HDTenEightyP/NetNews huggingface dataset:
From: "hilary miller" <hilary.miller@execnet.com>
Newsgroups: misc.taxes
Subject: po box use for home-o
Date: 9 Oct 92 07:00:01 EST
Reply-To: "hilary miller" <hilary.miller@execnet.com>
Distribution: misc
Organization: Executive Networks Information


Pradeep K Tapadiya, in a message to All on 10-08-92 at 3:05am, said:

PK>|I have rented a PO Box which is used both for my personal and
   |for my home-based office purposes.
   |1. Can I deduct the proportion of the rent used for business
   |  purposes?
   |_____________________________________________________________

               Surely you jest!  What are we talking about
               here -- $10/year?  Of course you can deduct it.

PK>|2. If I can, is the proportion determined by proportional
   |  space of the home-office or by the proportion of personal/business
   |  mail?
   |____________________________________________________________________

               The latter.

PK>|3. Where do I show these deductions?
   |____________________________________

               As "rent" on Sched C.


   L A
 I    R        Hilary B. Miller of Greenwich, Connecticut
  H/\Y         CIS: 76040,1743
    
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Newsgroups: misc.taxes
From: sushil@indetech.com ()
Subject: 401(k)/resident status questions
Organization: Independence Technologies, Inc. Fremont, CA
Distribution: usa
Date: Mon, 12 Oct 1992 19:04:35 GMT

Hi Tax Wizards of Netland

I had been going through various IRS publications and feeling throughly 
confused. Then it occured to me that peple of this newsgroup can
solve my problems without much effort. So here I go with my questions:-

1. I am on H-1 visa and will be going back to my home country (India)
   at the end of my current project. I have some money tied down in
   401k. Now question is what happens to it when I go back ? If I
   withdraw it while going back, will I have to pay tax + panelty
   on it or is there a way out ?

2. Can I file for the year, in which I go back, as resident ? IRS publication
   says that I can file as resident if I pass substantial presence test
   ( which I do - i.e. 1/6 of days presence in last to last year + 1/3 days of
   days presence in last year + days presence in current year > 183) AND I 
   should have US as my 'tax home'. Now what does this tax home mean ?

Thanks a lot for your help. I will post summary of responses of these
questions if there is enough interest.
-- 
____*_  Sushil Shukla               sushil@indetech.com
\  / /  Independence Technologies   {sun,sharkey,pacbell}!indetech!sushil
 \/ /   42705 Lawrence Place        FAX: 510 438-2034
  \/    Fremont, CA 94538           Voice: 510 438-2029
Newsgroups: misc.taxes
From: rsl@aplpy.jhuapl.edu (Russell S. Laderer)
Subject: Help determining deduction for utilities
Organization: Johns Hopkins University Applied Physics Lab
Date: Tue, 13 Oct 92 16:39:36 GMT

I know someone out there can help.

My wife runs a home day care business.  She is open
from 7AM to 6PM weekdays.  How do I calculate the
percentage of utilities we can deduct?

Scott Laderer
Xref: sparky misc.taxes:3276 misc.invest:12387
From: dattier@ddsw1.mcs.com (DWT)
Newsgroups: misc.taxes,misc.invest
Subject: Re: Tax free bond funds: Are capital gains tax free as well?
Date: 8 Oct 92 14:36:52 GMT
Distribution: usa
Organization: Contributor Account at ddsw1, Chicago, Illinois  60657

ff76@vaxb.acs.unt.edu wrote in <1992Oct6.164732.1@vaxb.acs.unt.edu>:

| If I buy shares of a tax free (municipal) bond fund, am I liable for taxes on
| the capital gains (appreciation of net asset value), while the income
| distribution is free of tax?

Income dividends from the fund are tax-free (they are called "exempt-interest
dividends;" "nontaxable dividends" are a different beast) to the extent that
they represent distributions of tax-exempt income of the fund.

Distributions of long-term capital gain by the fund are taxed as long-term
capital gain (and called "capital gain dividends").  Distributions of
short-term capital gain are [and this stinks in a year when you have capital
losses to use up] taxed as ordinary dividends.

| Or, are both capital gains and income distributions tax free?

Only in our dreams.

