0
If you bought a boat for 30000.00 and then sold it for 23000.00 a few years later do you claim the money as income on your income tax return?
Wiki User
∙ 6y agoWant this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
When filing for the federal income tax return do you have to attach schedule a for the state income tax return?
No, when filing for the federal income tax return, you do not attach the Schedule A for the state income tax return.
Can your return a car you just bought?
Can I return the car (2006 Hyundai Sonata) I just bought?
Do you have to file NJ income tax return if you have no income?
The answer is no!
What are the months covered for income tax return?
Income tax return is due before April 15
Can I deduct monies paid to settle a lawsuit?
Not deductible on your income tax return unless the amount paid was to produce taxable income that was reported on your income tax return. Then a limited amount could be deductible on your income tax return.
Do you enter the amount paid from a federal garnish on your tax return?
No. Your gross income is reported on your federal 1040 income tax return. The federal garnish amount that was paid would not be a deduction from your gross income on your income tax return.
If you're on welfare can you file for taxes?
You can file a income tax return if you WANT to if the only worldwide income that you have is the welfare income amount. IF you do NOT have any other worldwide income to be reported on the 1040 federal income tax return you would NOT be required to file a 1040 federal income tax return.
Can you file taxes for legal and medical bills if on SSI?
If you want to file a tax return YES you can. SSI (supplement security income) would not be taxable income that you would report on your 1040 income tax return. If you do NOT have any taxable worldwide income that you are required to report on your federal 1040 income tax return it would NOT benefit you to file a federal income tax return and you would NOT meet any of the MUST FILE A INCOME TAX RETURN requirement's. If you want to file a tax return YES you can.
Do I have to to file income tax returns for state of Maine if i filed a federal tax return and and have 0 adjusted gross income?
If you are a residentof Maine who is required to file a federal income tax return, you must file a Maine income tax return. If you are not required to file a federal return, but do have income subject to Maine income tax resulting in a Maine income tax liability, a Maine return must be filed. You do not have to file a Maine income tax return if you meet all of the following requirements: 1) your Maine taxable income is $2,000 or less, 2) you claim yourself as an exemption on your return, AND 3) you are not subject to the Maine Minimum Tax. However, you must file a return to claim any refund due to you.
Do you have to claim your income tax return as income on unemployment?
No
What tax to file if you move states?
One federal 1040 income tax return and a resident state income tax return an a nonresident or part year resident state income tax return.
When do you not have to file Federal Income tax?
No reportable taxable income to be entered on a income tax return would be a good start of not being required to file a federal income tax return.
