HDTenEightyP/NetNews huggingface dataset:
From: lib@cbnews.cb.att.com (Lib)
Newsgroups: misc.taxes,sgi.general
Subject: Re: Mortgage closing costs deduction
Date: 14 Oct 92 14:16:34 GMT
Article-I.D.: cbnews.1992Oct14.141634.16439
Organization: AT&T

In article <1992Oct9> narula@annapurna.wpd.sgi.com (Anurag Narula) writes:
>I was wondering which of the non recurring closing costs are deductible 
>apart from the "points" paid to the lender. Specifically are things like 
>Appraisal fee, House inspection fee, tax service contract, doc prepration fee, 
>underwriting fee, title insurance, loan processing fee deductible along 
>with the points, if so where do you specify them on schedule A.

Can somebody please provide me with the same info? In my case it's
a refinancing, if that makes any difference. I think when I first
got the mortgage all I took off was the points and pre-paid interest.
Did I do it right that time?
  
Thanks for any info.
From: narula@annapurna.wpd.sgi.com (Anurag Narula)
Newsgroups: misc.taxes,sgi.general
Subject: Mortgage closing costs deduction
Date: 9 Oct 92 22:32:10 GMT
Organization: Silicon Graphics Inc.

I was wondering which of the non recurring closing costs are deductible apart from the "points" paid to the lender. Specifically are things like Appraisal fee, House inspection fee, tax service contract, doc prepration fee, underwriting fee, title insurance, loan processing fee deductible along with the points, if so where do you specify them on schedule A.
Please e-mail or post any information. Thanks.

-- 

=============================================================================
	Anurag Narula		narula@wpd.sgi.com		(415)390-1136
My reputation precedes me, otherwise I would be late for all my appointments.
=============================================================================
From: bkorb@starbase.Convergent.Com (Bruce Korb)
Newsgroups: misc.taxes
Subject: Re: Foreign retirement (Was: Wanted STATE tax rates)
Date: 8 Oct 92 16:40:17 GMT
Reply-To: bkorb@convergent.com
Distribution: na
Organization: Unisys Open Systems Group, San Jose

wales@valeria.cs.ucla.edu (Rich Wales) writes:

|> If anyone knows of specific states which give expatriates a hard time
|> when they claim to have ceased residency, please speak up.

There is, of course, the new wrinkle that a number of states, including
California, are trying to collect income tax on monies exempted from
taxation and placed in retirement accounts during a person's residency.
More explicitly, if you put money in an IRA or 401K while a California
resident, when you retire and start taking your money out, California
wants to collect income tax.  What if some of the money was earned in
other states?  What happens when the money gets mingled with money
earned in other states and moved to out of state accounts?  Excellent
questions.  California still wants its money.  Good luck!

-- 
   Bruce Korb  (408) 456-5507
   Convergent Technologies, aka Unisys, aka Sperry Univac, aka Burroughs
From: sheffiel@bobcat.lmc.edu (Susie Sheffield )
Newsgroups: misc.taxes
Subject: Re: tax penalties
Date: 13 Oct 92 00:23:44 GMT
Distribution: usa
Organization: Lees-McRae College, Banner Elk, NC

In article <1992Oct9.035919.4073@cbnewse.cb.att.com> hemant@cbnewse.cb.att.com (hemant.b.bhatt) writes:


>How tax penalties are counted on state and federal taxes?

  You cannot deduct on your Federal or N. C. tax return.
**************************************************
Susie Sheffield
Business Administration
Lees-McRae College         sheffiel@bobcat.lmc.edu
**************************************************
Newsgroups: misc.taxes
From: cep@taligent.com (Christophe Pettus)
Subject: Re: tax penalties
Organization: Taligent, a little subsidiary of two really big companies.
Distribution: usa
Date: Tue, 13 Oct 1992 00:33:37 GMT

In article <1992Oct9.035919.4073@cbnewse.cb.att.com> hemant@cbnewse.cb.att.com (hemant.b.bhatt) writes:
>How tax penalties are counted on state and federal taxes?