David W. Tamkin   Box 59297   Northtown Station, Illinois  60659-0297
dattier@ddsw1.mcs.com    CompuServe: 73720,1570    MCI Mail: 426-1818
From: "hilary miller" <hilary.miller@execnet.com>
Newsgroups: misc.taxes
Subject: 2 questions
Date: 14 Oct 92 07:14:12 EST
Reply-To: "hilary miller" <hilary.miller@execnet.com>
Distribution: misc
Organization: Executive Networks Information


Bill Peter, in a message to All on 10-13-92 at 3:31am, said:

BP>|I just refinanced a loan for a rental property.  I forgot to take off f
   |expenses for the last mortgage loan (forgot to amortize in subsequent y
   |but the expenses were all things like title insurance and processing fe
   |(no points).  The question is which schedule and which line do I use to
   |off for my previous mortgage (I assume it would go where the amortized 
   |would have gone.)
   |_______________________________________________________________________

               I would recommend deducting them on Line 10
               ("Points Not Reported on Form 1098") of Schedule
               A.  The Service matches Line 9a with Forms 1098
               filed, and you'll get kicked out.  You'll need to
               file amended returns on Form 1040X for the years
               in question.

BP>|I am a consultant and sometimes I am away from home working.  Can I tak
   |telephone expenses back home every day or so to check up on my wife and
   |It seems logical since I have to be away from home, and yet I need to c
   |up and see if they are all right or not.
   |_______________________________________________________________________

               You mean to check with your wife for business mes-
               sages?  Of course!


   L A
 I    R        Hilary B. Miller of Greenwich, Connecticut
  H/\Y         CIS: 76040,1743
    
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From: sheffiel@bobcat.lmc.edu (Susie Sheffield )
Newsgroups: misc.taxes
Subject: Re: Can I deduct it?
Date: 16 Oct 92 19:30:57 GMT
Organization: Lees-McRae College, Banner Elk, NC

In article <1992Oct15.144450.5364@pencom.com> twriter1@pencom.com writes:

>I am buying a big fat $$$ computer next week.
>have not yet had any reason to pay my own taxes
>even though I am a contractor (I have always worked for 
>an agency).  I anticipate having to do that next
>year however.  Will I be able to deduct some of it
>from my future taxes, even though I am buying it now?

>e-mail responses appreciated.

>Tanya
>twriter1@pencom.com
Yes indeed once you start your business you may deduct ie when it
is placed in service. the basis may change during the year though.
Also a computer is considered listed property so you will have
a yearly ceiling.

**************************************************
Susie Sheffield
Business Administration
Lees-McRae College         sheffiel@bobcat.lmc.edu
**************************************************
Newsgroups: misc.taxes
From: allison@convex.com (Brian Allison)
Subject: Re: Tax free bond funds: Are capital gains tax free as well?
Organization: CONVEX Computer Corporation, Richardson, Tx., USA
Date: Wed, 07 Oct 1992 14:58:43 GMT
X-Disclaimer: This message was written by a user at CONVEX Computer
              Corp. The opinions expressed are those of the user and
              not necessarily those of CONVEX.

In article <1992Oct6.164732.1@vaxb.acs.unt.edu> ff76@vaxb.acs.unt.edu writes:
>If I buy shares of a tax free (municipal) bond fund, am I liable for taxes on
>the capital gains (appreciation of net asset value), while the income
>distribution is free of tax?  Or, are both capital gains and income
>distributions tax free?

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


-- 
Brian Allison			"If pro and con are opposites, is
CONVEX Computer Corp.		 Congress the opposite of progress?"
Richardson, TX					- Richard Lederer
Xref: sparky misc.taxes:3271 misc.invest:12370
From: tar@ISI.EDU (Thomas A. Russ)
Newsgroups: misc.taxes,misc.invest
Subject: Re: Tax free bond funds: Are capital gains tax free as well?
Date: 7 Oct 92 18:35:18 GMT
	<1992Oct6.164732.1@vaxb.acs.unt.edu>
Reply-To: tar@isi.edu
Followup-To: misc.taxes,misc.invest
Organization: USC-ISI
In-reply-to: ff76@vaxb.acs.unt.edu's message of 6 Oct 92 22:47:32 GMT

In article <...> ff76@vaxb.acs.unt.edu writes:
 >If I buy shares of a tax free (municipal) bond fund, am I liable for taxes on
 > the capital gains (appreciation of net asset value), while the income
 > distribution is free of tax?  Or, are both capital gains and income
 > distributions tax free?

