UNITED STATES STIMULUS CHECKS

[Shady]

5 hours ago, graham59 said:

I can see plenty of American citizens choking on their cornflakes over the millions/billions given to some of the toilet states on this list.

President Don being one of those Americans, the rare politician who actually puts Americans first, that's why he killed this joke of a plan.

Edited December 23, 2020 by Shady

[scott h]

6 hours ago, graham59 said:

I can see plenty of American citizens choking on their cornflakes over the millions/billions given to some of the toilet states on this list. 

I am ashamed to say it Graham, but if it is not posted on NETflix, facebook or in the latest copy of fashion weekly or sports illustrated a majority of yanks wont even hear of it 

[Old55]

3 hours ago, scott h said:

I am ashamed to say it Graham, but if it is not posted on NETflix, facebook or in the latest copy of fashion weekly or sports illustrated a majority of yanks wont even hear of it 

Sadly Scott what you say is so true. So many Americans are uninformed and clueless.

[baronapart]

17 hours ago, OnMyWay said:

I hope this part is correct!  I will get 1200+500+500 (me and 2 kids) from the first stimulus as a credit on my income tax, and I owe quite a bit of tax this year because I sold my house.

Check into the tax break you get for selling your primary residence if it applies to you:

• You can sell your primary residence exempt of capital gains taxes on the first $250,000 if you are single and $500,000 if married.
• This exemption is only allowable once every two years.
• You can add your cost basis and costs of any improvements you made to the home to the $250,000 if single or $500,000 if married.

This saved my bacon (and a lot of money) when I got divorced in 2006.

Edited December 23, 2020 by baronapart

[Mike J]

22 hours ago, OnMyWay said:

I hope this part is correct!  I will get 1200+500+500 (me and 2 kids) from the first stimulus as a credit on my income tax, and I owe quite a bit of tax this year because I sold my house.

Would it be a tax credit (reduce tax due by $2200) or deduction in income by $2200?

Edited December 23, 2020 by Mike J
Added dollar signs

[Mike J]

3 minutes ago, Old55 said:

2020 Mike? Or are you planning ahead? 

I did an edit to add dollar signs to clarify the post.   I am still in the dark as to whether these checks are going to be classified as taxable income at some time in the future.  Or are they a true credit against income tax that is paid in "advance" of filing.  After all the feds consider unemployment checks as taxable income.

[Old55]

4 minutes ago, Mike J said:

I did an edit to add dollar signs to clarify the post.   I am still in the dark as to whether these checks are going to be classified as taxable income at some time in the future.  Or are they a true credit against income tax that is paid in "advance" of filing.  After all the feds consider unemployment checks as taxable income.

The first one was tax exempt.

My wife says the one now in debate was also listed as tax exempt. Hope you guys get your checks eventually and sooner than later after all it's your money.

Edited December 23, 2020 by Old55

[scott h]

8 minutes ago, Mike J said:

 I am still in the dark as to whether these checks are going to be classified as taxable income at some time in the future.

Who knows what congress and the IRA might do in the future, but according to my tax lady in the states these are not counted as tax income. Been with her for close to 20 years and no problems so far 

[hk blues]

12 hours ago, Old55 said:

Sadly Scott what you say is so true. So many Americans are uninformed and clueless.

Don't be so hard on yourselves - you are most certainly not alone in that. 

[hk blues]

5 hours ago, Mike J said:

Would it be a tax credit (reduce tax due by $2200) or deduction in income by $2200?

That would make a huge difference - $2200 tax credit would be worth $2200, $2200 reduction in taxable income would be a lot less I'd imagine.