-Easier at home. Whats to debate?

iVillage Member
Registered: 05-19-2008
-Easier at home. Whats to debate?
2829
Tue, 07-08-2008 - 9:18pm

I am a teacher off for the summer.

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iVillage Member
Registered: 09-05-2007
Tue, 07-15-2008 - 7:21pm
Which is why I said "people who do illegal things," and not "criminals".
iVillage Member
Registered: 09-05-2007
Tue, 07-15-2008 - 7:27pm
I do. Did you know you are supposed to report it on your income taxes when you sell a car?
iVillage Member
Registered: 09-05-2007
Tue, 07-15-2008 - 7:34pm
I can safely say that I've never known anyone who has had an illegal apartment in their home. I only know two people who have had an apartment in their home, and I know that they got permits for them. I know plenty of people who have rented out rooms in their home, but that is not illegal, as it is not considered multi-family, and requires no permits.
iVillage Member
Registered: 09-05-2007
Tue, 07-15-2008 - 7:44pm
I once sold things on ebay for profit, and I did report it on my tax return.
iVillage Member
Registered: 07-26-2007
Tue, 07-15-2008 - 8:24pm
it's the same thing. Income from rental and depending on the percentage of square feet in the home devoted exclusively to the rental, that's how much of a percentage of the household expenses that can be claimed against it. In my case, it wasn't that much, since the only part exclusive to my roomie was his bedroom, which was small.

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Kitty

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Kitty

"BTW, I hate Lifetime. Their movies will suck you in and all of a sudden you've watched 3 in a row, used every tissue in t

iVillage Member
Registered: 02-08-2008
Tue, 07-15-2008 - 8:32pm

Did you check the post right above yours?


lois_15354



to:

iVillage Member
Registered: 02-08-2008
Tue, 07-15-2008 - 8:33pm
That's ok, it must not have been that important to you :)
iVillage Member
Registered: 07-26-2007
Tue, 07-15-2008 - 8:35pm

You can just claim it under other income (there's a line somewhere that falls along those lines). The IRS almost never questions you if you claim MORE income than you have the paperwork to show, but you can show things like the deposit slips and a copy of any ads that ran in local papers as supporting documentation. I wouldn't send them in, unless your tax advisor told you to, but have them ready if the IRS asks for them.

Where it gets really problematic is if you have a fairly steady income from ebay or garage sales that you've only claimed annually. Beyond a certain point (and I'm not sure where it is), you'd likely sustain penalties for under claiming your income (and underpaying withholding taxes). If a person is doing ebay as a business, they should probably be filing and paying an estimated tax quarterly.

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Kitty

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Kitty

"BTW, I hate Lifetime. Their movies will suck you in and all of a sudden you've watched 3 in a row, used every tissue in t

iVillage Member
Registered: 02-08-2008
Tue, 07-15-2008 - 8:35pm

So you got a check from this person every month so you could claim it?

iVillage Member
Registered: 02-08-2008
Tue, 07-15-2008 - 8:36pm

Have you reported all your winnings?

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