Income distributions are free of tax.  Capital gains are treated
normally for tax purposes (tax if gain, write-off if loss).
--

Thomas A. Russ                                             tar@isi.edu    
USC/ISI, 4676 Admiralty Way, Marina del Rey, CA 90292      (310) 822-1511
Newsgroups: misc.taxes
From: wales@valeria.cs.ucla.edu (Rich Wales)
Subject: Re: Foreign retirement (Was: Wanted STATE tax rates)
Reply-To: wales@CS.UCLA.EDU (Rich Wales)
Organization: UCLA CS Department, Los Angeles
Distribution: na
Date: Thu, 8 Oct 92 08:15:33 GMT

Thomas A. Russ wrote about US taxation for US citizens living abroad.
I'd like to comment on what he said about state taxes:

	It generally is possible to avoid state taxes by establishing
	residence in a no income tax state before moving abroad.  You
	can then retain state citizenship (and even vote) without
	needing to pay state income tax.  (In practice you can avoid
	state taxes by giving up your residency in an income tax state
	and no longer filing, although your legal position is not as
	strong.  Some states are rumored to try to track down people
	like that.)

This probably depends on which state you were living in, but my general
understanding is that if you sever all residential ties to your old
state and make it obvious that you have no plans to return there, you
may legitimately claim not to be a resident of that state and cannot be
required to pay its income tax on money earned elsewhere.

Check with the income tax board of the state you will be leaving, and
ask them for their materials about determination of residency for tax
purposes.

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

With regard to voting, note that US federal law permits any US citizen
living abroad to vote in all =federal= elections (including primaries)
as if he were still living wherever he was last eligible to vote while
in the US.  You can exercise this right by contacting the nearest US
embassy or consulate and requesting the relevant information.  If you
do vote in a federal election from abroad, the federal law specifically
forbids your old state from taking your act of voting into account when
determining whether you are a resident of the state for tax purposes.
Note that you cannot vote in state or local elections under this law,
unless your old state hasn't arranged for separate federal-only ballots
and responds to your request by sending you a regular ballot.

--
Rich Wales <wales@CS.UCLA.EDU> // UCLA Computer Science Department
3531 Boelter Hall // Los Angeles, CA 90024-1596 // +1 (310) 825-5683
Newsgroups: misc.taxes,misc.invest
From: ask@cbnews.cb.att.com (Arthur S. Kamlet)
Subject: Re: Tax free bond funds: Are capital gains tax free as well?
Organization: AT&T Bell Laboratories,  Columbus, Ohio
Distribution: usa
Date: Thu, 8 Oct 1992 03:27:41 GMT

In article <1992Oct07.160211.100353@watson.ibm.com> yozzo@watson.ibm.com (Ralph Yozzo) writes:
>>
>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.

I won't try to answer a NY question, but will add a note of caution:

If you are fortunate enough to have a very high gross taxable income
you need to pay attention to whether the bond is subject to
Alternate Minimum Tax (AMT).   This is to make big spenders pay
taxes on municipal bond interest income where the bonds are
suspiciously not for municipal purposes.  The prospectus for the bond,
or your broker, should definitely be able to tell you if the bond is
subject to AMT or not.  If you own a municipal mutual fund, the 1099
you receive will report the amount subject to AMT.

For example, if your NYC bonds were general obligation bonds issued
to buy new police cars and fire engines for the city's public saftey
forces, it would surely NOT be subject to AMT.

But if the bond was issued to supply funds so Big Glom Corporation
can build a Glom Processing Plant within the city and finance the
plant at very low interest rates, you can almost certainly be sure
the bonds are subject to AMT.
-- 
Art Kamlet  a_s_kamlet@att.com  AT&T Bell Laboratories, Columbus
Newsgroups: misc.taxes
From: acheng@ncsa.uiuc.edu (Albert Cheng)
Subject: Re: HR 4848 Raises Inheritance Taxes by Lowering 600K cap to 200K
Originator: acheng@shalom.ncsa.uiuc.edu
Organization: Nat'l Ctr for Supercomp App (NCSA) @ University of Illinois
Distribution: usa
Date: Mon, 12 Oct 1992 18:29:25 GMT


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?
From: aa473@cleveland.Freenet.Edu (James Brown)
Newsgroups: misc.taxes
Subject: Re: DEMOCRACY FOR ECONOMICS
Date: 12 Oct 92 04:10:27 GMT
Organization: Fedtax-L<==>Misc.Taxes Gateway
X-Gateway-Source-Info: Mailing List



>
>
>
>                           DEMOCRACY FOR ECONOMICS


    Silly stuff deleted.

