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1) Generally it is very difficult to shift income to a child. 2) Why shift capital gain income anyway, it's the same rate for everyone? 3) Primary residences are exempt from gains, unless something like a million $. 4) Any tax, especially on sale of a residence, can depend much on what you do with the proceeds, and the reason for the sale.
What else can I help you with?
Where to enter child's w2 income?
On the child's Form 1040, 1040A, or 1040EZ. A separate tax return must be filed by the child (or for the child if the child is too young). A parent cannot report a child's W-2 income on the parent's tax return. The only time a parent can report a child's income on the parent's return is if the kiddie tax applies and the child's only source of income is interest and dividends.
What was the advantage of filing as head of household rather than as single?
The advantage is a higher standard deduction and tax rates are lower. You need to have a child or parent who lives with you to qualify for HOH.
What would be the differences of tax refund for a single parent with 1 child to a married couple with no children?
Big difference. If you have a child under the age of 16 you get a 1000.00 child tax credit. Depending on the income if you fall below the 25,000 income and have a child you will also get an earned income credit which you only get if you have a child living with you. Hope this helps.
If child lives with higher income parent who claims on taxes every year?
The parent who is considered the custodial parent.
How will you entry income from subsidiary in income statement?
When there is a parent child relation available then consolidated income statement is prepared in which expenses and income of parent and subsidiary are shown in one single financial statement due to which net profit or loss for whole organization is shown.
What will be the 2007 earned income credit amount per child?
Income eligibility guidelines for 2007 tax year are: * Families with one child ($33,241 single parent) * Families with one child ($35,241married filing jointly) * Families with two or more children ($37,783 single parent) * Families with two or more children ($39,783 married filing jointly) * Single workers without children ($12,590) * Married workers without children ($14,590) * Investment Income Limit: $2,900 or less
What is the type of family where there is only one parent living with the child?
It is called a single-parent household.
Are same-sex married couples permitted to adopt children in Wyoming?
Although a single gay person is allowed to adopt a child, it is unclear whether a same-sex couple can legally adopt (either jointly or "second parent") a child in Wyoming.
Should a single parent stay at home with their child?
Im not sure. The husband might come looking for you (no offense or anything). I did. But I was the child not the single parent.
Can a single parent obtain a passport for their child?
Yes, a single parent can obtain a passport for their child by providing the necessary documentation and meeting the requirements set by the passport issuing authority.
Di single parents required to pay child support?
Most single parents do not pay child support. The absent parent pays the child support.
What if you get served with child support and the parent serving it has a job and makes more then minimum wage?
Both parents are jointly responsible for their child's support. Your share will be based on a percentage of your net income.
Can a single parent obtain a passport for their child without the other parent's consent"?
In most cases, a single parent can obtain a passport for their child without the other parent's consent if they have sole legal custody. However, it is recommended to check with the specific requirements of the country issuing the passport.
How long does it take for the custodial parent to receive a payment from the garnishment of federal taxe refun for back child support arrerages?
It can take up to 6 months to receive tax money if filing jointly or if filing single it can take up to 10 weeks
Is a single parent with joint custody entitled to child support if the other parent is married and that income is much higher?
Generally, the parent with the greater amount of physical custody is entitled to child support.
Which of these is the best example of a single parent family?
a child / children and a mother or a father
What is a single parent family?
A family with only one parent - normally a single woman with one or more children. It could also be a father with a child or more children.
