Tag Archives: sum

How much will 7,000 dollars affect my tax return?

Posted on September 24, 2010 by admin| 4 Comments

I received 7,000 dollars from the real estate sale of my late grandfathers house and land. It was given to my aunt as a lump sum gift and she divided it up among children and grandchildren. I’m guessing she received it in a lump sum so that the children and grandchildren wouldn’t have to pay estate inheritance tax. If this is listed as additional income for me, how much will this affect my return? I figure I’ll have to pay about 1200 dollars in tax on this money.
the initial amount was 120,000 divided among the 4 children then among their grandchildren. that’s how I got 7,000.

→ 4 Comments

Posted in Land For Sale

Tagged , , , , , , , , , , , , , , , , ,

Best Use of Inheritance?

Posted on September 6, 2010 by admin| 4 Comments

My share of an inheritance from my mom will be $135,000. Her financial advisor says that if paid to me in a lump sum, about $50-55,000 will be taxable as ordinary income.

I took a 2nd mortgage last year on my house to buy a vacation home that needs some work in order to be usable for myself and as a seasonal rental. I owe $95,000 on the 6.5% loan; repairs and upgrades will run about $35,000. Getting this house in order is a top priority. I hope to retire next year, and planned to sell the main house, using the profit to pay off the vacation house loan and pay cash for a retirement place. I would continue to own two houses.

Question: What is the best strategy to use this inheritance? Take the tax hit and pay off the vacation house loan and repairs? Keep the loan, pay for the repairs, invest the rest, and pay off the loan next year with the sale of the main house? Other, better ideas?

→ 4 Comments

Posted in Homes For Sale

Tagged , , , , , , , ,

would he owe taxes?

Posted on September 1, 2010 by admin| 6 Comments

Last year, I was planning to marry (I thought a wonderful man), but it was short lived. We got a CD together for a rather large sum of money, and put both names on the certificate. I put in about 2/3rds of the amount, with him adding 1/3rd. A few months later, he cashed the CD and took off for parts unknown. My money came from the sale of a home, and was declared on my income tax return, and taxes paid. Does anyone know whether or not he would owe taxes on this money, or is he scot free?

→ 6 Comments

Posted in Homes For Sale

Tagged , , , , , , , , , , , ,

Math help…!!!!!?

Posted on July 29, 2010 by admin| 5 Comments

Here r sum math problems i am stuck on so plz help and show work PLZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ:

1. One can of paint will cover 24m^2. How many cans should u by 2 b sure that u have enough 2 cover a 16m by 8m ceiling? (u may hav paint left over.)

2. A feild 480,000m^2 is 160m wide. What length of fencing is needed to enclose it?

3. A piece of land 1.2km by 3.6km is for sale at hectare. What is the price of the land? (I have no idea what a hectare is)(LOL)

4. thnx so much…….i was stuck on all of these!!!

5. DONT FORGET WORK AND THNX AGAIN!!!

→ 5 Comments

Posted in Land For Sale

Tagged , , , , , , ,

What do I do with a husband who can’t seem to keep a job and has me pay all his debts?

Posted on May 16, 2010 by admin| 12 Comments

I’ve been married 4 1/2 yrs, have two gorgeous children who adore their father but he can’t seem to keep a job and lands us in debts because he borrows money everytime we need a big sum like when I had my kids; he didn’t have the money to pay the hospital bills so he borrowed.

Since then, I’ve been paying off his debts, his car, (i don’t drive!) his daily expenditure, and worst, when we ran out of money, he made me take two loans, one from my company where I work, and another from a loan shark which I am paying for every month.

A good dad,helps out in the house, hardly ever goes out anymore because almost friends he owes money to or did and I paid it off!

He goes to work everyday, changing jobs every three months or so, now he’s doing sales, based solely on commission -says he’s a changed man!

If not for the loans I have to pay off, I’d be very comfortable looking after the kids and myself but now, we don’t even have enough to eat and have to live with my parents!

→ 12 Comments

Posted in Land For Sale

Tagged , , , , , , , , , ,