>                                         Robert E. McElwaine
>
  Robert this is a list set up to talk about tax questions
  not a comedy list.

  I assume this was your first effort at satire.  You over did it
  just a bit.

  Jim Brown aa473@cleveland.freenet.edu

>
>
From: MCMASTER@LSTC2VM.stortek.com (Jim McMaster)
Newsgroups: misc.taxes
Subject: Re: HR 4848 Raises Inheritance Taxes by Lowering 600K cap to 200K
Date: 12 Oct 92 16:42:15 GMT
Organization: StorageTek SW Engineering

In article <92283.53816.J056600@LMSC5.IS.LMSC.LOCKHEED.COM>
J056600@LMSC5.IS.LMSC.LOCKHEED.COM writes:
 
>
>May I assume that Waxman is from a state with low real estate values?
>
>Tim Irvin   j056600@lmsc5.is.lmsc.lockheed.com
 
No....Henry Waxman is also a Democrat from California.  He is *very*
liberal, too much so for me, and I am a fairly liberal Democrat.
 
Jim McMaster
Newsgroups: misc.taxes
From: gajjalag@cs.scarolina.edu ( )
Subject: NEED INFO ON INDIA-US TAX TREATY EXEMPTIONS
Organization: USC  Department of Computer Science
Date: 13 Oct 92 07:51:05 GMT

Hi,
   I am looking for the details of the Tax Treaty between India and US
which allows for tax exemption for the students from India. I want to know
whether anybody has filed in April without taking into consideration of 
the Tax Treaty and still could get the refund after filing again with
regard to the treaty and still managed to get refund. If anybody  has
done that or has information to pass on to me(like which form to file now
for the refund according to the new rule and any other useful info), please
respond immediately. Any useful help regarding this matter will be greatly
appreciated. Bye.
From: "hilary miller" <hilary.miller@execnet.com>
Newsgroups: misc.taxes
Subject: tax brackets for 1992
Date: 8 Oct 92 17:07:48 EST
Reply-To: "hilary miller" <hilary.miller@execnet.com>
Distribution: misc
Organization: Executive Networks Information


J056600, in a message to All on 10-06-92 at 3:22pm, said:

J0>   Does anyone have the information concerning tax brackets for 1992?  Most
J0>specifically, I'd like to know where the 15% bracket ends and the 28% bracket
J0>begins for joint filers, and the amount of a personal exemption.

               The 28% bracket goes from $35,800 to $86,500 for
               MFJ in 1992; the personal exemption is $2,300.


   L A
 I    R        Hilary B. Miller of Greenwich, Connecticut
  H/\Y         CIS: 76040,1743
    
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Newsgroups: misc.taxes
From: hemant@cbnewse.cb.att.com (hemant.b.bhatt)
Subject: tax penalties
Organization: AT&T
Distribution: usa
Date: Fri, 9 Oct 1992 03:59:19 GMT


How tax penalties are counted on state and federal taxes?
Newsgroups: misc.taxes
From: kkc@hel.cs.wayne.edu ()
Subject: Set up a home business and tax advantages - HELP
Organization: Somewhere in Detroit, Michigan
Distribution: usa
Date: Wed, 7 Oct 1992 15:47:13 GMT

Hi,

I am thinking to set up a small business at home, such as computer
programming, computer installation and that kind of stuff like that.
Not only I can generate some income, I am also told that it will help my
taxes.  I own a home so I guess it at least will help in my property
tax.  What about the equipment that I buy for the business, eg.
computer, fax machine, ...,?  Are these items tax deductible too? 

But first of all, do I need to set up a business and register in the
county office in order to take such kind of tax advantage?
Is there any government brochure or book that will give me these kinds of
information?

Thanks.

-- 
***************************************************************************
		It is better to wear out than to rust out
email: kkc@cs.wayne.edu
***************************************************************************
From: "hilary miller" <hilary.miller@execnet.com>
Newsgroups: misc.taxes
Subject: mortgage closing cost
Date: 14 Oct 92 07:14:13 EST
Reply-To: "hilary miller" <hilary.miller@execnet.com>
Distribution: misc
Organization: Executive Networks Information


Anurag Narula, in a message to All on 10-12-92 at 2:53pm, said:

AN>|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, 
   |prepration fee, underwriting fee, title insurance, loan processing fee
   |deductible along with the points, if so where do you specify them on
   |_______________________________________________________________________
AM>|schedule A.
   |___________

               Expenses paid to or for the lender (as opposed to
               the seller) other than "points" are deductible and
               must be amortized over the life of the loan.  You
               can deduct the amortization on Line 9b or 10 of
               Schedule A.


