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2005 Capital Gain Tax

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Ernest Said:

NRI.Besides Salary income also have short term capital gain.Tax liability, forms and challans for e remittance

We Answered:

Trade is diffarent and short term capital gains are diffarent. You can treat your short term capital gains as trade stating that you are doing shares business and not investment in shares. If you treat as business, the entire income after the basic exemption limit Rs.1,10,000 is taxable. If you treat it short term capital gains, the tax on it is flat 10%. I will show you your tax liability for both cases thinking that you do not have any other income other than this shares income.

If capital gains:
Your short term capital gains income----- = Rs.2,50,000
Less basic exemption for Male <65Years=RS.1,10,000

Balance taxable---------------------------------… Rs.1,40,000
Tax @10% + Educati. Cess on Tax @3%=Rs. 14,420
(Your PPF, LIC & ULIP cannot reduce your tax for capital gains)

If shares trade:
Your shares trading income-------------------------- = Rs.2,50,000
Less basic Exemption (Male <65 years)-------- = Rs.1,10,000
Less your savings 1 to 4 total =2.48L limited to =Rs.1,00,000

Your net taxable income=2.50-1.10-1.00--------- =Rs.40,000
Tax on Rs.40,000@1st slab 10%+3%E.C------- =Rs. 4,120

Regarding returns:
If trading or for trading & capital gains---= Form ITR-4 (about 20 pages form)
If capital gains-(No trading income at all) =Form ITR-2 (about 6 pages form)

Payment of tax and filing of returns:
You are having lot of time to pay taxes and filing returns. The last date for filing returns is 31st July, 2008. At prasent do not pay any advance tax. You can cooly thing over again wether to declare your shares income as trading or short term or partly trading and partly capital gains. For delay payment of taxes you only need to pay interest @12%. But if you pay excess tax it is difficult to get it back. So waite.

Go through the articals related to shares profit:
http://www.thehindubusinessline.com/iw/2…

http://www.ndtvprofit.com/homepage/story…

Brandy Said:

Computing Capital Gain Tax?

We Answered:

1. Cost inflation index for 2004 2005 was 480. For 2009-2010, it has not yet been published. Let this be x.

2. Your indexed cost of the property will be 15,75,000 multiplied by x and divided by 480. The resultant figure will be your cost now for tax purposes.

3. 35 lakhs minus indexed cost (as per 2) will be the Long Term Capital Gain. Your tax will be 20.60% of this amount.

4. As you are a non resident in India living abroad, that country has the right to tax capital gains. (Depends on the DTAA between that country and India.) However, Indian Capital Gains Tax is payable.

5. Any improved done to the property that enhanced its value can be added to the cost and benefit of indexation taken.

6. Interest paid on loans availed can be added to the cost of the flat and indexed again.

7. If you do all this, you will find that the gain has come down substantially. Pay 20.60% tax on this and forget it.

8. You will (usually) get benefit of reduction of your overseas income tax for the tax paid in India. However, if you live in a country where no incometax is levied, then, there will be no benefit.

9. You and your wife can claim tax benefits declaring your ratio of holding interest in this property. That is legal and permissible.

    2005 Capital Gains Tax

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    2008 Capital Gains Tax

    Lynn Said:How much Capital Gains Tax Will I need to pay?We Answered:I assume this was a rental property for seven years. You report the rental income and expenses each year you own the property. You also depreciate the property each year. If you have not done this, amend your returns for each year you owned the property. You may or may not owe additional tax for the prior years. In 2008, report only the income and expenses for 2008. After figuring the depreciation, your basis in the property is about $65,000. Your gain is about...

    And Capital Gains Tax

    Julian Said:What is a good strategy for selling a small business without paying capital gains tax?We Answered:It sounds like you need to contact an experienced CPA. Don't look for free advice that could end up costing you thousands or more. NOT worth it. And, if Obama is elected you very well might want to just eat the current capital gains tax, as he has pretty much promised to increase it. Consult a CPA, good luck in your future ventures. I so wish I could sell my business and move on, but no such luck....

