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?
My wife filed a return of income with taxable income below taxation limits. Source of income tutions and rental. Tution income was received in cash. ITO says the onus is on her to prove that her income was not more than what was reported. How does one do this?
Hi
I am a strong believer in personal development and am looking for residual income business opportunity that will allow me to make extra income from home.
Any ideas along that line? I hate lotion/potion companies (as do my friends and family) so, any ideas/suggestions along the lines of internet marketing?
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
