HDTenEightyP/NetNews huggingface dataset:
From: yuditsky@acf9.nyu.edu (Eugene Yuditsky)
Newsgroups: misc.taxes
Subject: Income from renting a primary residence
Keywords: income, sublet
Date: 30 Jul 92 18:22:12 GMT
Distribution: usa
Organization: New York University


Suppose I rent an apartment as my primary residence and I want to sublet it.

CASE 1:
	My rent is $1500 and I charge a subtenant $1500 (so I dont
	receive anything from subletting).
	Is my "income" taxable? (Well, I hope, not)

CASE 2:
	My rent is $1500 and I sublet an apartment fully furnished,
	so I can charge 10% more. Subtenant pays $1650.
	Is any of my income taxable?

Suppose I own a co-op as my primary residence and I rent it.

	My mortgage payment is $2000, interest part of it is $1800
	Maintenace $700. Tenant pays $1600.
	Is anything taxable?

Thank you.

--Eugene.
From: "hilary miller" <hilary.miller@execnet.com>
Newsgroups: misc.taxes
Subject: question on reinvesti
Date: 26 Jul 92 08:42:41 EST
Reply-To: "hilary miller" <hilary.miller@execnet.com>
Distribution: misc
Organization: Executive Networks Information


Renato Ghica, in a message to All on 07-25-92 at 8:24pm, said:

RG>|In a similar vein, do gains realized from the sale of securities also
   |have to be taxed right away (in the same quarter) or can the proceeds
   |be reinvested within a year?
   |_____________________________________________________________________

               There is no provision in the Internal Revenue Code
               for the tax-free reinvestment of capital gains on
               anything other than a principal residence.


   L A
 I    R        Hilary B. Miller of Greenwich, Connecticut
  H/\Y         CIS: 76040,1743
    
---
  DeLuxe 1.25 #11645  Hell hath no fury like the lawyer of woman scorned
--
Executive Network Information System  (914) 667-4567
International ILink Host
From: keller@oasys.dt.navy.mil (Margaret Keller)
Newsgroups: misc.taxes
Subject: Re: FICA payments...NOT
Date: 27 Jul 92 13:58:17 GMT
Reply-To: keller@oasys.dt.navy.mil (Margaret Keller)
Organization: Carderock Division, NSWC, Bethesda, MD

In misc.taxes, joseph@emmax5crd.ge.com (joseph) writes:
>
>  I have always thought that it is sort of unfair that those of us in the
>  private sector (the engines of the economy) pay those taxes, and those
>  in the governement (beuraucrats - the brake pads of the economy) do not
>  pay it.  (No offense meant to individual goverment employees).  My
>  understanding is that state employees covered under a state retirement
>  system and federal employees do not pay FICA taxes.  Is that correct ?
>
>  james joseph        joseph@c2a.crd.ge.com

I am fairly ignorant of the ways and means of it all, but I am a federal
employee (DOD, Navy, R&D type to be exact) and I have the joy of paying
FICA taxes and have had for several years now.  This may be because
I am under the Federal Employees Retirement System (FERS) rather than
the Civil Service Retirement System (CSRS).  Lest you all think only
the private sector has the privilege of bearing this particular burden.

**************************************************************************
* Remember: After the cuts, the 70% of us who are left will have to      *
* live with what we let the system become during this crisis.            *
*                                                                        *
*                    Meg Keller;  keller@oasys.dt.navy.mil               *
**************************************************************************
From: hemenway@ll.mit.edu
Subject: 1992 tax tables?
Organization: MIT Lincoln Laboratory
Distribution: na
Date: Tue, 21 Jul 92 15:33:28 GMT

Where can I get 1992 federal tax tables and such
to plan for my 1992 tax year?  If this is a FAQ,
please excuse and tell me where the FAQ-sheet is.

Regards, -Roe.  <hemenway@ll.mit.edu>

Newsgroups: misc.taxes
From: acheng@ncsa.uiuc.edu (Albert Cheng)
Subject: Re: 20% withholding on lump-sum distributions
Originator: acheng@shalom.ncsa.uiuc.edu
Organization: Nat'l Ctr for Supercomp App (NCSA) @ University of Illinois
Distribution: usa
Date: Thu, 23 Jul 1992 21:39:05 GMT


I just talked to our university's Benefits Center (equivalent to
Pension office) and the counsellor said there is no such a thing as 20%
withholding on the 403(b) plans.  I told her about this new rules on
401(k).  She claimed 403(b) is different from 401(k).

