HDTenEightyP/NetNews huggingface dataset:
From: jms@vision.sarnoff.com (Jerry Shapiro x2420)
Newsgroups: misc.taxes
Subject: Re: NJ Inspectors invade PA and NY
Date: 25 Jan 93 22:34:17 GMT
Reply-To: jms@vision.sarnoff.com
Organization: David Sarnoff Research Center

In article 30136@oasys.dt.navy.mil, tobias@oasys.dt.navy.mil (Steve Tobias) writes:
>In misc.taxes, MBADBH@rohvm1.rohmhaas.com (David B. Horvath, CDP) writes:
>>  NJ Inspectors went into Philadelphia and the high-income PA Mainline and
>>NYC to find NJ license plates on cars parked in other states.  If they find
>>one, they take the number down and cross reference it with tax and voting
>>records.  The theory is that if you're in the other state at 6am on a
>>Saturday and you didn't pay taxes in NJ, you're using a NJ address to
>>illegally reduce your auto insurance.
>>  The justification is that insurance rates are lower in NJ than in
>>Philadelphia and NYC, and therefore, the people who live in PHL/NYC but
>>register their cars in NJ are actually costing each NJ driver $80/year
>>in higher insurance premiums and therefore are committing fraud.
>>      - David Horvath
>
>    I thought New Jersey had the highest auto insurance rates in the
               ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
>entire country. Also, how would PA and NY drivers registering in NJ
>cost NJ drivers money? If anything, I would think NJ would benefit
>from increased registration fee income. Also what do the out of state
>people do for an NJ address? If they have a PA or NY address on their
>NJ registration papers and/or NJ driver's license (or drive with NJ
>tags and another state's driver's license) their homestate cops would
>cite them for extra infractions if they were stopped for speeding, etc.
>Of course, for NJ to allow registration using an out of state address
>makes no sense either.
>						   Steve


As a state it does. But just for fun, try to get an insurance quote if you live
in Center City, Philadelphia, PA. Here is an example
1988 Toyota Celica, full covereage, no tickets or points, adult driver
$5200 per year. Philadelphians sue each other at a higher rate than anywhere else in the country. Ever hear the expression "Philadelphia Lawyer"?

Jerry
Newsgroups: misc.taxes
From: arg@netcom2.Netcom.COM (Adam R. Grossman)
Subject: Re: rental income agony
Reply-To: arg@netcom.com
Organization: Netcom Online Communications Service
Date: Mon, 25 Jan 1993 04:46:16 GMT

JONESD@kcgl1.eng.ohio-state.edu (David Jones) writes:
   Newsgroups: misc.taxes
   Date: Sat, 23 Jan 1993 17:32:19 GMT

   ...I agreed to let him live in my house in return for paying half the
   mortgage and expenses.  My friend is obviously paying me rent, but how
   do I report this to the IRS?  Trying to apply the various rules in IRS
   publications is extremely agravating.  Their model of a rental
   arrangement is that at each point in time a property or cleanly divisble
   portion thereof is in a state "rental" or a state of "personal use".  In
   my case, everything except the bedrooms has communal use...

I have heard  that  in   this situation you   organizationally separate the
property  into two parts,  one used for personal  residence and one used as
rental property.  The result is as if you had two separate properties.

To do  this,  you figure out  how much is  used for each  part and use this
derived fractional constant for all tax calculations.  One common method of
division  is based  on the ratio  of people,  e.g.,  for your situation the
ratio  is 50:50, but  if you had two roommates  it would  be  33:67.  Other
methods could be used such as square feet, but probably not in your case.

You would therefore take the depreciation on half of  the house on schedule
E.  You deduct half of the interest on schedule A, and half  on schedule E.
Probably for some expenses,  half get  deducted on schedule  E and half get
added to your basis.  If your roommate pays for his half of the cable bill,
this  has no tax  consequence to you;  likewise,  your own  half has no tax
consequence for you.

If this sounds like  a paperwork nightmare,  you might get away  with  just
reporting the rental income as income, but then you don't get to depreciate
half of the  house and  some other expenses: $100K of  house - $20K  land =
$80K / 2 = $40K over 28.5 years at the 28% bracket is $392.  Of  course, the
$392 is not "free" because you pay it back in added capital gains  down the
road.  Depending on your situation, you might decide the depreciation isn't
worth it.  While reporting  rent  as income  rather than rental  income  is
probably not strictly proper, I would guess  the IRS would  let you do this
since you are voluntarily forfeiting your depreciation allowance.