    Australian Capital Gains Tax

    Todd Said:When I bought my 2 properties,in 2002 & 2005 I was considered an overseas invester even though I am AustralianWe Answered:Yes you wil be paying tax. The capital gains regime is quite complex, it generally treats profit (from property) in a more concessional manner although ultimately the Capital gain is treated as income in the tax return. There are numerous CGT rules/conditions that need to be considered - including the possible CGT mpact of changing residency not to mention consideration of the tax treaty with Britian to see how any Aus paid taxes would be treated in England. ...

    Avoiding Capital Gains Tax

    Norma Said:Avoiding capital gains tax querie?We Answered:No, that won't work as a Like Kind Exchange. You'd have to find someone with a property that you wanted who wanted yours and then trade with them. Property management firms sometimes have knowledge of their property owners who are interested in such an arrangement. It wouldn't hurt to call around. Also, putting a rental unit on the market may attract LKE offers from other investors. I got 2 when I was selling an investment property last year....

    Avoid Capital Gains Tax

    Jared Said:How long do i have to live in my principle dwelling to avoid paying capital gains tax?We Answered:In general so long as you live there and do not have another house it is CGT free from day 1. If you let out part of the house (whether you move out or not) and do not nominate another house as your Principal Private Residence that part will not qualify for PPR but will receive some letting relief which may remove the gain in full. The last three years of occupation are ALWAYS allowable, so you could in theory move out...

    Avoid Capital Gain Tax

    Julian Said:how to avoid or reduce capital gain tax for a house owned less than a year?We Answered:Have you checked to see how much tax you'll actually have to pay? It may not be as much as you think.Samuel Said:Can Hank Paulson avoid tax on $600MM unrealized capital gain upon becoming a government employee?We Answered:I read a news article on the subject. Since you piqued my interest, I looked it up. Section 1043 of the Internal Revenue Code was enacted in 1989. It allows executive branch employees to defer - not avoid - tax on gains realized when they...

    Calculate Capital Gains Tax

    Jesus Said:How do I calculate capital gains tax on real estate sold?We Answered:Your basis in the home is probably the value of the land by now. Under the old ACRS rules the home and the improvements would have been written down to $0 by now by depreciation, leaving only the cost of the land as your basis. Your basis is the original cost + any improvements minus any depreciation allowed or allowable. (If you didn't take any depreciation deduction, you're screwed, since the IRS requires you to recapture it even if you didn't claim it when you held it...

    Calculate Capital Gain Tax

    Bruce Said:How to calculate tax on capital gain for sale of agricult land?We Answered:Index for 1999-2000 was 389. Index for 2006-2007 was 519. If the property was bought for Rs. 1 lac in April 1999 and sold in March 2007, the indexed cost would be = 1,00,000 multiplied by 519 divided by 389. Rs. 1,33,419. If the subject property was sold for (say) Rs. 2,00,000, then, the profit will be Rs. 1,00,000 on unindexed cost basis and Rs. 66,581 on indexed basis. You can opt to pay either 10% of Rs. 1,00,000 as capital gains tax or 20% of Rs. 66,581 (indexed gains). Obviously, you would be...

    Calculating Capital Gains Tax

    Harvey Said:while calculating short-term capital gains on shares, can you deduct the taxes(service tax, edu tax, turnover?We Answered:Nope. STT is outside tax purview... I wonder who charges the taxes other than brokerage.Katrina Said:Can you tell me what is a capital gains tax?We Answered:Very broadly, it is the tax you pay on profits from an investment. If you buy something for $5,000, and sell it for $20,000, you will generally owe a capital gains tax on the $15,000 difference. People who advocate a higher tax argue that those who earn their money from capital gains (wealthy investors, hedge fund managers) get taxed at...