I really doubt the politicians would examplt non-profit organizations
from their greedy claws.  It is more like they forgot to include the
403(b) plans too.  But then the counsellor could be wrong.  Can anyone
confirm that with your own 403(b) "advisor"?
From: joseph@emmax5crd.ge.com (joseph)
Newsgroups: misc.taxes
Subject: Re: Tax Exemption
Date: 21 Jul 92 13:26:46 GMT
Article-I.D.: crd.1992Jul21.132646.17225
Reply-To: joseph@c2a.crd.ge.com (joseph)
Distribution: usa
Organization: GE Research


In article <1992Jul20.202139.17372@porthos.cc.bellcore.com>, mpb@troy.uucp (22161-bunz) writes:
>In article <1992Jul14.044451.9649@informix.com>, raghu@informix.com (Raghu Ramabadran) writes:
>> 
>> 
>> Iam plaaning to send $1000 to my parents in India as Gift.Can i take
>> tax exemption for this amount.If yes how much is the maximum limit on
>> such transfers as Gift per year ?.
>> 
>> 
>> _raghu_
>
>If and only if your $1000.00 represents more than 50% of their support
>for the year would you be able to claim them as dependents, and get
>some income tax relief.

  Even if the $1,000 represents more than 50% of the support, I suspect
  that Raghu may not be able to get any tax benefit.  This is because of
  the requirement that (with a few exceptions) one can claim somebody as
  a dependent for tax purposes, only if the dependent is a resident of
  USA, Canada, or Mexico.  In Raghu's case, that does not appear to be
  true.

  james
Newsgroups: misc.taxes
From: rohrernl@helix.nih.gov (Nathan Rohrer)
Subject: Thrift Savings Plan
Keywords: Savings retirement
Organization: National Eye Institute, National Institutes of Health
Distribution: usa
Date: Tue, 28 Jul 1992 16:54:12 GMT

I have just started contributing to a retirement plan (Fed. Govt - Thrift 
Savings Plan).  Is this contribution an adjustment to my income?  I was 
under the impression that any amount I put into this would be tax free until 
I retired and withdrew it but I couldn't find a place on the 1040 to 
subtract it from gross income.  Is there any books or IRS publications I 
could go to in order to figure this out?  Thanks in advance.

/*********************************************************************/
/*                       --- Nathan Rohrer ---                       */
/*  NATIONAL EYE INSTITUTE, OFFICE OF SCIENCE POLICY AND LEGISLATION */
/*              MANAGEMENT INFORMATION SYSTEMS SECTION               */
/* BITNET: NLR@NIHNEI31                  BETHESDA, MD 20892-0031     */
/* INTERNET: rohrernl@helix.nih.gov      NIH 3Com: NLR:NEI31:NIH     */
/* CompuServe: 70670,3164                PHONE: 301 496-2194         */
/*********************************************************************/
From: keller@oasys.dt.navy.mil (Margaret Keller)
Newsgroups: misc.taxes
Subject: Re: Thrift Savings Plan
Date: 28 Jul 92 18:41:57 GMT
Reply-To: keller@oasys.dt.navy.mil (Margaret Keller)
Distribution: usa
Organization: Carderock Division, NSWC, Bethesda, MD

In misc.taxes, rohrernl@helix.nih.gov (Nathan Rohrer) writes:
>I have just started contributing to a retirement plan (Fed. Govt - Thrift
>Savings Plan).  Is this contribution an adjustment to my income?  I was
>under the impression that any amount I put into this would be tax free until
>I retired and withdrew it but I couldn't find a place on the 1040 to
>subtract it from gross income.  Is there any books or IRS publications I
>could go to in order to figure this out?  Thanks in advance.

When your employer sends you your W-2 at the end of the year they will
have already subtracted your TSP contributions from your wages and will
report your taxable wages.  You don't have to make any adjustments on
the 1040 (to my recollection).