Of course, I may have heard wrong.
--
Adam R. Grossman
arg@netcom.com
-- 
Adam R. Grossman
arg@netcom.com
From: sandya@hpfcmdd.fc.hp.com (Sandy A)
Date: Wed, 27 Jan 1993 00:41:44 GMT
Subject: benefits of home ownership
Organization: HP Mechanical Design Division
Newsgroups: misc.taxes
X-Newsreader: TIN [version 1.1 PL8]

A few questions about home ownership:

1. I bought a house this year, and everyone tells me the tax benefits are
great.  I know I can deduct the interest, and to do this I have to fill
out the "long" form.  My question: what other things are commonly 
deducted on a "long" form?

2. If I buy home improvements on credit, can I deduct that interest as
well?  For example, if I take out a loan or use a credit card to pay
for landscaping, is the interest deductible?

3.  I saw a note where someone mentioned that their bank sends a form
to the IRS saying how much interest they paid on their mortgage.  Is
this always done?  I have a privately-held mortgage, and I'm wondering
who (if anyone) should/will inform the IRS that I've paid x in interest.

Thanks in advance for any info. 
Newsgroups: misc.taxes
From: mikef@progress.COM (Michael Furgal)
Subject: Capitol Gains Question
Keywords: Capitol Gains
Organization: Progress Software Corp.
Date: Sun, 24 Jan 1993 01:55:20 GMT

I am new to this group, however I have a very specific question.

Does the rate that you are taxed on capitol gains (i.e. gain on stock
sales) change if you hold on to the stock for a long period. More
specifically, I have stock options, and am wondering if I have any
advantage in purchasing them even though I am gaurenteed the option
price for the next 10 years.

Thanks in advance....


.....MikeF
--
Mike Furgal
14 Oak Park                         INTERNET: mikef@progress.com
Progress Software                   UUNET: ...uunet!mit-eddie!progress!mikef
Bedford Ma.  01730
Newsgroups: misc.taxes
From: cep@taligent.com (Christophe Pettus)
Subject: Re: Is there a FAQ?
Organization: Taligent, a little subsidiary of two really big companies.
Distribution: usa
Date: Thu, 28 Jan 1993 18:42:54 GMT

In article <1993Jan27.185831.3409@cbfsb.cb.att.com> bair@cbnewsb.cb.att.com (matthew.a.bair) writes:
>
>I was wondering if there is a FAQ available for this news group?

Not yet, coming soon.
--
-- Christophe

"Bad analogy!  No biscuit!"
Newsgroups: misc.taxes
From: wouk@alumni.cs.colorado.edu (Arthur Wouk)
Subject: Re: New York State is Drowning
Organization: University of Colorado, Boulder
Date: Sat, 23 Jan 1993 23:52:17 GMT

In article <1993Jan22.204828.23448@crd.ge.com> joseph@c2a.crd.ge.com (joseph) writes:
>
>In article <1jldp8INN99p@usenet.INS.CWRU.Edu>, ak336@cleveland.Freenet.Edu (John Dill) writes:
>>
>>On a recent trip through upper N.Y. State we we're all impressed
>>with the depressed look of things....abandoned homes, shuttered 
>>businesses and generally shabby conditions. I then read that business
...
>
>  A few caviars from Mario Cuomo in his new state budget:
>
>1. A baby tax:  Each new born will be levied $17.00 tax. (I am
>   not making this up)
>2. A one billion dollar tax cut that was to take effect 3 years

upstate new york has been decaying since about 1850, as new
agricultural areas opened up in the west and water transport was
replaced by rail transport, and later truck transport of goods and
commodities.

industry maintained itself along the mohawk valley till about the
1930s, but after the war the carpet mills moved south, as did almost
everything else. nothing else moved in.

similarly the mills near albany closed at the same time. north od=f
albany there is very little economic activity.


so don't blame it on the democrats. it was bad during the republican
administrations as well. it got worse during them as well.

now as industrial activity leaves the us, the whole country is slowly
sinking into a similar decay.
-- 
arthur wouk 
internet: wouk@alumni.cs.colorado.edu
Newsgroups: misc.taxes
From: ameres@ithaca.cat.rpi.edu (Eric Ameres)
Subject: HELP! Weird mortgage situation.
Organization: Rensselaer Polytechnic Institute, Troy NY
Distribution: usa
Date: Thu, 28 Jan 1993 15:13:32 GMT

  Hmmnnn... How do I carefully put this.  First, I am definitely not
out to hoodwink anyone out of anything.  Second, I'm sorry I'm in this
mess to begin with, but no one would listen to me in the first place,
so here I am.  OK, the situation:

  In 1991 my wife and I wanted to buy a certain house, for which we
needed a mortgage.  Due to bank requirements on the size of the house,
we were unable to directly secure a mortgage.  In step my inlaws, who
offer to get a mortgage on their house and lend us the money to buy
our house.  One condition, for the time being (until we can get our
own mortgage) my inlaws want the property in their name.  Here's where
I protest to my wife but wind up giving in.

