HDTenEightyP/NetNews huggingface dataset:
From: sepa@enel.ucalgary.ca (Michael Sepa)
Subject: Graduate Student Taxes in Canada -- Books
Summary: Can a grad student use cost of books to reduce taxes?
Date: Tue, 22 Dec 92 06:11:09 GMT
Distribution: canada
Organization: ECE Department, U. of Calgary, Calgary, Alberta, Canada
Keywords: student, books, Canada

	I've heard that the cost of books for a graduate student
	can be used as expenses of some kind on a tax return.  Is
	there anyone out there who knows what the rules are, or how
	to find out more about them?

	This is of interest to me since I have some hefty receipts for
	the books I purchased pursuing my 'higher' education, and I 
	hope to reclaim some of it on my taxes.

	Please reply to me directly, or to this newsgroup.  I will
	summarize all responses for the benefit of any others.



	Michael Sepa
	sepa@enel.ucalgary.ca or sepa@acs.ucalgary.ca

Newsgroups: misc.taxes
From: pdaunno@Ingres.COM (Paul Daunno, Premium Support)
Subject: Mortgage Refinancing
News-Software: VAX/VMS VNEWS 1.4-b1  
Keywords: mortgage refinance
Organization: ASK Computer Systems, Ingres Product Division
Date: 31 Dec 92 20:00:05 GMT

Hi,

I refinanced the mortgage on my house last week.
I was wondering if the closing costs were tax
deductable and if so what things specifically
(ie. origination fee, points, etc.)

If you have any useful information, send it my
way.

Thanks,

Paul Daunno
Ingres, An ASK Group
Premium Support
From: zevpeter@chen.bgu.ac.il (Bill Peter)
Newsgroups: misc.taxes
Subject: 1991/1992 meal allowances for Schedule C
Date: 26 Dec 92 20:34:44 GMT
Organization: Ben Gurion University, Beer Sheva, Israel
Originator: zevpeter@chen.bgu.ac.il



I am a consultant for a couple of firms and have to travel extensively to
work for these places.  I would like to deduct the standard meal allowance for my days on
travel for both 1991 and 1992 (I'm one year behind in my taxes).

1.  What is the standard daily meal allowance the IRS allows for consulting in
    both 1991 and 1992?

2.  Are telephone calls back home deductible in Schedule C while on travel?


--
Bill Peter
Physics Department
Ben-Gurion University, Beersheva, Israel.
From: martin@chiton.ucsd.edu (Martin Olivera)
Newsgroups: misc.taxes
Subject: Side job - Expenses deduction?
Date: 21 Dec 92 19:01:55 GMT
Distribution: usa
Organization: Scripps Inst. of Oceanography - MPL

I have a "side-job" which brings in about 2 to 3K a year (natural language
translations). Is it possible for me to deduct the expenses related to this
job? (office supplies, floppy disks, computer!! used for word processing, etc).
If so, do I need specific forms?

I apoligize if this question is a FAQ and was beaten to death before.

Martin
-- 
------
Organization: Bar-Ilan University Computing Center, Israel
Date: Tue, 22 Dec 1992 19:14:11 IST
From: Shlomo <X42529@BARILVM.BITNET>
Newsgroups: misc.taxes
Subject: capital gains

What's the minimum income by capital gains that requires filing a return?

(likewise for passive income)
From: "hilary miller" <hilary.miller@execnet.com>
Newsgroups: misc.taxes
Subject: is this a wash sale?
Date: 25 Dec 92 10:56:08 EST
Reply-To: "hilary miller" <hilary.miller@execnet.com>
Distribution: misc
Organization: Executive Networks Information


Jhinuk Chowdhury, in a message to All on 12-24-92 at 1:41am, said:

JC>|        If I sell shares (at a loss) of a *Vanguard* muni bond fund, sa
   |and buy shares of a *Scudder* (or any other) muni bond fund (within 30
   |days), would that constitute a wash sale?
   |_______________________________________________________________________

               Not even close.  Unless the *issuer* of the secu-
               rities is the same (not the same mutual fund spon-
               sor, as in your other hypothetical), you do not
               have a wash sale.