	 Meg Keller     keller@oasys.dt.navy.mil
From: ak860@cleveland.Freenet.Edu (William E. Steiger)
Newsgroups: misc.taxes
Subject: Re: Question on reinvesting money from sale of a home
Date: Thu, 23 Jul 92 18:05:18 -0400
Organization: Fedtax-L<==>Misc.Taxes Gateway
X-Gateway-Source-Info: Mailing List


>finding another house in the new area.  We are wondering how long we have
>to reinvest the money from the sale of our house before we have to pay
>taxes on it.  Also can we use the money to buy some land (which we probably
>won't build on for a year or more) or does the money have to be re-invested
>in our new place of residence?

You have 24 months from the date of sale of your old residence to move into
your new house.  As long as you move into the place within 24 months, you
can use the money to build a new house.

>Also any guesses on when the interest rates will start rising?
>
Depends on the president.  If Clinton gets in ... well look at the Carter era.


Bill
Newsgroups: misc.taxes
From: James.Braunsdorf@ubbs.gator.rn.com (James Braunsdorf)
Date: Mon, 27 Jul 92 23:26:34 EST
Organization: The Gator Public Access Unix Site - 219-289-3745
Subject: premature distribution
Distribution: world
Reply-To: James.Braunsdorf@ubbs.gator.rn.com (James Braunsdorf)
X-Posting-Software: UnixBBS 1.03b S/N 180921

Joe Baugher asked about IRS trying to tax his TIAA/CREF pension as a 
pre-mature distribution:
     The loophole you are looking for is the one that says if you take
it out in periodic payments that are actuarially based as you seem to
be doing that it does not fall under the rules that hit lumpsum
distributions. You should not have to pay on it under the present
rules. The problem may be a code number identifying the types of
payment that the payor puts on the W2P.  If you have the form from last
year look on the back where there is a list of codes from 1 to 7 or 8
(maybe more).  It should be identified as a regular payment but I don't
remember the code . If your payor called it a lumpsum or pre-mature
that is what sicced the IRS on you.
  James Braunsdorf
Xref: sparky misc.taxes:2872 misc.legal:15272 alt.individualism:4789
From: carl@Cayman.COM (Carl Heinzl)
Newsgroups: misc.taxes,misc.legal,alt.individualism
Subject: Re: Is paying income tax voluntary?
Date: 31 Jul 92 13:42:29 GMT
	<1992Jul30.043504.5301@leland.Stanford.EDU>
	<1992Jul30.133158.20831@uc.msc.edu>
	<1992Jul30.150707.22364@elroy.jpl.nasa.gov>
Followup-To: misc.taxes
Distribution: na
Organization: Cayman Systems Inc., Cambridge, MA
In-reply-to: alan@elroy.Jpl.Nasa.Gov's message of 30 Jul 92 15:07:07 GMT
bcc: carl


>Bear in mind that some states without state income tax make it up in sales tax.
>Actually, sales tax in CA used to be a lot less now that I think about it.

Like New Hampshire which has no tax in W2 style income (it does tax
interest income) and also has no sales tax???  Well, they DO have a
tax on prepared food (7% I believe) but you can always buy groceries
and cook at home.

Ok, where do they get you?  Try real estate taxes, but I could live
with that.  The amount extra that they pay in real estate tax is much
less than the 5.95% income tax plus 5% sales tax that we pay for things
here in Taxachusetts (that name has less meaning than it used to since
other states have been watching us and have caught up to and passed us
in some cases).

-Carl-
--
From: tut@cairo.Eng.Sun.COM (Bill "Bill" Tuthill)
Newsgroups: misc.taxes
Subject: stop Auburn Dam, save $1 billion
Date: 30 Jul 1992 21:21:06 GMT
Organization: Sun Microsystems Inc., Mountain View, CA
Distribution: usa
NNTP-Posting-Host: cairo

This newsgroup is often used for exchanging useful tax advice, or
for exchanging ideas about tax reform.  I hope nobody is offended
that I am now using it to help stop insane federal spending.