    Calculation Capital Gains Tax

    Laurie Said:Calculation of Short term capital gain tax of profit and loss making shares?We Answered:net capital gains.Charlene Said:I have funds which I would sell off. How does capital gains come into picture when filing Tax?The calculation?We Answered:Your proceeds that you received are your sales amounts. What you bought the funds for, plus any reinvestments are your costs. Anything bought more than 1 year before you sell it is long-term capital gains/losses, anthing bought less than 1 year before you sell it is short-term capital gains/losses. Maximum long-term capital gains rate is 15%. Short-term capital gains rate is your tax rate.Danny...

    Canadian Capital Gains Tax

    Juanita Said:Canada CRA Individual Tax Reporting of Capital Gains?We Answered:No dividends are considered income as they are earned by owning not selling the security. How they are reported by you depends if they are Canadian or foreign. If they are Canadian you would report on schedule 4 and claim the dividend tax credit on line 425 of schedule 1. This information would be reported on either a T5 or T3 and it would state whether they were eligible or regular dividends. Foreign dividends and foreign tax withheld would be reported as foreign income. Stock options can be considered capital...

    Canadian Capital Gain Tax

    Juanita Said:is there a TAX for capital gain in Land purchase in Canada ?We Answered:Non-residents are subject to tax on the disposal of taxable Canadian property (Income Tax Act, subsectin 2(3)). Real property situated in Canada is included in the definition of Taxable Canadian Property in subection 248(1). Therefore, yes, you're subject to tax. I do think you should talk to a tax specialist that deals with international taxes, in particular, taxes between Canada and your country. Canada has a number of tax treaties with other countries, which affect the application of the tax rules.Arnold Said:How to report...

    Capital Gains And Tax

    Vivian Said:What is New York State Income Tax Rate For Capital Gains?We Answered:Unlike the federal government, most states, New York included, do not tax capital gains differently than regular income. Your tax went up by $423 because your income went up by $4416. Like the previous answerer said, this seems right (without knowing anything else on your return).Vera Said:What % of Capital Gains tax will I have to pay?We Answered:Taxes due would depend on what you sell it for. The privacy fence and storage shed would be added to the cost of the house. The cosmetic...

    Capital Gains Federal Tax

    Kristen Said:Short term gains tax - under 1 year or 2 years? Also, federal and state taxes?We Answered:Short-term capital gains are considered to be under 1 year. Long-term is over 1 year. If you buy a house to "flip", you will pay capital gains taxes because you did not live in the house for 2 out of 5 years. Real estate capital gains are different then stock capital gains. All capital gains are taxed at federal and state levels. Each state is different so I recommend that you speak with a tax professional in your state.Jean Said:If I sell real...

    Capital Gains Home Sale Tax

    Jackie Said:How do I figure capital gains and state tax on the sale of a vacation home in Michigan?We Answered:Why don't you do a IRC 1031 exchange. You need to ID the property you wish to acquire in 180 days from the date you opened an escrow. In this 1031 you need a reputable title company or if in Michigan,a good real estate attorney. Then the last two years of the five, you can make the acquired property as your principal home. Just complete the front and back of the 1040 sch D and you will figure your cap gain...

    Capital Gains Income Tax

    Thelma Said:Do You Have To Pay Capital Gains Tax If Don't Pay Income Tax?We Answered:Capital Gains ARE income. You calculate total income from ALL sources, including one-half of capital gain, THEN you determine if you owe taxes on that total amount. http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/…Douglas Said:Am I subject to income tax, capital gains tax and dividend tax?We Answered:Ok for staters you never get social security or medicare taxes back on your return. Those go into a seperate fund that supposedly will be aviable when you get old enough to retire. On the stocks yes you have to pay for those even if you only had...

    Capital Gains Property Tax

    Eugene Said:Do I need to pay Capital Gains Tax on UK property if I sell, after I have moved home to Ireland?We Answered:You are right to ask the question! Gains on UK-sited assets which are made by individuals who are neither resident, ordinarily (habitually) resident or domiciled here are not liable to UK capital gains tax. As I expect you already know, had you not come back here, you would have been fine. However, because you have returned to the UK may mean that special anti-avoidance rules apply so that you are taxed on the gain as though it arose in...