   L A
 I    R        Hilary B. Miller of Greenwich, Connecticut
  H/\Y         CIS: 76040,1743
    
---
  DeLuxe/386 1.25 #11645  Old bankers never die; they just lose interest.
--
Executive Network Information System  (914) 667-4567
International ILink Host
From: art@acc.com (Art Berggreen)
Newsgroups: misc.taxes
Subject: Re: Inheritance Tax Question
Date: 29 Dec 92 19:03:23 GMT
Organization: ACC, Advanced Computer Communications

In article <Bzo95H.AGG@taligent.com> cep@taligent.com (Christophe Pettus) writes:
>In article <1992Dec22.145318.2075@walter.bellcore.com> cpg@caribbean.bellcore.com (Curt Goedde) writes:
>>After all estate taxes have been applied to the distribution of an
>>estate, is the remaining inheritance taxable as part of normal income
>>to the benefactors?
>
>In general, no; the estate taxes are all that you have to pay (not that
>they're not bad enough)

But, I believe income generated by the estate (interest, dividends, etc),
during probate, are taxed as regular income when distributed to beneficiaries.

My mom was a beneficiary of a large and complicated estate that took two
or three years to settle (and the bank trust department handling it still
messed up on parts of it).  Part of the distribution was taxable, some of
it only federally (income from US governmnent securities).  The final
estate settlement document was serveral pages of financials.  All-in-all,
filing taxes during this period was a real headache for her.

I would assume though, that most estate settlements are much simpler.

Art
Newsgroups: misc.taxes
From: Norman.Yee@launchpad.unc.edu (Norman Yee)
Subject: partnerships and partnership income
Organization: University of North Carolina Extended Bulletin Board Service
Distribution: usa
Date: Fri, 1 Jan 1993 01:19:42 GMT


A couple of questions about partnerships:

 1) Does profit always have to be distributed to the partners at the
    end of the year?
 2) If the profit is left in the partnership's bank account, is the
    interest counted as income if (1) is true?
 3) Is cash method accounting better than acrual accounting?
 4) What benefits does a partnership have over a sole proprietorship?
 5) Does a partnership need a name?
 6) Is a lawyer needed to form a partnership?

Any help would be appreciated.

  Norm

--
   The opinions expressed are not necessarily those of the University of
     North Carolina at Chapel Hill, the Campus Office for Information
        Technology, or the Experimental Bulletin Board Service.
           internet:  laUNChpad.unc.edu or 152.2.22.80
Xref: sparky misc.taxes:3914 misc.invest:15545
From: jxs18@po.CWRU.Edu (Jerry Sy)
Newsgroups: misc.taxes,misc.invest
Subject: is itemizing always better than fixed deductions ?
Date: 31 Dec 1992 14:11:28 GMT
Organization: Case Western Reserve University, Cleveland, OH (USA)
Reply-To: jxs18@po.CWRU.Edu (Jerry Sy)
NNTP-Posting-Host: hela.ins.cwru.edu


Is it true that itemizing deductions is always better (meaning less taxes
to pay) than just taking the fixed deductions (say from 1040EZ) ?

I am married (wife has no income), no mortgage payments, no loan payments,
no interest payments (in short, I don't owe anything), don't have IRA,
don't have 401k (I'm definitely getting 401k jan 1).

I know I read somewhere (probably in Wealth without Risk) that says you
always pay less tax if you itemize, but no matter how I compute it,
the fixed deduction is always higher than what I can itemize.  Am I
missing something ?

please respond by email if possuible.

thanks
jerry

From: adams@hpfcso.FC.HP.COM (Dave Adams)
Date: Fri, 25 Dec 1992 23:20:15 GMT
Subject: 401(k) hardship rule question
Organization: Hewlett-Packard, Fort Collins, CO, USA
Newsgroups: misc.taxes

I have a question about the penalty-free 401(k) hardship rule for
early withdrawal of funds:

At one time I understood that the rule allowed you to withdraw money
to be used as a down payment on a house.  Is this still allowed?
If so, what conditions must be met to allow such a withdrawal?