Having nothing better to do, the Army Corps of Engineers has proposed
a "dry dam" near Auburn CA.  That's right, a dam with no reservoir
behind it.  Sacramento-area Congressmen Vic Fazio and Bob Matsui have
proposed legislation funding the dam for $700 million.  By the time
cost overruns are in, the price is likely to exceed $1 billion, which
of course doesn't include money already spent.

This high concrete-arch dam was first proposed almost 30 years ago.
Building was halted when a big earthquake fault was discovered right
near the dam.  Filling up reservoirs can cause earthquakes because of
added weight and increased lubrication.

The Army Corps touts the dam for flood control, but this is ridiculous:
the most flood-prone fork of the American river comes in below Auburn
Dam; both forks above Auburn Dam are already dammed; and inexpensive
levy improvements for Sacramento are being ignored.

Apparently the pork barrel politicians are trying to ram this through
before the November elections.  A Senate bill to fund the dam has been
written, and a similar House bill is being prepared.  Here's what you
can do to stop Auburn Dam:

 o If your Congressional Representative is on the House Public Works
   committee, call immediately to express your outrage at the futility
   of spending $1 billion on a dry dam.  Norm Mineta of San Jose CA is
   Chairman of this committee (408)984-6045.

 o Write your Senators and Representative, expressing your opposition to
   spending $1 billion unnecessarily.  Letters are best because members
   of Congress must write a written reply to their constituents.  Copy
   Representative Mineta, who has not yet come out against Auburn Dam.

The Congressional switchboard is 202-224-3121.  Addresses follow:

	Senator ____________		Representative ____________
	Senate Office Building		House Office Building
	Washington, DC 20510		Washington, DC 20510
From: ak860@cleveland.Freenet.Edu (William E. Steiger)
Newsgroups: misc.taxes
Subject: Re: 20% withholding on lump-sum distributions
Date: 23 Jul 92 23:28:43 GMT
Organization: Fedtax-L<==>Misc.Taxes Gateway
X-Gateway-Source-Info: Mailing List


>I just talked to our university's Benefits Center (equivalent to
>Pension office) and the counsellor said there is no such a thing as 20%
>withholding on the 403(b) plans.  I told her about this new rules on
>401(k).  She claimed 403(b) is different from 401(k).

Icould be wrong, but I believe the 403(b) plans are used by government as
well as other "non-profits".  It is too common for government to exempt
itself and its employees.  ie why else would you have Sch R.

Bill
Newsgroups: misc.taxes,misc.legal,alt.individualism
From: eab@uh.msc.edu (Edward Bertsch)
Subject: Re: Is paying income tax voluntary?
Organization: Minnesota Supercomputer Center
Distribution: na
Date: Thu, 30 Jul 1992 13:31:58 GMT

could someone post a list of the states that have no state income tax?

--

Edward A. Bertsch (eab@msc.edu)   Minnesota Supercomputer Center, Inc.
Operations/User Services          1200 Washington Avenue South
(612) 626-1888 work               Minneapolis, Minnesota  55415
(612) 645-0168 voice mail         [DISCLAIMER: MY OPINIONS; NOT MSCI'S]

"Read _MY_ lips: No vote this time, George"      vote Libertarian in '92

% echo "potatoe potato" | spell
potatoe
%
From: mincy@think.com (Jeffrey Mincy)
Newsgroups: misc.taxes
Subject: Re: Read my lips!
Date: 22 Jul 1992 15:19:18 GMT
Organization: Thinking Machines Corporation, Cambridge MA, USA
NNTP-Posting-Host: mjolnir.think.com

In article <1992Jul21.211211.23127@mcc.com> richter@mcc.com (Charlie Richter) writes:
>> If you have lived long enough, the last time the Democrates controlled
>> both branches, 1976-1980, U.S. achieved the economic impossible, trible
>> digits in INFLATION, INTEREST RATES, and UNEMPLOYMENT.

The high inflation of the 70's was caused by an overexpanding economy 
gone wild.  The money supply grew at an enormous rate, and therefore prices for
everything was bid up.  As a result of the extremely high inflation the
FED pursued a tight money supply, eg, they caused interest rates to 
skyrocket to around 20%.  The fed controls money policy.  The fed
is not a department of the government, but is a collection of banks.
As a result of the tight money policy, demand slowed, and thus the country
entered recession.  During recession, people normally become unemployed.
When the rate of inflation slowed, and unemployment got too large the 
FED lowered interest rates.  Much of the excesses of the 70's can be
blamed on the FED, whose earlier policies caused the each cycle of the 
business cycle to become more pronounced.