Depends on what you mean.  If you're asking how they're calculated,
there are a bazillion penalties of all kinds; the IRS "Your Rights as a
Taxpayer" publication lists them.  If you're asking how to record them
on the return, you don't (unless your calculating one to pay
yourself):  Tax penalties are not deductible.
--
-- Christophe

"He presented it with a length of string, and then passed on to the
Statue of Corrupted Endeavor, there to await the arrival of autumn."
From: "hilary miller" <hilary.miller@execnet.com>
Newsgroups: misc.taxes
Subject: foreign retirement (w
Date: 11 Oct 92 16:15:19 EST
Reply-To: "hilary miller" <hilary.miller@execnet.com>
Distribution: misc
Organization: Executive Networks Information


Rich Wales, in a message to All on 10-09-92 at 8:23pm, said:

RW>|If anyone knows of specific states which give expatriates a hard time
   |when they claim to have ceased residency, please speak up.
   |_____________________________________________________________________

          There are two issues here.  First, most high-tax states will
          fight tooth and nail to prove you are in fact a resident if
          you maintain any presence at all in the state.  The fiscal
          stakes are too high for them to pass you up.  New York is
          notorious for it.  If you are a non-resident who maintains an
          apartment in New York City for your occasional business or
          personal convenience, be prepared for a lifetime of annoy-
          ance.

          Certain states have begun attempting to tax income that was
          earned by a taxpayer while a resident but not received until
          after the taxpayer ceased to be a resident (e.g., deferred
          compensation).  New York, New Jersey and Connecticut seem to
          be at the forefront of this movement.  The courts have not
          yet had an opportunity to review the states' position.


   L A
 I    R        Hilary B. Miller of Greenwich, Connecticut
  H/\Y         CIS: 76040,1743
    
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Newsgroups: misc.taxes
From: www@Ingres.COM (Bill White)
Subject: Re: HR 4848 Raises Inheritance Taxes by Lowering 600K cap to 200K
Organization: Ingres, an ASK Company, Alameda CA 94501
Distribution: usa
Date: 13 Oct 92 19:53:54 GMT

In article <1992Oct9.205458.27887@crd.ge.com> Ligon@macgw1.ge.com (Woody Ligon) writes:
>In article <1992Oct6.130343.12831@cbnewsi.cb.att.com>, ca@cbnewsi.cb.att.com (christopher.arnone) writes:
>> 
>> 
>> 	A bill currently before the house, HR 4848, would raise inheritance
>> taxes by lowering the federal tax free cap from the current $600,000 to
>> $200,000.  This $200,000 figure would mean that all assets over that amount
>> would be taxed at the rate of 31%.  All assets passed to heirs, including
>> the value of real estate, life insurance policies, cars, cash etc. count against
>> the $200,000 figure.  It is estimated that this would affect close to 40%
>> of all U.S. families, unless some additional estate planning is done to work
>> around this.  There is some talk that additional work on the bill might
>> include a lowering of the 10K tax free gifting policy currently is place.
>> (This information is a paraphrase from a CNBC report).
>> 
>> 	Of course, the plan is to begin the actual voting process on this bill
>> next year, when the liberals will have a president who would most likely sign
>> it.  In reality, there are probably a whole slew of new tax bills being lined
>> up in Congress in preparation for Clinton's arrival.  I'm sure that they media
>> won't be providing much coverage on this stuff, other than the standard "taxes
>> only on the rich" line that the Clinton campaign is touting.
>> 
>> 	I would say that we should call or write our Congress person on this,
>> but its probably a waste of time.  This should be a boom for accountants and
>> lawyers in the estate planning business, and a major headache for people who
>> will now have to be very creative to avoid having the government basically
>> seize a good chunk of their assets when they die.
>
>
>I checked with my "congress critter" and the above is painfully correct.
>
>For what its worth, the sponsor is Waxman. 
>
>Some years back before the limit was raised to the current 600K, it was 
>absolutely common for family farms to be liquidated in order to pay the 
>inheritance tax.  Most small farms operate on  a shoestring and can't possibly
> come up with cash to pay inheritance tax. Farm land is on average $2K / A. 
>That means you only have to own 100 A (a very  small farm) to be at a $200K
> limit.   For example, using the above numbers and a 31% rate on a 200A 
>farm would mean that  a farmer's children would have to come up with 31K in 
>inheritance taxes.  For most 200 acre farms that would be at least 1 years 
>net income!  What a nice present on the death of your parent! 
              ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
I guess that's what insurance is for.

>
>
>Woody Ligon
>Standard Disclaimer applies. 
>> 


Newsgroups: misc.taxes
From: cep@taligent.com (Christophe Pettus)
Subject: Re: PO Box use for home-office - Help
Organization: Taligent, a little subsidiary of two really big companies.
Date: Wed, 7 Oct 1992 17:57:07 GMT

In article <1992Oct7.172616.15233@col.hp.com> markb@col.hp.com (Mark Barrett) writes:
>  I'm curious - how much is the yearly rate on the PO box.  I just
>rented one myself for $7 year, which would barely cover a meal at McDonalds.

Boy, you have cheap PO Boxes and expensive McDonald's over there. :-)
In these parts, a PO box that's really at a PO runs about $20/year
(McDonald's is about $4).
--
-- Christophe

"He presented it with a length of string, and then passed on to the
Statue of Corrupted Endeavor, there to await the arrival of autumn."
From: dana@hcxio.hdw.csd.harris.com (Dan Aksel)
Newsgroups: misc.taxes
Subject: Re: Tax deduction for job interview
Date: 13 Oct 92 17:31:44 GMT
Organization: Harris Computer Systems Division, Ft. Lauderdale FL
NNTP-Posting-Host: hcxio.hdw.csd.harris.com

In article <1992Oct13.130556.3532@meaddata.com> kai@meaddata.com (Kai Rudloff) writes:
>I recently traveled to Europe and had a job interview. I understand
>that my travel expenses can be deducted. What I was wondering was what
>is deductable? Food, plane fare, automobile gas, train tickets, subway
>tickets? What kind of documentation will I need?

Every last dime is a write off-- with one exception.  You must actually TAKE
A NEW JOB.  If you live in Boston you can interview at any company in the
entire world.  All the expenses are deductible on all the trips if you accept
an offer from one of the companies and begin work with one of them.

I forgot the rules about carrying over job interview expenses.  Don't nail me
to a tree if I'm wrong but I believe the rule is 12 months.

The intent of the regulation is to keep you from setting up an interview in
Europe every year but never taking the job but deducting the expenses anyway.
---
Dan Aksel
Newsgroups: misc.taxes
From: ask@cbnews.cb.att.com (Arthur S. Kamlet)
Subject: Re: HR 4848 Raises Inheritance Taxes by Lowering 600K cap to 200K
Organization: AT&T Bell Laboratories,  Columbus, Ohio
Distribution: usa
Date: Mon, 12 Oct 1992 19:43:48 GMT

In article <Bw0u12.D2t@news.cso.uiuc.edu> acheng@ncsa.uiuc.edu (Albert Cheng) writes:
>
>Is this cap ($600K now, going to $200K) applied on the total amount of the
>inheritance or individual portion?  E.g., say the whole estate is worth
>$1M but divided between two children evenly.  So, each child gets a windfall
>of $500K.  That is no tax or tax on the $400K extra?

The total net value of the estate.  Doesn't matter how many heirs
there are.
-- 
Art Kamlet  a_s_kamlet@att.com  AT&T Bell Laboratories, Columbus
From: ganesh@madras.sybase.com (Ganesh Sundaresan)
Newsgroups: misc.taxes
Subject: Re: FICA is not a tax (was: Maximum  1992  FICA Tax)
Date: 13 Oct 92 00:08:42 GMT
Organization: Sybase, Inc.


|> Now it is my turn to laugh: I never paid, and never will, 
|> a single penny to FICA !!!!  (One of the benefits of my 
|> J-1 Visa status in this country).

 I do not often entertain complaints about my lack of a 
 sense of humor, but I found the whining below rather irksome 
 - probably because it came right after the gloating above.
 
|> In other countries, less "advanced" than the US (i.e., where 
|> the Metric system is used, where employees get paid leave 
|> when a child is born, where firearm ownership is strictly 
|> controlled, where the achievements of school kids are not 
|> ranked somewhere between Jordan and Mozambique ....) the 
|> payments for social security are NOT called taxes 
|> (and are not used to offset the national debt.)

 Speaking from the perspective of a immigrant whose original
 goal was graduate study, I certainly hope these more "advanced" 
 countries are generous enough to welcome people from abroad 
 to share in the luxury of their best engineering schools, 
 throwing in financial support as well in many instances. 

 It's very easy to trash a country on its bad points and fail
 to acknowledge its good points. While I'm no "love-it-or-leave-it" 
 advocate, the least that people from abroad who clearly benefit
 from studying here - presumably a bright lot - can do, is try and 
 help fix the problems here. Instead of merely moaning about them.

 And about that "national debt" and the (mis)management of 
 the economy - I'm making a wild guess about your nationality
 here, but there are many countries out there whose bonds 
 are widely considered unsound investments. One wonders why. 
 Reminds me of that adage about people in glass houses..   
 
 Now it's time to get off my soapbox, and on to more 
 constructive things.

 - Ganesh.
From: "hilary miller" <hilary.miller@execnet.com>
Newsgroups: misc.taxes
Subject: tax free bond funds:
Date: 10 Oct 92 12:25:31 EST
Reply-To: "hilary miller" <hilary.miller@execnet.com>
Distribution: misc
Organization: Executive Networks Information


Ralph Yozzo, in a message to All on 10-08-92 at 3:05pm, said:

RY>|I realize that this is a different question.
   |Is it true that all income associated with a municipal bond is triple
   |tax free?  For example if I own NYC Bonds, I will pay no tax on them.
   |_____________________________________________________________________

               "Triple tax free" means that the interest income
               is exempt from federal and NY state and city tax-
               es.  The capital gains, however, derived from
               disposition of such securities are taxable at the
               federal level.


   L A
 I    R        Hilary B. Miller of Greenwich, Connecticut
  H/\Y         CIS: 76040,1743
    
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From: "hilary miller" <hilary.miller@execnet.com>
Newsgroups: misc.taxes
Subject: how do you do sales t
Date: 9 Oct 92 07:00:01 EST
Reply-To: "hilary miller" <hilary.miller@execnet.com>
Distribution: misc
Organization: Executive Networks Information


Sam Southard, in a message to All on 10-08-92 at 3:05am, said:

SS>|If the support contract purchaser is in the same state as I am
   | (California), do I need to collect sales tax?  What about software
   | licenses?
   |___________________________________________________________________

          Yes -- to both.

SS>|What if the purchaser is in a different state?  If I do need to collect
   | state's tax do I need to collect?  What do I need to do to hand over
   | the tax to the state?
   |_______________________________________________________________________

          It depends on whether you have any "presence" in the foreign
          state.  If you sell by mail, you do not have to collect sales
          tax for either state.

SS>|What if the purchaser is in a different country?
   |________________________________________________

          Same answer -- no Ca. sales tax on international shipments.

SS>|Finally (this is probably the wrong place for this question, but as lon
   |posting...), what do I need to do to get set up to accept credit card p
   |_______________________________________________________________________

          Visa and MasterCard are handled by commercial banks.  They
          are often *very* reluctant to deal with new an unestablished
          businesses because of the possibility of fraud.  Consult your
          commercial banker.  If your local banks won't deal with you,
          there are a few third-party services that, for a fee, will
          process your credit-card charges.


   L A
 I    R        Hilary B. Miller of Greenwich, Connecticut
  H/\Y         CIS: 76040,1743
    
---
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International ILink Host
Newsgroups: misc.taxes
Subject: Re: Wanted STATE tax rates
From: gary@cdthq.UUCP (Gary Heston)
Date: Thu, 08 Oct 92 19:22:41 CDT
Organization: Garys' Home for Obsolete Computers

gcm@fns-nc1.fns.com (Grover McCoury) writes:

> In article <1992Oct6.082454.12154@athena.mit.edu> w1gsl@athena.mit.edu (Steve
> >I am looking for comparative tax rates, specifically state income, investmen
> >and inheritance taxes.  Any sugestions where to look for rate tables?
> >
> >Currently PA and Florida are of the most interest.
> 
> Florida has 0% state income tax.
> 
> Just $.02 worth from...

...and a $400+ charge to register you car when you move there, plus 
very high property taxes. Income tax should not be the only yardstick
to measure a state by.

Gary Heston, at home....
gary@cdthq.uucp
Xref: sparky misc.taxes:3325 misc.invest:12615
From: ganesh@madras.sybase.com (Ganesh Sundaresan)
Newsgroups: misc.taxes,misc.invest
Subject: Re: Tax free bond funds: Are capital gains tax free as well?
Date: 13 Oct 92 00:32:28 GMT
Organization: Sybase, Inc.

|> Income distributions are tax free, but any capital gains are taxable.

 Yes, but with tax-free bonds, you can't deduct potential 
 capital losses, if you're unfortunate enough to incur them. 

 Unless the capital loss exceeds your tax-free income 
 i.e. your total return is negative. In which case 
 you can deduct just your net loss on the transaction 
 (capital loss minus taxfree income).

 Ganesh.
Newsgroups: misc.taxes
From: Ligon@macgw1.ge.com (Woody Ligon)
Newsgroups: misc.taxes
Subject: Re: HR 4848 Raises Inheritance Taxes by Lowering 600K cap to 200K
Date: 9 Oct 92 20:54:58 GMT
Distribution: usa
Organization: GE-CRD

In article <1992Oct6.130343.12831@cbnewsi.cb.att.com>, ca@cbnewsi.cb.att.com (christopher.arnone) writes:
> 
> 
> 	A bill currently before the house, HR 4848, would raise inheritance
> taxes by lowering the federal tax free cap from the current $600,000 to
> $200,000.  This $200,000 figure would mean that all assets over that amount
> would be taxed at the rate of 31%.  All assets passed to heirs, including
> the value of real estate, life insurance policies, cars, cash etc. count against
> the $200,000 figure.  It is estimated that this would affect close to 40%
> of all U.S. families, unless some additional estate planning is done to work
> around this.  There is some talk that additional work on the bill might
> include a lowering of the 10K tax free gifting policy currently is place.
> (This information is a paraphrase from a CNBC report).
> 
> 	Of course, the plan is to begin the actual voting process on this bill
> next year, when the liberals will have a president who would most likely sign
> it.  In reality, there are probably a whole slew of new tax bills being lined
> up in Congress in preparation for Clinton's arrival.  I'm sure that they media
> won't be providing much coverage on this stuff, other than the standard "taxes
> only on the rich" line that the Clinton campaign is touting.
> 
> 	I would say that we should call or write our Congress person on this,
> but its probably a waste of time.  This should be a boom for accountants and
> lawyers in the estate planning business, and a major headache for people who
> will now have to be very creative to avoid having the government basically
> seize a good chunk of their assets when they die.


I checked with my "congress critter" and the above is painfully correct.

For what its worth, the sponsor is Waxman. 

Some years back before the limit was raised to the current 600K, it was 
absolutely common for family farms to be liquidated in order to pay the 
inheritance tax.  Most small farms operate on  a shoestring and can't possibly
 come up with cash to pay inheritance tax. Farm land is on average $2K / A. 
That means you only have to own 100 A (a very  small farm) to be at a $200K
 limit.   For example, using the above numbers and a 31% rate on a 200A 
farm would mean that  a farmer's children would have to come up with 31K in 
inheritance taxes.  For most 200 acre farms that would be at least 1 years 
net income!  What a nice present on the death of your parent! 


Woody Ligon
Standard Disclaimer applies. 
>
From: dana@hcxio.hdw.csd.harris.com (Dan Aksel)
Newsgroups: misc.taxes
Subject: Re: Mortgage closing costs deduction
Date: 15 Oct 92 12:08:24 GMT
Followup-To: misc.taxes
Organization: Harris Computer Systems Division, Ft. Lauderdale FL
NNTP-Posting-Host: hcxio.hdw.csd.harris.com

In article <1992Oct14.141634.16439@cbnews.cb.att.com> lib@cbnews.cb.att.com (Lib) writes:
>In article <1992Oct9> narula@annapurna.wpd.sgi.com (Anurag Narula) writes:
>>I was wondering which of the non recurring closing costs are deductible 
>>apart from the "points" paid to the lender. Specifically are things like 
>>Appraisal fee, House inspection fee, tax service contract, doc prep fee, 
>>underwriting fee, title insurance, loan processing fee deductible along 
>>with the points, if so where do you specify them on schedule A.

The fees listed above can be used to increase the basis of the home, thus
decreasing the taxes paid when the home is eventually sold.  This is similar
to buying stock and paying a broker fee.  The basis is gross in (stock +
commission).  The net sale is (stock - commission).  The commission on the
buy is deducted at time of sale.

The fees which ARE directly deductible: Points, documentary stamps, mortgage
taxes, etc.
---
Dan Aksel
From: 76330.3412@CompuServe.COM ("John M. Sulak")
Newsgroups: misc.taxes
Subject: CNBC Invest show 15 Oct features tax cut candidate Rep A Marrou
Date: 16 Oct 92 00:28:41 GMT
Article-I.D.: CompuSer.921016002841_76330.3412_EHJ24-1

via libernet:


From: Scott Lieberman <Scott.Lieberman@f6.n143.z1.fidonet.org>            
  
To: Libernet                                                                    
Date: 14 Oct 92  05:42:16                                                       
                                                                                
Marrou is supposed to be on the CNBC show Money-Politics on Friday              
at 7:30pm Eastern Time.  Disclaimer- this show has already been taped, and the  
airdate is tentative.                                                           
                                                                                
--- ConfMail V3.3                                                               
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Forwarded from the LIBERTY echo via Fidonet 1:104/418 (dehnbase.fidonet.org)    
For public replies from Internet, send to: libernet@dartmouth.edu               
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