    Capital Gains Taxable

    Claire Said:Do I need to pay capital gains on the full selling price of a house if I recieved it from a living trust ?We Answered:Assuming your parents were not deceased at the time you received the property, their basis becomes your basis. Their basis (and consequently yours) would be: purchase price + capital improvements - depreciation allowed or allowable (if any). You would subtract the basis from your sales price to get the taxable gain.Leslie Said:what % of capital gains tax is applicable for ancestrial property and if there is a non-taxable limit?We Answered:LTCG is the diff. between the...

    Capital Gains Taxation

    Stanley Said:Does the US and India have a double taxation avoidance agreement that covers capital gains on Indian stocks?We Answered:What double taxation? You just said India isn't taxing it, so the US's capital gains is SINGLE taxation. The tax treaty is available at IRS.GOV, but here's the pertinent article: ARTICLE 13 Gains Except as provided in Article 8 (Shipping and Air Transport) of this Convention, each Contracting State may tax capital gain in accordance with the provisions of its domestic law. The US taxes you on worldwide income. That's it's domestic law. Since India doesn't tax you, there isn't...

    Capital Gains Tax 2005

    Billy Said:I have a tax question about offsetting long term capital gains and long term losses?We Answered:No. Here is how your losses are dealt with: 2005: $2,000 capital loss carried over into 2006 (I assume this means your capital loss for 2005 was $5,000 and you deducted $3,000 in 2005) 2006: $2,000 capital loss carryover + $8,000 additional capital losses. $3,000 is deducted in 2006 and the remaining $7,000 is carried over to 2007 2007: No additional gains or losses, so you deduct $3,000 in 2007 and the remaining $4,000 is carried over to 2008 2008: $20,000 in capital gains less your...

    Capital Gains Tax Advice

    Vera Said:Advice on Capital Gains Tax and my Property - the ex is being painful?We Answered:I'm not clear from your question who actually has their name on the title of the house. As the loan is in his name, I'm assuming the title of the home is also in his name. Capital Gains Tax (CGT) is payable when an asset is sold and the price at the time of selling is higher than the purchase price. This is common with property and also applies to shares and other assets that sell for a profit. CGT is...

    Capital Gains Tax Allowance

    Herman Said:Selling Our Website - UK Capital Gains / Income Tax?We Answered:Capital Gains Tax applies to the disposal of capital assets. Income tax is applied to an income stream. OK, that is stating the obvious but you have to consider the nature of the asset you are actually selling. Has the website been producing income for you and have you paid income tax on this? If so, then it would seem the website has been created to generate an income stream and is therefore a capital asset. On this basis capital gains tax would be appropriate. The annual...

    Capital Gains Tax Australia

    Erica Said:What % rate is capital gains tax in australia?We Answered:There is no such thing as a tax called "capital gains tax". It just means your capital gains are taxable - i.e., your net capital gain (your profit from selling an asset, less the 50% discount if applicable) is included in your assessable income. You are taxable on your whole taxable income. Assessable income less deductions = taxable income. Tax is levied at the standard rates on taxable income to give you your gross tax payable. Gross tax payable is reduced by tax credits (e.g. PAYG witholding from wages, etc) and tax offsets...

    Capital Gains Tax Calculation

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    Capital Gains Tax Calculator

    Marcia Said:Unemployed but made 10000-15000 dollars in capital gains...whats my tax bracket?We Answered:Nice profit. It depends on if you made anything else besides the capital gains, whether it is long or short term, and whether you are single or not. Assuming you are single, and your capital gains are short term, then it would be 15%. See here: Tax rates schedule 2009 http://www.maxi-pedia.com/tax+rates+2009… Interactive federal tax calculator http://www.maxi-pedia.com/interactive+fe… Long term & short term capital gain and loss http://www.maxi-pedia.com/long+term+shor…Antonio Said:Waht's the percentage rate for illinois' capital gains taxes?We Answered:I believe that the capital gains tax rate for Illinois is a flat 3% for both short and long-term...