   OK, ever since, I've been making all the payments, taxes, utils,
etc.  on our home and have all the documentation to prove it (checks,
receipts, etc).  I have always dealt directly with the bank, town,
state, etc., (i.e.  written my own checks rather than through my
inlaws).

  Since we bought late in the year and paid no points, it didn't pay
to itemize the first year.  This year, the problem is, the deduction
would be substancial and I don't want to lose the deduction of the
interest.

  My in-laws insist I should take the deduction because I have all the
documentation and proof of payment, but their names are on the deed
and on the statement from the bank.  According to the 1040 schedule A
instructions, the form is not to be included in my return anyway (just
fill in the number) but I'm concerned because the form has my in-laws
SSN # on it.

Do I have to report this as I privately held mortgage and get him to
file the interest income and deduct his mortgage (pass everything
through?).  Still the problem of the name on the deed exists.

So far I haven't been able to get a definitive answer from anyone and
it's virtually impossible to get through on the official info lines.
Any advice?  Am I in trouble?  Who should take the deduction?

Please reply via email.  I'll post a summary.

eA.

ps.  What are the requirements for doing business and filing a
Schedule C?  Do you have to file a form somewhere to "legitamitize"
(sp?) a sole proprietership (i.e. individual reporting publisher's
royalty income)?  Or do you just go ahead and file Schedule C with
your name an SSN as the business?


-- 
----------------------------------------------------------------------
Eric Ameres,  Software Engineer                 ameres@cat.rpi.edu
New York State Center for Advanced Technology in Automation & Robotics
Rensselaer Polytechnic Institute - CII 8313, Troy, NY 12180-3590
From: acheng@ncsa.uiuc.edu (Albert Cheng)
Newsgroups: misc.taxes
Subject: Re: Social Security for non-citizens
Date: 26 Jan 93 15:54:26 GMT
Article-I.D.: news.C1GxIr.8uK
Organization: Nat'l Ctr for Supercomp App (NCSA) @ University of Illinois
Originator: acheng@shalom.ncsa.uiuc.edu


In article <2759@cronos.metaphor.com>, sasha@sharik.metaphor.com (Sasha Velednitsky) writes:
>In article <C0pn7u.I8y@news.cso.uiuc.edu> acheng@ncsa.uiuc.edu (Albert Cheng) writes:
>>
>>In article <9301112025.AA24306@oodis01.hill.af.mil>, rdyreng@oodis01.hill.af.mil (Russell I. Dyreng;OO-ALC/LILEP) writes:
>>>Non-citizens also have the ability to become citizens at a later point
>...
>>SS benefit is supposedly based on how much one has contributed into it
>>before.  (The formula is TOP, TOP, top secret that SS won't tell
>>anyone.) Also, if one never contributes into SStax, be it citizen or
>
>This is not true.  The formular is *public* information and could be
>obtained by contacting your local SS office. ...

I have contacted the local office before.  They would not say the formula.
They told me they could tell me what my benefit would be as of this year
and if I were eligible for the benefit.  If you can get it, please post it
here.  I think many of us would like to know.

> When I was in Italy about
>13 years ago I met a retired Dutch man.  He had been working in USA for
>about 10 years and as the result of it was collecting US Social Security.
>As he explained to me, he worked in the USA from the age of 35 to 45.  
>He started collecting SS when he reached 65 however.  He never applied
>for a US Citezenship.

13 years ago would be 1980.  Your Dutch friend would be at least 65
then.  So, he probably worked in the USA from 1950-60 or earlier.
Things could have been different back then.  Currently, SStax and
benefit is not limited to US citizens.  Permenant residents are covered
too.  But non-immigrant residents (e.g. temporary working permits,
foreign students) are not required or covered.  Please remember this
discussion is talking about should non-immigrant residents be included
in the SS system.

>I don't have the current formula or length of time one should be
>working in USA to earn SS benefits when one is 65 years old.  I've
>been working in USA for about 13 years and not retiring yet, so I'll
>make the minimum.  Therefore I don't need the exact information on
>SS benefits. But it looks like you do.  So why don't you get the
>information from a real source and not from "I heard" and post it 
>here for the benefit of others.  