Sorry if this is a FAQ -- I just started reading this group, and did
not see anything posted that answered my question.

Thanks in advance for any info!

-------------------------------------------
-  Dave Adams                             -
-  Hewlett-Packard Company                -
-  Fort Collins, Colorado                 -
-  adams@fc.hp.com                        -
-------------------------------------------
Newsgroups: misc.taxes,misc.invest
From: ask@cbnews.cb.att.com (Arthur S. Kamlet)
Subject: Re: is itemizing always better than fixed deductions ?
Organization: AT&T Bell Laboratories,  Columbus, Ohio
Distribution: usa
Date: Sun, 3 Jan 1993 18:49:00 GMT

In article <1huv2gINN57r@usenet.INS.CWRU.Edu> jxs18@po.CWRU.Edu (Jerry Sy) writes:
>Is it true that itemizing deductions is always better (meaning less taxes
>to pay) than just taking the fixed deductions (say from 1040EZ) ?
>
>I am married (wife has no income), no mortgage payments, no loan payments,
>no interest payments (in short, I don't owe anything), don't have IRA,
>don't have 401k (I'm definitely getting 401k jan 1).
>
>I know I read somewhere (probably in Wealth without Risk) that says you
>always pay less tax if you itemize, but no matter how I compute it,
>the fixed deduction is always higher than what I can itemize.  Am I
>missing something ?

Nope.

If you have no significant deductions, then take the standard
deduction.

(BTW IRAs and 401k's are not relevant to whether or not you itemize
or take the standard decuction.)
-- 
Art Kamlet  a_s_kamlet@att.com  AT&T Bell Laboratories, Columbus
From: "hilary miller" <hilary.miller@execnet.com>
Newsgroups: misc.taxes
Subject: final estimated tax p
Date: 21 Dec 92 06:32:32 EST
Reply-To: "hilary miller" <hilary.miller@execnet.com>
Distribution: misc
Organization: Executive Networks Information


Bill Downing, in a message to All on 12-19-92 at 8:22pm, said:

BD>|My question is, am I still required to file Voucher 4 for fed and
   |state even though taxes due will be zero for this quarter. Or can I
   |just ignore it?
   |___________________________________________________________________

               You don't need to file the voucher unless it's
               accompanied by an estimated tax payment.


   L A
 I    R        Hilary B. Miller of Greenwich, Connecticut
  H/\Y         CIS: 76040,1743
    
---
  DeLuxe/386 1.25 #11645  Help!  I've fallen and I can't get up!
--
Executive Network Information System  (914) 667-4567
International ILink Host
Newsgroups: misc.taxes,misc.invest
From: 18783@rhodes.aero.org
Subject: SEP and 401(k) for small businesses
Organization: The Aerospace Corporation, El Segundo, CA. USA
Date: 28 Dec 92 13:53:48 PST

Could someone help with some basic information or references on SEP plans
and/or 401(k) plans.  My wife has a small business with 1-2 full time and 4-6 
part-time employees.  My understanding is that she can set up a SEP/401(k) for 
herself if and only if it is available to all employees and that she must match
employee contributions.  The principal difference between the two is the limits
of maximum contributions (?).  It seems to be a potential bookkeeping
nightmare, particularly with the high turnover rate of the part-time employees.
Can some employees be excluded from either plan, e.g. if they work less than 20 
hours a week or until they have worked for 6 months etc?  

The books I have read are sketchy on these plans so a pointer to a good 
reference would be welcome in addition to any comments.  Email or followup are 
fine.  Thanks in advance.

--randy beezley (18783@rhodes.aero.org)
Newsgroups: misc.taxes
From: gilman@cshl.org (Michael Gilman)
Subject: minimum income for tax filing
Followup-To: misc.taxes
Organization: Cold Spring Harbor Laboratory
Date: Fri, 1 Jan 1993 20:33:47 GMT

Apologies if this is a FAQ (or nearly so)....

