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Question by Haley012307: How much of a return do you get on your tax returns if you own a home?
I am about to own my first house in a month or so and I’m paying $ 156,000 for it. Do I get any extra money in my tax returns for owning a house?

Best answer:

Answer by Martin S
You get extra money in your tax return for writing off the interest on your mortgage that you pay every year. Not the house itself.

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Question by : What are capital assets? How are the gains and losses from the disposition of capital assets taxed?
Why are capital assets treated differently from ordinary assets? Is this treatment beneficial or not? Explain the netting process for capital gains. On what form are these transactions reported in the tax return? Are there any carry forward or carry back provisions?

Best answer:

Answer by Schnoogle Bunny
“Capital assets” are a woman’s breasts.

Ordinary assets are her hindquarters

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Question by AustinRob30: Tax Return Question! Did I need to file returns for previous years even if I was unemployed in college?
I just filed Chapter 13 bankruptcy, and filed for 2006 (i worked all year) but did not file years 2000, 01, 03, 04, or 05. In 2002, I did because I got a job with Border Patrol but worked only 3 months. The rest of the time (years) I was either in school or had no job or both. I just got a letter from the IRS that they want my tax returns from those years. I didn’t file, and they want a reason why.
What are the penalties ( I was told I didnt have to file) or what should I say? Would I have to pay penalties for not filing? I’m scared (IRS is scary) and just want to know what I should do? I need it back in 12 days (the letter). Any help would be great!

Best answer:

Answer by memere
If you didn’t work in those years, don’t worry about it. If you did work but made very little money, I don’t believe you have to file. Tell you what, my daughter works for an auditing co. She graduated with a BS in science and math. She goes all over the US and audits. She also does our taxes. She could help you a great deal. I will not put her e-mail address on here, but if you mail me, I will give it to you with her name. She will help you a great deal and give you all the answers you need. Do it now. I did it for you. I e-mailed your question to my daughter. I will forward her answer to you. Stay calm, believe me,.I know what it’s like to have the IRS on your back.

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