Soooo, the democrats do not deserve (much) credit for the high inflation,
interest rates and unemployment.  

This information came from the book "The irwin one guide to business using
the wall street journal" by lehmann.  I recommend this book, especially
if you think money is the green paper stuff that is in your wallet.


>And if you've lived long enough, you recall that when Carter left the
>White House after 1980, the United States was the largest creditor
>in the world.  (We are now the largest debtor.)  
...
>So what's your point, and what does it have to do with misc.taxes?

Good question.


>Charlie Richter   MCC   Austin, Texas

-- 

-- jeff
mincy@think.com
Newsgroups: misc.taxes,misc.legal,alt.individualism
From: rjbodkin@theory.lcs.mit.edu (Ronald Bodkin)
Subject: Re: Is paying income tax voluntary?
Organization: MIT Lab for Computer Science
	<1992Jul30.043504.5301@leland.Stanford.EDU>
	<1992Jul30.133158.20831@uc.msc.edu>
	<1992Jul30.113319.1@acad2.alaska.edu>
Distribution: na
Date: Fri, 31 Jul 1992 00:05:21 GMT

In article <1992Jul30.113319.1@acad2.alaska.edu> fsars@acad2.alaska.edu (Allen R Sparks) writes:
   Taken from _The Statistical Abstract of the United States 1991_ published
   by the U.S. Department of Commerce.  The table it was taken from
   listed state taxes for 1989.

   Alaska
   Florida
   Nevada
   South Dakota
   Texas
   Washington
   Wyoming

	I could have sworn that New Hampshire doesn't have an income
tax--wasn't there a big fight about this very fact (NH also doesn't
have a sales tax).  Also, didn't Connecticut just start one (i.e. after
1989)?  And how about Delaware (I thought maybe they didn't either,
but this could be wrong)?
		Ron
Newsgroups: misc.taxes
From: greg@gregm.b23b!ingr!com (Greg Moritz)
Subject: RE: Tax Break for Home Sales At A Loss?
Organization: Intergraph Corp. Huntsville, AL
Date: Fri, 31 Jul 1992 18:19:08 GMT

> Currently, there are no breaks for selling a personal residence at a 
> loss.  You may deduct a portion (up to 3000 I think) of selling expenses 
> as moving costs.  I'd be surprised if the IRS would ever let you have
> it both ways (one time exclusion on $100K of gain AND deduct losses). 
> Any legislation would still have a long way to go after being passed 
> by the house.

Since one *does* have to pay tax on gain from sale of a house if you do
not replace it within two years, you really can't claim that we have it
both ways.  Mostly one way, but definitely not both ways.

Also, the one-time exclusion was $125k last time I checked.
From: smorrow@hpmwtd.sr.hp.com (Steve Morrow)
Newsgroups: misc.taxes
Subject: Re: Is paying income tax voluntary?
Date: 30 Jul 92 22:19:47 GMT
Organization: HP Santa Rosa Site (NMD MTA MWTD)

Subject: State Income taxes

Income Taxation in the States, 1990
States Without Income Taxes:           States Taxing Interest, Dividends
                                       and Capitol Gains only:
      Alaska
      Florida                                    Connecticut
      Nevada                                     New Hampshire
      South Dakota                               Tennessee
      Texas
      Washington
      Wyoming
  

States Taxing Adjusted Gross Income (rate ranges in parens):