My kids have a small amount of income due to bonds and stocks they were
given as gifts. What amount of income requires that I file a tax return for
them?

Thanks,
Michael Gilman
gilman@cshl.org
From: mincy@mjolnir.dev.think.com (Jeffrey Mincy)
Newsgroups: misc.taxes
Subject: Re: Loss from Flood Damage
Date: 23 Dec 92 17:04:41
Organization: Thinking Machines Corporation, Cambridge MA, USA
Distribution: usa
NNTP-Posting-Host: mjolnir.think.com
In-reply-to: dwb@cbnewsb.cb.att.com's message of Wed, 23 Dec 1992 14:46:14 GMT

In article <1992Dec23.144614.29167@cbfsb.cb.att.com> dwb@cbnewsb.cb.att.com (david.boyle) writes:

   From: dwb@cbnewsb.cb.att.com (david.boyle)
   Date: Wed, 23 Dec 1992 14:46:14 GMT

   I have a car which was damaged in a flood, declared totalled by the 
   insurance company.  I am awaiting their settlement figure.  How can
   this be used as a loss for tax purposes?  If they say the car is worth
   x and I believe it is worth more (either through comparable adds or
   used car prices), can I declare the difference as a loss?  What docs
   are required.  Any thing I forgot or am missing?  Thanks......Dave

If you believe that your car is worth more then you should tell the 
insurance company.  You will have better odds if you can substantiate
your belief.  I've done this a couple of times.

Yes, you can deduct the difference between the value of car and what 
you receive from the insurance company as a causality loss.

However, to deduct a causality loss you file the causality form, and then
carry that number onto the itemized deductions form.  You reduce the
causality loss by 10% (I think) of your adjusted gross and then by $100
(I think).  I havent looked at the appropriate form for a long time.

Basically, It is easier to deal with the insurance company.

-jeff
--

-- jeff
mincy@think.com
From: "hilary miller" <hilary.miller@execnet.com>
Newsgroups: misc.taxes
Subject: original issue discou
Date: 24 Dec 92 16:13:18 EST
Reply-To: "hilary miller" <hilary.miller@execnet.com>
Distribution: misc
Organization: Executive Networks Information


E. T. Peterson(eric, in a message to All on 12-22-92 at 10:57pm, said:

ET>|a) In 2011, will I be able to write off the principal and all interest 
   |a capital loss? (Yes, I know there is a $3000 limit on losses. Assume I
   |it rich that year and have plenty of gains to offset!)
   |_______________________________________________________________________

               Yes.  The OID that accretes is added to basis.

ET>|b) Does the writeoff in 2011 include compunded interest or simple inter
   |$3300 compounded at 10% gives a $20182 writeoff.  Simple interest gives
   |_______________________________________________________________________

               Your basis in 2011 will be your cost plus the sum
               of all the accreted OID.  That *should* be roughly
               the same as compound interest from the date of
               issuance, which means the discounted offering
               price plus all the accreted OID should be the val-
               ue at maturity.

ET>|c) Is the OID that I pay taxes on each year the simple interest ($330 p
   |or is it compounded (rises every year).
   |_______________________________________________________________________

               It rises every year if there are no intermediate
               cash interest payments.

ET>|d) If I sell now, do I get a capital loss of $3300-$5= $3295?
   |_____________________________________________________________

               Depends on what you *paid* for the bonds.  But,
               yes, approximately.


