ya what is the head of household thing? I've been wondering about that, also what is a homestead exemption?

 

joining thread to learn.




Teach me the chicagoan's way to taxes.




I started to learn from blago in his after school tutoring, but for some reason it got cancelled.

 

Look up the internal revenue code section. My fiance is an accountant and I asked her if she could claim head of household. She looked into it and said that there is much more to it to be able to claim me.

 

claim you? i don't have anyone to claim other than myself and i rent

 

Yes, you can go back 3 years to amend your returns. You would need to file a 1040x. To claim HOH you must be unmarried, paid for at least 1/2 the cost of your home for the year, and your home must also be the main home for you and a qualifying child or relative (dependent).

Edit: No, you cannot claim HOH status.

 

i also read the instructions and it says in a nut shell you need to claim someone, but you could be helping out a family member or anyone for a short time and something. i want to know will i for sure get audited for this or is this something that i can do?

 

If you are helping out a family member, depending on by how much money (over the 'gift' amount?), you could also trigger THEM to get in hot water by not claiming your financial assistance to them... Say if you paid off someone's $25,000 debt... and you tried this...

1) you did not pay gift tax since it's over the allowable amount per year
2) they did not claim it as income because debt relief by another party can be considered 'income' to the recipient.
3) Anything out of the 'norm' by nature increases your chances for an audit.

Just figure the taxes properly and pay them... that's always the easiest thing to do.

 

Helping out a family member for "a short time" does not qualify you to claim them as a dependent. This is not something I would recommend doing. While the chances of getting audited are slim to begin with, I would imagine its a red flag when someone claims HOH and has no dependents.

 

Yes there are specific rules to claim that status, but if you limit it to a personal/standard deduction and THEY DON'T CLAIM THAT ON THEIR TAXES ALSO you should be fine. If you are doubling up on deductions you will have problems.

 

you had me then lost me

all i planed on doing was checking the HOH in filling status
and using the $8k standard deduction instead of the $5K if i was single
thats all
and with doing that my return is double . is that what your saying is ok?

 

arch, I'm gonna need a more in depth example. please pay off 25000 of my debts and we can go through this step by step.

 

How about the example where you don't claim the $25K as income... then you can see the process of how they start with seemingly benign snail mail notification for an amount due.


:jester

Make sure to send Obama an IM that your Supreme Court nomination just went out the window...

 

This is not ok. Check the single box.

 

http://www.irs.gov/pub/irs-pdf/p501.pdf

Page 7

You have to meet all 3 criteria:

1) Unmarried as of the last day of the tax year (check!)
2) You paid more than half the cost of keeping up a home for the year (probably check!)
3) A "qualifying person" lived with you in the home for more than half the year. If the "qualifying person" is your dependent parent, then they don't have to live with you.

(BZZZZZZZZZZZZ!)

You: "i don't have anyone to claim other than myself and i rent"

Single it is.

 

:lmao: Missed the part about you having no dependents. That is what that is all about. If you are not supporting anybody then you cannot claim HOH. You are only head of yourself. :laughing: Basically all that means is that you would be stealing the dependent's exemptions. You have no dependents. Check the single box. Collect $200, pass go, stay out of jail.

 

ok fine :mecry: man that would of been sweet

jackass boss man trying to jail my ass mutha fucka:flingog3:

thanks for the insight

thread closed

 

Appearantly not paying your taxs is becoming a prereq to work for him LOL

 

Its only wrong if you get caught. :cheers: