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August 16, 2005


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1) Buy and own a house

Ahhhh, if only it were that easy.

4) Buy affordable vehicles and drive them for at least 6 years before trading

How about don't - take public transportation instead if you live in any major city with a decent transportation system. You'll save a ton on car payments, insurance, taxes, gas, etc.

CEO in training: buying a house is not that complex.
However, most people want to buy a dream house as opposed to an appartment replacement :) Start in a simple way, and upgrade as your income improves.

My friend is starting a new online business that allows sellers to pay for ad placement and buyers to view ads for free. He is based in Virginia and is going to place an LL C on the business soon. I am wondering how does he pay taxes to the us govt for his work done in that country. He will also be giving these services to other nations abroad. What forms does he have to fill out, how often and how much will he be paying the us govt in taxes. Thank you and have a blessed day. Bye

Kathy --

I suggest you see a good CPA in your area. I'm not qualified to answer these questions.

I currently own a condo. I have a renter in this condo. I am looking at purchasing a townhome for myself. My renter really want's to purchase the condo..but can not get the financing for it. I'm thinking of a contract-for-deed set up with the renter. I need to know what happens at tax time? Will it hurt me in the end to have the condo and the townhouse?

will the vioxx settlement be taxable?Will my husband insurance company have to be reimbursed for what they pd on his heart by pass hospitalization.

Judy -

Generally, settlements are not taxable if they are payments for personal injury, including loss of earnings. However, if some of the payment is for medical expense you've deducted in an earlier year or for punitive damages, that would be taxable. I would suggest you hire a CPA that is recommended to you by a friend or colleague. That is usually the best way to find a good one.

I am wanting to know how to figure what my penalty would be if I with drawl 30,000.00 from my 401K to pay for my attorney fees. My annual income is 39,00.00

So in order to receive the tax credit when buying a new cannot have owned a home within the last 3 years? Does this mean from the exact date of the sale of the old home? i.e. if I sold a home 8/31/06, I don't qualify until 8/31/09??

My fiancee` and I are looking to purchase a house this year. We want to take advantage of the $8k first time home buyer credit. I make around $50K, he makes around $85K; we both qualify as first time home buyers. Can we both claim the credit? Should we get married before April 1, 2010? How does being married v. buying the home individually affect the tax credit?

Blue --

I'll post your comment in a week or so. Stay tuned.

Thanks!!! :)

Hi, My parents are very old and want to turn over their funds to me, their only son. Im concerned about tax implications of a $120K transfer to my account. Also, in the event of their passing, Id like to avoid the probate vultures. Whats the best way of handling this? Thanks.

Steve --

I'll post your question in a week or so. Stay tuned.

I have a $24,000 business credit card (that I am a personal signer on) that is about to charge off with JP Morgan chase. They have offered me a $7,300 settlement but the remainder of the debt will be sent to me as a 1099 at the end of the year. Now the only way I will be able to pay this debt is with another personal credit card. At this point I am trying to avoid bankrupcy, however I think it will be very difficult. Is it wise to settle the debt and take on a personal tax liability and a personal credit liability to settle the larger debt?

BK --

I suggest you contact a professional with this question.

I have a 403b at the hospital where I work, a Roth IRA that I opened this year with $3200 and also a variable annuity with State Farm I've put $500 in this year. I need to put in some money before the end of the year to decrease my taxes.Can I contribute to the variable annuity and deduct the contribution at tax time. Income approximately 110,000.00, two incomes

My mother sold her homestead home of 50 years last year and need to know if she needs to file anything on her income tax regarding this home. She moved into an apartment, not another home. Thanks!

Hi, I have purchased a home, I have 100 in a CD, 25k in an IRA, 12K in 401k, and @ 15K In a Focus Fund. diminishing b/c I am now unemployed and get dividend checks once a month. I have 7K on a cc, and need to pay it. Should I take money from the CD?Just 10K. I need the Focus fund to live on..but this CC is hanging over my head.

My mother passed away in October 2009..she worked for the federal government for 28 yrs. My mother had been sick for quite sometime and retired because of that in January of 2009..
My mom had a retirement benefit and for some reason her ex husband is the primary beneficiary.
I am the second beneficiary. My mothers divorce decree states he is to benefit from nothing. Anyhow ...I have spoke to this person and he has ageed to sign the check over to me. He knows my mother would not have done this intentionally. so the check is being mailed to my home. I need to know what we can do to just put the check in my account. without any tax implications..the money has already been pre-taxed. do you have any advice?

I am in the process of buying a home. I was thinking of adding my dad as a co-owner, he's 64 years of old. What are the pro's and con's. Any advise will be greatly appreciated.

Raj --

I'll post your question for my readers in a couple weeks. Good luck!

If i have a 401k plan and my company goes bankrupt, do i lose my money?

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