   L A
 I    R        Hilary B. Miller of Greenwich, Connecticut
  H/\Y         CIS: 76040,1743
    
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From: chen@digital.sps.mot.com (Jinfu Chen)
Newsgroups: misc.taxes
Subject: Re: Wanted STATE tax rates
Date: 7 Oct 92 17:58:24 GMT
Distribution: na
Organization: Motorola, LICD, SPS, Mesa, AZ

In article <1992Oct6.082454.12154@athena.mit.edu> w1gsl@athena.mit.edu (Steven L. Finberg) writes:
>I am looking for comparative tax rates, specifically state income, investment
>and inheritance taxes.  Any sugestions where to look for rate tables?

Money magazine ran an article a couple months back about state taxes,
including income tax as well as property tax.  Go to your neigborhood public
library and check.

Newsgroups: misc.taxes
From: kai@meaddata.com (Kai Rudloff)
Subject: Tax deduction for job interview
Organization: Mead Data Central, Dayton OH
Date: Tue, 13 Oct 1992 13:05:56 GMT

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?

-- 
Kai Rudloff                            Delivery Application Engineering
kai@meaddata.com                                      Mead Data Central
...!uunet!meaddata!kai                                     Dayton, Ohio
Newsgroups: misc.taxes
From: gjw@access.digex.com (Gregory Watson)
Subject: Re: Wanted STATE tax rates
Organization: Express Access Online Communications, Greenbelt, MD USA
Distribution: na
Date: Sat, 10 Oct 1992 15:21:41 GMT

In article <1992Oct6.082454.12154@athena.mit.edu> w1gsl@athena.mit.edu (Steven L. Finberg) writes:
>
>I am looking for comparative tax rates, specifically state income, investment
>and inheritance taxes.  Any sugestions where to look for rate tables?

	All of this information is published in _Significant Features
of Fiscal Federalism_, Volume 1, 1992, published by the U.S. Advisory
Commission on Intergovernmental Relations.  A large library should
have it, or they can by reached directly at 202-653-5540.

	I'm sorry, I don't have my copy easily accessible to give you
an answer.

	Disclaimer: I used to work there, mostly helping to produce
volume 2, but I have since moved to the private sector.

			Gregory Watson
			gjw@access.digex.com
			gjw1@midway.uchicago.edu (if the above fails)
Newsgroups: misc.taxes
Subject: 2 Questions
From: zevpeter@chen.bgu.ac.il (Bill Peter)
Date: Sat, 10 Oct 1992 20:03:04 GMT
Organization: Ben Gurion University, Beer Sheva, Israel
Originator: zevpeter@chen.bgu.ac.il



1.  I just refinanced a loan for a rental property.  I forgot to take off for the
    expenses for the last mortgage loan (i.e, forgot to amortize in subsequent years)
    but the expenses were all things like title insurance and processing fees
    (no points).  The question is which schedule and which line do I use to take
    off for my previous mortgage (I assume it would go where the amortized expenses
    would have gone.)

2.  I am a consultant and sometimes I am away from home working.  Can I take off
    telephone expenses back home every day or so to check up on my wife and kids?
    It seems logical since I have to be away from home, and yet I need to check
    up and see if they are all right or not.

Thanks in advance.
--
Bill Peter
Physics Department
Ben-Gurion University, Beersheva, Israel.
From: Thomas_Guenther@3mail.3com.com
Newsgroups: misc.taxes
Subject: 1992 Exemption
Date: 8 Oct 92 15:50:00 GMT
Organization: Fedtax-L<==>Misc.Taxes Gateway
X-Gateway-Source-Info: Mailing List

Can anyone please tell me what the standard deduction for each
dependent will be for 1992?  Thanks.

Tom Guenther
Newsgroups: misc.taxes
From: markb@col.hp.com (Mark Barrett)
Subject: Re: PO Box use for home-office - Help
Date: Wed, 7 Oct 1992 17:26:16 GMT
  
Organization: HP Colorado Springs Division

  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.
Mark Barrett
Newsgroups: misc.taxes