I don't know how you get the impression I claim I "know it all".  It
was my own experience (since mid 70's) that non-immigrant residents
do not contribute into SS nor can they claim benefit.

>I am sorry if my message is a little bit "personnal", but this is
>the second time you are posting the information that is simply not
>true.

I don't see why one has to get personal even if someone made mistakes.
I have made several mistakes before in this group.  And others corrected
me.  That was good.  Everyone benefits from it.  If no one is allowed
making unintentional mistakes, it will be a very quiet world.
From: kss@mathcs.emory.edu (Kevin Smith)
Newsgroups: misc.taxes
Subject: Re: rental income agony
Date: 26 Jan 1993 18:08:51 GMT
Organization: Emory University, Dept of Math and CS
Distribution: world
Reply-To: kss@mathcs.emory.edu
NNTP-Posting-Host: setsuko.mathcs.emory.edu

In article 18359@magnus.acs.ohio-state.edu, JONESD@kcgl1.eng.ohio-state.edu (David Jones) writes:
> I am one of 1992's record number of single, first-time home buyers.  The
> friend I was sharing an apartment with was left in the lurch so I agreed
> to let him live in my house in return for paying half the mortgage and expenses.
> My friend is obviously paying me rent, but how do I report this to the IRS?
> 
> Trying to apply the various rules in IRS publications is extremely agravating.
> Their model of a rental arrangement is that at each point in time a property
> or cleanly divisble portion thereof is in a state "rental" or a state of
> "personal use".  In my case, everything except the bedrooms has communal use.
> 
> What seems fair to me is to treat his share of the mortgage payment as my
> net income, folding the interest and taxes into the itemized deductions
> on schedule A.  There is a rule about how the base rate for the first phone
> line is not a deductible expense, so it would have to be added.  Is this
> acceptable to the IRS?  What about the cable TV bill?  What about depreciation?
> What about the little box on schedule E: "Did you use the property for personal
> purposes..."?  Arrgh!
> 
> 
> David L. Jones               |      Phone:    (614) 292-6929
> Ohio State Unviversity       |      Internet:
> 1971 Neil Ave. Rm. 406       |               jonesd@kcgl1.eng.ohio-state.edu
> Columbus, OH 43210           |               jones-d@eng.ohio-state.edu
> 
> Disclaimer: A repudiation of a claim.

We shared our house with friends for a year; they didn't pay anything toward
rent, just split utilities, but my reading was that if they HAD paid anything,
it wouldn't have been reportable as rental income.  The documents said if part
of the dwelling was used for personal use (as opposed to rented), then the entire
dwelling counted as personal during that time.  There was also a clause about
'fair market value'; ie, if they paid less than a 'fair market value' for their
part then it would not have counted as rent either.


---
Kevin Smith
Emory University, Atlanta, GA 
Internet:  kss@mathcs.emory.edu		BITNET: kss@emory.bitnet
UUCP: {rutgers,gatech}!emory!kss
From: shaig@Think.COM (Shai Guday)
Newsgroups: misc.taxes
Subject: Moving From Abroad
Date: 22 Jan 1993 19:13:38 GMT
Organization: Thinking Machines Corporation, Cambridge MA, USA
Distribution: world
NNTP-Posting-Host: mickey.think.com

Hi,

	I have a few questions.  This is the first time I am
preparing my taxes in the US and as such I am unsure about a
few items.

	First of all, my wife and I jointly own a home overseas
which we are renting out, the rent covering the mortgage.
Is any of this deductible?  Our overseas interest rates are
quite high.  We do not own a home in the US.

	Secondly, until this July I worked abroad.  My earnings
were substantially lower (in USD) and were highly taxed.  Should
I be eligible for a major tax rebate as I have been taxed by my
current employer at a "yearly rate"?  If so, what is the best
way to declare this?

	Third, and finally for the moment, we moved from abroad.
During the course of this move, we sold household goods at a loss
and bought new items here.  What types of expenses can I deduct?

If anyone knows of GOOD publications that provide this information,
or can provide it themselves, I would be much obliged.