    Capital Gains Tax Calculator Uk

    Daniel Said:Why do republicans charge working class people a 30% tax rate, but billionaires only pay 15%?We Answered:To start with 17.5% of $46 million $8,050,000 and 30% of $60,000 is $18,000, maybe I should do her taxes for her either that or she should buy Turbo Tax (maybe a copy for Geithner, he didn't pay any taxes. I went to H&R Block, entered 60,000 as income zero dependents and absolutely no deductions, the estimated income tax is $6,931 or 11.55% not 30% http://www.hrblock.com/taxes/tax_calcula… Capital gains taxes are dependent upon how long you hold an investment, if it less that one year the tax...

    Capital Gains Tax Change

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    Capital Gains Tax Changes

    Seth Said:Have there been, or will there be, any changes to the tax laws regarding the UGMA. Affect capital gains?We Answered:Haven't heard anything about Internal Revenue Code changes, yet, but Block's tax updates haven't come out yet.... at least, not here....

    Capital Gains Tax Definition

    Steve Said:Can you claim baseball cards as a capital gains loss on your income tax?We Answered:it would never be a "capital gains loss" the correct phrase would be "capital loss". if your business was buying and selling cards, then it would be an ordinary loss. if you bought the cards personally for investment purposes, then it should qualify as a capital loss. did not see a reference to baseball cards, but it fits the definition of a capital asset.Javier Said:What does extremely high capital gains tell you about a mutual fund.?We Answered:Ha ha. It is enjoyable to hear someone complaining...

    Capital Gains Tax Exclusion

    Carrie Said:US Income Tax & Capital Gains Tax Exclusion for Foreign Workers ?We Answered:It's Foreign EARNED income. Wages and self-employment only. That IRA money is a not earned income. Yes, Americans pay capital gains tax on money earned abroad--the US tax return is WORLDWIDE income....

    Capital Gains Tax Exemption

    Terrance Said:Is there a capital gains exemption in the US like in Canada if you sell a company?We Answered:No. But there is a reduced rate for capital gains taxes as opposed to regular income tax. But the transaction may not be subject to US tax; consult a tax advisor on this.Martha Said:Can I buy one flat with proceeds of sale of two flats and still get capital gains tax exemption?We Answered:You can get exemption to the extent of the purchase value of the new flat or sale proceeds of the old flats which ever is less...

    Capital Gains Tax Exemptions

    Yvonne Said:Are there any personal exemptions/deductions for capital gains tax?We Answered:You must add capital gains to your other incomes from all sources like salary, interest, dividends, self employment income. Then deduct applicable standard deduction and exemption deductions. Then you pay tax on the remaining income. (Thus if you have no other income except capital gains, then deduct standard and exemption deduction and then pay tax on the remaining amount.) If you have long term capital gain, then figure tax using tax table as well as by taking into consideration long term capital gains tax rate. Out of these two tax amounts,...

    Capital Gains Tax Explained

    Joann Said:When is the capital gains tax greater than 15%?We Answered:Look at the capital gains worksheet, that may explain what is going on. Short-term capital gains are taxed as ordinary income. Capital gains on collectibles are taxed at 28%. Only long-term capital gains get a favorable tax treatment with a maximum tax of 15%. If the gains are large enough, you may disqualify yourself from other deductions and credits, and that may raise the incremental tax by more than 15% of the capital gain.Eileen Said:Capital gains tax and selling timber?We Answered:There is apparently some kind of special tax...

    Capital Gains Tax Form

    Diana Said:can recently divorced spouses split capital gains from a 1099 brokerage form on their tax returns?We Answered:First, what does the divorce property settlement state? If it states in there that XX stock goes to husband and YY stock goes to wife, then you each would report your respective stock sale on your individual income tax return. However, if that is silent, then if you both agree to split the income, the person's SSN that is on the 1099 should report 100% of the transaction, then on the line below indicate "Nominee Interest" and put spouse's name and SSN and...

