaltydoes-the-irs-allow-a-payment-plan/ tax penalty
angeldust asked:


I previously asked a question regarding the estimated tax penalty at the end of the year and if the IRS will allow a payment plan. My new question involves owing about $2035 in taxes (I am self employed). If I am not able to pay the full amount,would I be able to make payment arrangements with the IRS or I would only be able to do that with the penalty? I am sure I will be charged a penalty, as I will not be doing the quarterly payments. Thanks.

Eileen


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]]> http://www.numbershow.com/2010/03/06/if-you-owe-taxes-at-the-end-of-the-year-including-an-estimated-tax-penaltydoes-the-irs-allow-a-payment-plan/feed/ 4 Do we have to wait for military orders to sell our house and forgo the tax penalty? http://www.numbershow.com/2010/03/05/do-we-have-to-wait-for-military-orders-to-sell-our-house-and-forgo-the-tax-penalty/ http://www.numbershow.com/2010/03/05/do-we-have-to-wait-for-military-orders-to-sell-our-house-and-forgo-the-tax-penalty/#comments Fri, 05 Mar 2010 21:13:21 +0000 publish12 http://www.numbershow.com/2010/03/05/do-we-have-to-wait-for-military-orders-to-sell-our-house-and-forgo-the-tax-penalty/ tax penalty
Jen B asked:


I am wanting to put our house up for sale. My husband is leaving for basic training May 20th, 2008. It is February. Will we have to wait for his orders, to forgo the tax penalty that we would get for selling it before the two year mark? Or Can I put it up for sale now, and claim job change later? Any help on this issue would be great. Thanks!

Danielle
]]> http://www.numbershow.com/2010/03/05/do-we-have-to-wait-for-military-orders-to-sell-our-house-and-forgo-the-tax-penalty/feed/ 1 Tax penalty? http://www.numbershow.com/2010/03/04/tax-penalty/ http://www.numbershow.com/2010/03/04/tax-penalty/#comments Thu, 04 Mar 2010 04:34:11 +0000 publish12 http://www.numbershow.com/2010/03/04/tax-penalty/ tax penalty
jlatina24 asked:


I have a tax question. I have a friend who received unemployment while she was working. She is scared because now by January 31st the 1099 will be sent to her. She will be receiving a 1099 but her question is on the penalty. Obviously one should not receive unemployment when they are employed. What will happen to her? She is afraid she may be arrested since this is a felony. Please help so I can help her throught this.

Thanks,

Jo


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]]> http://www.numbershow.com/2010/03/04/tax-penalty/feed/ 4 Can I get a second loan from my 401k without a tax penalty ? http://www.numbershow.com/2010/03/03/can-i-get-a-second-loan-from-my-401k-without-a-tax-penalty/ http://www.numbershow.com/2010/03/03/can-i-get-a-second-loan-from-my-401k-without-a-tax-penalty/#comments Wed, 03 Mar 2010 09:01:35 +0000 publish12 http://www.numbershow.com/2010/03/03/can-i-get-a-second-loan-from-my-401k-without-a-tax-penalty/ tax penalty
jpayaso25 asked:


I already have a loan but have run into to some tough times and now Im faced with having to get another loan. I have been told that I may get a tax penalty for the second loan , is this true ?

Jacqueline
]]> http://www.numbershow.com/2010/03/03/can-i-get-a-second-loan-from-my-401k-without-a-tax-penalty/feed/ 2 Selling home in 1 year, how do you calculate tax penalty? http://www.numbershow.com/2010/02/23/selling-home-in-1-year-how-do-you-calculate-tax-penalty/ http://www.numbershow.com/2010/02/23/selling-home-in-1-year-how-do-you-calculate-tax-penalty/#comments Tue, 23 Feb 2010 12:15:07 +0000 publish12 http://www.numbershow.com/2010/02/23/selling-home-in-1-year-how-do-you-calculate-tax-penalty/ tax penalty
Tiff Tiff asked:


I have purchased a foreclosed home for $80,000. I would like to sale it for 110,000. Would I have any tax penalty if I sell it in 1 year? I live in the state of Wisconsin.

Arlene
]]> http://www.numbershow.com/2010/02/23/selling-home-in-1-year-how-do-you-calculate-tax-penalty/feed/ 2 Can you take out money from your 401k account as a no interest loan to yourself and without tax penalty? http://www.numbershow.com/2010/02/23/can-you-take-out-money-from-your-401k-account-as-a-no-interest-loan-to-yourself-and-without-tax-penalty/ http://www.numbershow.com/2010/02/23/can-you-take-out-money-from-your-401k-account-as-a-no-interest-loan-to-yourself-and-without-tax-penalty/#comments Tue, 23 Feb 2010 09:52:14 +0000 publish12 http://www.numbershow.com/2010/02/23/can-you-take-out-money-from-your-401k-account-as-a-no-interest-loan-to-yourself-and-without-tax-penalty/ tax penalty
Bri asked:


Can you take out money from your 401k account as a no interest loan for yourself and without tax penalty?
My friends mother is thinking about doing it – she says it’s taking out a loan against the 401k and her employer will be deducting pay from her check every pay period.

Sheila
]]> http://www.numbershow.com/2010/02/23/can-you-take-out-money-from-your-401k-account-as-a-no-interest-loan-to-yourself-and-without-tax-penalty/feed/ 5 Is there a marriage tax penalty still? If so, how does it work? http://www.numbershow.com/2010/02/22/is-there-a-marriage-tax-penalty-still-if-so-how-does-it-work/ http://www.numbershow.com/2010/02/22/is-there-a-marriage-tax-penalty-still-if-so-how-does-it-work/#comments Mon, 22 Feb 2010 00:56:28 +0000 publish12 http://www.numbershow.com/2010/02/22/is-there-a-marriage-tax-penalty-still-if-so-how-does-it-work/ tax penalty
Tom asked:


I’m a little confused here. I’m relatively newly wed and had heard somewhere that a marriage tax penalty would be reinstated in 2010. What does this mean? And is it a huge impact on my not too great a salary? I make about $24,000 right now and my wife makes about $15,000.
Great Answer, BASH, Thank you!

Elaine
]]> http://www.numbershow.com/2010/02/22/is-there-a-marriage-tax-penalty-still-if-so-how-does-it-work/feed/ 3 What if my ex wife refuses to pay half of the tax penalty? http://www.numbershow.com/2010/02/21/what-if-my-ex-wife-refuses-to-pay-half-of-the-tax-penalty/ http://www.numbershow.com/2010/02/21/what-if-my-ex-wife-refuses-to-pay-half-of-the-tax-penalty/#comments Sun, 21 Feb 2010 23:43:18 +0000 publish12 http://www.numbershow.com/2010/02/21/what-if-my-ex-wife-refuses-to-pay-half-of-the-tax-penalty/ tax penalty
Matt L asked:


Recently on 4/24/07 I recieved a tax penalty in the mail from 2001. Me and my ex-wife were married between 2000 and 2005 aprox. She failed to pay some taxes on her job because she was paid under the table. I am now remarried and have a daughter. My ex-wife has always been controlling and abusive and always blamed me for everything. Well when I called her the other day to ask her to pay half of the $1044.00 debt she told me you know what you are responsible because you always took care of the bills and then I try to explain to her and she said why do you keep talking so I stopped. Then she just said she will not pay. So I live in another state and to fly over and take her to court would cost $500 at least so that would already be more her half so I would lose the money anyways. Is there anything I can do to not be walked over again I feel so bad about losing this money too. Thanks for all of your help and answers!

Sheila
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