   L A
 I    R        Hilary B. Miller of Greenwich, Connecticut
  H/\Y         CIS: 76040,1743
    
---
  DeLuxe/386 1.25 #11645  A seminar on time travel will be held 2 weeks ago
--
Executive Network Information System  (914) 667-4567
International ILink Host
Newsgroups: misc.taxes
From: James.Braunsdorf@bbs.rn.com (James Braunsdorf)
Date: Fri, 25 Dec 92 22:16:39 EST
Organization: Gator Communications - Feeds-R-Us 219-289-3745 
Subject: Re: Loss from Flood Damage
Distribution: world
Reply-To: James.Braunsdorf@bbs.rn.com (James Braunsdorf)
X-Posting-Software: UniBoard 1.10b S/N 145921

One other point to note about trying to take the difference between
what you think the loss is and what the insurance company is
compensating you for:
    If you sign the standard release the insurance company presents
with your check it may say that you accept this payment in full
settlement of your loss.  If you agree to that, the IRS has been known
to claim that youagreed with the insurance company's valuation and 
are stuck with that amount. As mentioned before, you should try to get
the insurance company to be more reasonable in the payoff. 
    There may be a phrase you can add to signing the insurance company
form that will indicate that you are protesting their value but still
taking their check as the best offer they have made.
       your insurance agent may be able to help, or ask a lawyer.
              James Braunsdorf
From: stanton@haas.berkeley.edu (Richard Stanton)
Newsgroups: misc.taxes
Subject: Is interest on IRS refund taxable??
Date: 31 Dec 1992 06:36:59 GMT
Organization: University of California, Berkeley
Distribution: usa
NNTP-Posting-Host: haas.berkeley.edu

I just received a tax refund after filing a 1040X for 1991. I received
more than I asked for, also being paid interest since (I assume) April
of this year.

Is this interest taxable?

Thanks

Richard Stanton


Newsgroups: misc.taxes
From: acheng@ncsa.uiuc.edu (Albert Cheng)
Subject: Re: Inheritance Tax Question
Originator: acheng@shalom.ncsa.uiuc.edu
Organization: Nat'l Ctr for Supercomp App (NCSA) @ University of Illinois
Distribution: usa
Date: Tue, 29 Dec 1992 16:06:49 GMT


Who collects the inheritance tax?  Federal IRS or State or both?
If the Uncle Sam collects, what are the rates, progressive or one
flat rate?
Newsgroups: misc.taxes
From: cep@taligent.com (Christophe Pettus)
Subject: Re: Inheritance Tax Question
Organization: Taligent, a little subsidiary of two really big companies.
Date: Tue, 22 Dec 1992 17:41:41 GMT

In article <1992Dec22.145318.2075@walter.bellcore.com> cpg@caribbean.bellcore.com (Curt Goedde) writes:
>After all estate taxes have been applied to the distribution of an
>estate, is the remaining inheritance taxable as part of normal income
>to the benefactors?

In general, no; the estate taxes are all that you have to pay (not that
they're not bad enough)
--
-- Christophe

"I draw the line at Styrofoam packing kernels, you sick pervert."
Newsgroups: misc.taxes
From: ask@cbnews.cb.att.com (Arthur S. Kamlet)
Subject: Re: Inheritance Tax Question
Organization: AT&T Bell Laboratories,  Columbus, Ohio
Distribution: usa
Date: Tue, 29 Dec 1992 23:01:05 GMT

In article <C013FE.LvG@news.cso.uiuc.edu> acheng@ncsa.uiuc.edu (Albert Cheng) writes:
>
>Who collects the inheritance tax?  Federal IRS or State or both?
>If the Uncle Sam collects, what are the rates, progressive or one
>flat rate?

The IRS collects the federal estate taxes.  Many states also have
their own estate tax.  The Federal Estate tax allows a deduction,
however, for state estate taxes paid.  Federal estate taxes are
definitely graduated, and hefty.
-- 
Art Kamlet  a_s_kamlet@att.com  AT&T Bell Laboratories, Columbus
Newsgroups: misc.taxes,misc.invest
From: pappy@lorenz.ocean.fsu.edu (El Viejo)
Subject: Is alimony deductable?
Organization: Florida State University
Date: Mon, 21 Dec 92 16:40:30 GMT


The subject title asks the question. Are there different forms of 
alimony that are (not) deductable such as lump sum payment as opposed to  
monthly payments?