Alabama (2.0-5.0)    Kansas (4.5-6.0)            New York (4.0-7.5)
Arizona (2.0-8.0)    Kentucky (2.0-6.0)          N Carolina (6.0-7.0)
Arkansas (1.0-7.0)   Louisiana (2.0-6.0)         N Dakota (2.6-12.0)
California (1.0-9.3) Maine (2.0-8.5)             Ohio (0.7-6.9)
Colorado (5% of fed) Maryland (2.0-5.0)          Oklahoma (0.5-6.0)
Delaware (3.2-7.7)   Massachusetts (5.0-10.0)    Oregon (5.0-9.0)
Georgia (1.0-6.0)    Michigan (4.6)              Pennsylvania (2.1)
Hawaii (2.0-10.0)    Minnesota (6.0-8.0)         Rhode Island (23% of fed)
Idaho (2.0-8.2)      Mississippi (3.0-5.0)       S Carolina (3.0-7.0)
Illinois (3.0)       Missouri (1.5-6.0)          Utah (2.6-7.2)
Indiana (3.4)        Montana (2.0-11.0)          Vermont (25% of fed)
Iowa (0.4-10.0)      Nebraska (2.0-5.9)          Virginia (2.0-5.8)
                     New Jersey (2.0-3.5)        W Virginia (3.0-6.5)
                     New Mexico (1.8-8.5)        Wisconsin (4.9-6.9)

Some states levy % of federal income tax.

------------------------------

Some of these have changed since 1990 (New Jersey has gone up); please add
corrections so I can update.

Steve Morrow
Newsgroups: misc.taxes
From: richter@mcc.com (Charlie Richter)
Subject: Re: Question on reinvesting money from sale of a home
Organization: MCC, Austin, TX
Date: Fri, 24 Jul 1992 19:23:13 GMT

> >Also any guesses on when the interest rates will start rising?
> Depends on the president.

Most economists expect short-term rates to rise after the election
regardless of who is elected.  A more interesting question is what
long-term rates will do.  Greenspan thinks long-term rates should
be lower at present, but he's pretty much admitted he can't do
anything to reduce them.  Cutting short-term rates further may fuel
fears of inflation, thus pushing long-term rates higher.

> If Clinton gets in ... well look at the Carter era.

Carter was hurt by some things not under his control.  For example,
the price of oil doubled in a fairly short amount of time.  Even
Gerald Ford had some of these problems before Carter -- remember his
"WIN" buttons?  (Interest rates were really high during part of
Reagan's first term, too, by the way.)

What would *really* help long-term rates, IMO, is a reduction in the
budget deficit.  (I base my opinion on simple supply-and-demand
dynamics -- less government borrowing means smaller demand.)  As I
recall, Bush's latest budget proposal (the budget submitted by Bush
to Congress) was $399B in the red.  So the real question, I suppose,
is whether Clinton's budget proposals will be better or worse than
that.
-- 
Charlie Richter   MCC   Austin, Texas
  uucp: richter@milano.uucp     arpa: richter@mcc.com
"The panic ... was not due to anything fundamentally weak in either business
   or finance.  It was confined to the market itself."   - WSJ, Oct. 31, 1929
Newsgroups: misc.taxes
From: acheng@ncsa.uiuc.edu (Albert Cheng)
Subject: Re: Tax Exemption
Originator: acheng@shalom.ncsa.uiuc.edu
Organization: Nat'l Ctr for Supercomp App (NCSA) @ University of Illinois
Distribution: usa
Date: Tue, 21 Jul 1992 19:01:37 GMT


In article <1992Jul20.202139.17372@porthos.cc.bellcore.com>, mpb@troy.uucp (22161-bunz) writes:
>In article <1992Jul14.044451.9649@informix.com>, raghu@informix.com (Raghu Ramabadran) writes:
>> 
>> 
>> Iam plaaning to send $1000 to my parents in India as Gift.Can i take
>> tax exemption for this amount.If yes how much is the maximum limit on
>> such transfers as Gift per year ?.
>> 
>> 
>> _raghu_
>
>If and only if your $1000.00 represents more than 50% of their support
>for the year would you be able to claim them as dependents, and get
>some income tax relief.

I think the parents need to have U.S. residence status and not have
too "much" income and not a dependent of anyone else plus who knows
how many more IRS rules.

>But be careful, if you were to give them more than $20,000.00, you would
>have to pay an additional GIFT tax (well $40,000.00 if you are married).
>
>Of course if your parents are running a "legitimate" charity, then
>you can DEDUCT your contributions to said charity.

Foreign charity donations are NOT deductable.  And donations earmarked
for someone, even through a charity organization, is NOT deductable.
A typical example: if you donate $1000 to support your child to
be a missionary to country XYZ, that is not deductable.