	Thanks.
-- 
Shai Guday              | Stealth bombers,
OS Software Engineer    |
Thinking Machines Corp. |	the winged ninjas of the skies.
Cambridge, MA           |
From: wacb@aplcomm.jhuapl.edu (Bill Christens-Barry)
Newsgroups: misc.taxes
Subject: SUBSCRIBE FedTax-L@SHSU.edu
Date: 27 Jan 93 20:09:02 GMT
Organization: Fedtax-L<==>Misc.Taxes Gateway
X-Gateway-Source-Info: Mailing List

SUBSCRIBE FedTax-L@SHSU.edu



Bill Christens-Barry,
texting for himself
Newsgroups: misc.taxes,misc.invest
From: cep@taligent.com (Christophe Pettus)
Subject: Re: Capital Gains Tax Question
Organization: Taligent, a little subsidiary of two really big companies.
Distribution: usa
Date: Thu, 28 Jan 1993 18:40:10 GMT

In article <1993Jan27.130647.3648@cbnews.cb.att.com> lib@cbnews.cb.att.com (Lib) writes:
>This is all wrong. You have to level your PREPAYMENTS each quarter,
>withholding and estimated taxes combined. Thus you must prepay at least
>25% of the yearly total that must be prepaid by April 15, 50% by
>June 15, 75% by Sept. 15, 100% by Jan. 15.

1. You don't have to make estimated tax payments until you have income
   that requires same, regardless of what method you use.

2. If your income is going to vary wildly through the year, you can use
   the annualization method to pay only what is required each period.
--
-- Christophe

"Bad analogy!  No biscuit!"
From: weyyi@acuson.com (Weyyi Wang)
Newsgroups: misc.taxes
Subject: Tax programs under Microsoft Windows
Summary: Software under Window 3.X to file your federal/state taxes
Keywords: Tax software
Date: 25 Jan 93 20:01:42 GMT
Distribution: misc
Organization: Acuson; Mountain View, California


    A software company in Mtn. View - Wintax, developed a product under
Window 3.X to file your federal/state income taxes. It has built-in federal
and state tax forms in Windows so you can get hard copies right after you
finish the form filling. It has separate GUI to interact with you in a Q & A
style so you don't have to be the tax expert to file the tax form anymore.
The package is on sale for $29.00 until the end of February, 1993.
-- 
-Weyyi Wang  415-694-5435
From: surendra@plsparc.UUCP (Surendra Goel)
Newsgroups: misc.taxes
Subject: Itemized Deductions (First Time Home Buyer)
Keywords: First, Home, Buyer, Itemized, Deductions, 1992
Date: 22 Jan 93 13:39:38 GMT
Organization: Personal Library Software Inc., Rockville MD

Hi,

Ex-president Bush introduced a bill for $5000 tax credit for the first
time home buyer. Was this bill ever passed? If the bill was passed then how
much can you deduct in one year?

I know that I am allowed to get the deductions for the following:
	Points paid to the lender
	Real Estate Tax
	Interest paid to the lender
	State Income Tax
	Local/County/Property Tax 
	Charity contributions

Is there any other item which can be deducted?


Thanks for any help.
From: gll2@ns1.cc.lehigh.edu (GARY L LAUGHLIN)
Newsgroups: misc.taxes
Subject: misc deductions
Date: 24 Jan 93 22:52:51 GMT
Organization: Lehigh University

i am on a one year temporary assignment at the request of my employer.  the
1992 energy act states that only temporary assignments of less than one year
allow the deduction of unreimbursed expenses.  question.  is that one year
period the time that i am at the temporary location, or the time that i am
away from my permanent location.  the difference between the two is the travel
time (one week each way).  this will affect my plans for returning.
Newsgroups: misc.taxes
From: abbott@arioch.spd.hitachi.com (Nick Abbott)
Subject: Disability and taxable income
Organization: Hitachi Computer Products America
Date: Tue, 26 Jan 1993 00:58:27 GMT


I have (I think) a consistant answer for this from the
IRS, but I'd like to hear from others in this group:

The question is...


"Are disability payments considered taxable income under
 the following conditions:

	-Payments are from a state (CA) disability insurance
	 program, that is funded by regular payroll deductions.

	-The person recieving the disability payments is NOT
	 unemployed at the time of the disability.

	-The person's employer provides a normal 'sick leave'
	 paycheck (this paycheck + disability payment = normal wage)."


Thanks for any input...


Nick Abbott
abbott@spd.hitachi.com
From: billw@glare.cisco.com (William )
Newsgroups: misc.taxes
Subject: State taxes deductable...
Date: 21 Jan 93 18:53:22
Organization: cisco Systems, Inc.
Distribution: misc
NNTP-Posting-Host: glare.cisco.com

Is there any way to recover from paying significant amounts of state
tax in the year AFTER the income happened?  This year it appears that
I am subject to AMT, since state tax isn't deductable in the AMT calcs.

eg  State tax owed in 1991:   10000
    State tax payed in 1991:   5000
    91 State tax payed in 92:  5000	(on april 15, of course).

owe in 92: AMT (24% or so) of $5000, in addition to income tax on 92 earnings.

Bummer.

BillW