I'd appreciate any information the netters could provide.
From: smith@sctc.com (Rick Smith)
Newsgroups: misc.taxes
Subject: Re: Side job - Expenses deduction?
Date: 22 Dec 92 21:47:13 GMT
Organization: SCTC

aa473@cleveland.Freenet.Edu (James Brown) writes:

>Does the rule on home computer logs of use apply if the computer
>is owned by a partnership and the computer is a vital part of the
>business (developing business application packages)?

The IRS established the "log" rule to sort out cases where a piece of
"business" equipment might also be used extensively for personal
purposes.  To a large extent this dates back to the Apple ][ days when
home computers were heavily used as game machines (as opposed to now
:-).  I don't think it has anything to do with how vital a computer is
to the business purpose of an organization. It's hard to imagine a
business any more in which a computer _isn't_ a vital piece of
equipment.

I know that the "log" rule applied if you were claiming an expense on
Schedule C or even on 2106 (when you could).

>If the partnership was renting office space the IRS doesn't question
>the total write off so what is the difference if the office happens
>to be in my basement and no rent is charged.

Given the IRS motivation, the interpretation should be obvious:

The difference is that a computer in the basement of a residence is
much, much more likely to be used for personal purposes than one
installed in a non-residential location. It's more likely that the IRS
will look for a usage log when the machine is accessible for personal
use than when it isn't. Somehow I doubt that a proprietor/storekeeper
has to keep a log on the PC in his store, especially if the PC never
goes home. Also, this case is easily filtered out by comparing the
Schedule C business address with the taxpayer's residence address.

Rick.
smith@sctc.com       arden hills, minnesota
Organization: Bar-Ilan University Computing Center, Israel
Date: Tue, 22 Dec 1992 19:09:22 IST
From: Shlomo <X42529@BARILVM.BITNET>
Newsgroups: misc.taxes
Subject: Re: student taxes
Distribution: misc

In article <1992Dec18.1302.4016@execnet>, "hilary miller"
<hilary.miller@execnet.com> says:
>               The costs of an undergraduate education, with ex-
>               tremely limited exceptions (probably not applica-
>               ble to you) are not deductible.

Yes, but keep in mind that the interest on U.S. Savings bonds can be tax-free,
 if you use the money towards "education" = undergraduate tuition.....
so students with savings bonds should cash them in before they complete their
 studies, and claim tuition as a deduction.
Newsgroups: misc.taxes
From: dwb@cbnewsb.cb.att.com (david.boyle)
Subject: Re: Loss from Flood Damage
Organization: AT&T
Distribution: usa
Date: Wed, 23 Dec 1992 14:46:14 GMT

I have a car which was damaged in a flood, declared totalled by the 
insurance company.  I am awaiting their settlement figure.  How can
this be used as a loss for tax purposes?  If they say the car is worth
x and I believe it is worth more (either through comparable adds or
used car prices), can I declare the difference as a loss?  What docs
are required.  Any thing I forgot or am missing?  Thanks......Dave
From: millios@cbnewsf.cb.att.com (william.l.millios)
Newsgroups: misc.taxes
Subject: Re: Tax info for 93?
Date: 23 Dec 92 21:40:17 GMT
Distribution: usa
Organization: AT&T

In article <23055@venera.isi.edu> tar@isi.edu writes:
>In article <...> brownr@hydra.rtp.dg.com (Randy Brown) asks:
> > So two single people together get taxed at 15% for their first 42,900, but 
> > a married couple only have 35,800 taxed at 15% and above that at 28%?
> > What balances out for this fact?  Deduction is different or what?
>
>Nothing balances for this fact.  This phenomenon has been dubbed "the
>marriage tax."  It is a relic of days in which the following
>assumptions held:
>
>	1)  Married women did not work.
>	2)  Unmarried people did not share a household.
>
>The impact of #2 was that two single people could be expected to have
>higher household expenses than two married people.  With this
>expectation, "fairness" dictated that a married couple have a lower
>deduction.  Evaluating the truth of these two assumptions is left as
>an exercise in sociology for the reader.

What about two married people having two households?  I live in NJ,
my wife lives in DC...

Bill
Newsgroups: misc.taxes