I don't want my rent going up and down all the time and child support based on my income as it is not the same each month. How do you report income that may be there one week but not the next and so on?
I won a prize back in August 2006 worth almost as much as a car (about $9000). I still have it, but have never used it, and was just waiting for winter to end so I could decide if I want to keep it or sell it. I already paid sales tax on it.
But, for income tax purposes, I am assuming I have to report the entire value as 2006 income. That's fine, but what if I sell the item in 2007 for less than it's worth (say $7500)???
Can I then declare my sweepstakes income for 2006 as $7500, or do I have to report the whole thing? it's going to be hard enough to pay federal + state income tax on an extra $7500 let alone the full $9000.
Thanks
Can you still write off the loss, if it exceeds the total annual income?
If all the illegal immigrants start paying income tax ( not all of them pay income taxes) will it help US economy from debt over the years? Also if they do get legal what could happen to the economy. because they already have jobs, illegally. So making them legal to work in US could or could not help the Government by more income ?
let me know what you may think.