    Capital Gains Tax France

    Glen Said:How much tax do you pay if you buy a property in France as a non-resident?We Answered:There are two taxes a bit like our rates but how much depends on the property and where it is 1 Tax d'habitation 2 Tax fonciere When you buy there is an equivalent to stamp duty and when you seel an equivalent to capital gains tax but reduced the longer you own the property Remember you will still have a capital gain tax liability in the UK less hat you pay in France As to advice sites this depends on how well you can speak French.You will have...

    Capital Gains Tax Free

    Doris Said:When are capital gains tax free?We Answered:Mostly likely.....never. For many people, 0% capital gains rate is not realistic. The current long term (held over 1 year) capital gains rate is 0% but only for people in the 10% and 15% bracket and only for up to the point that the capital gains keeps them in the 15% bracket. It is possible, depending upon your other income, to pay: 1) 0% on the entire gain; or, 2) 0% on part of the gain and 15% on the rest; or, 3) 15% on all of the gain There is no way to tell without running...

    Capital Gains Tax Guide

    Mario Said:Capital gains or regular tax? I bought stock in company at differnt times and sold some.?We Answered:The law requires that if you do not specify which shares you are selling you sold the olderst shares first for tax purposes. If you do not know how to specify which shares you are selling, here is a good reference on the subject: http://www.fairmark.com/capgain/ident.ht… That is part of a much larger guide on capital gains you can find at http://www.fairmark.com/capgain/index.ht… If you are going to sell and repurchase shares in the same company in less than a month I suggest you pay particular attention to the section...

    Capital Gains Tax Help

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    Capital Gains Tax History

    Catherine Said:Oboma says the capital gains tax is unfair. He will double the rate. What is unfair about this tax rate?We Answered:A capital gains tax does not take into account the rate of inflation or the weakness of the American Dollar. Say you bought a house 10 years ago for 75K and now you want to sell it and do so for 100K. You would pay tax on the 25K that you supposedly "profited" in 10 years. The trouble is that there is no consideration for inflation, which besides this year, you could basically count on being about a 3% increase...

    Capital Gains Tax Home

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    Capital Gains Tax House

    Brenda Said:do i have to pay capital gains tax if i sell my house?We Answered:If it has been your principal residence the entire time you have owned it, there will not be any capital gains tax.Gabriel Said:If I sell my house after living in it for less than 2 years, is the capital gains tax prorated?We Answered:You will owe a capital gain tax, however if you are compelled to move for work there may be special considerations, see a CPA for advice in that regard. There may be special treatment if moving due to the exercise of Eminent Domain. The...

    Capital Gains Tax Income

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    Capital Gains Tax Info

    Alan Said:Is Capital Gains tax avoidable in Turkey before construction commences?We Answered:Since you posted to UK Tax, I assume you are UK resident ?? Well, why not ask your Turkish Lawer / Builders ???Elmer Said:Info on capital gains tax please?We Answered:I am glad none of the other answerers are my tax advisers! CGT will be payable on the difference between the Probate value of the property and the sale price, less legal and agents fees. The resulting gain is chargeable at 18%.Donald Said:Is there a format to furnish the details of capital gains tax and income from other sources in the tax...

    Capital Gains Tax Information

    Sam Said:Do I have to pay capital gains and dividend tax on a Mutual Fund I plan to keep for 5 years?We Answered:Yes Each year when your mutual fund earns dividends or capital gains, you receive your share and it is reported to the IRS on a 1099DIV. You receive a copy of the 1099DIV. You report the information from the 1099DIV on your tax return, normally on Schedule B. This income is taxable in the year distributed by the fund, whether you reinvest the income or receive it as cash. If you reinvest this income in the...

    Capital Gains Tax Inheritance

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    Capital Gains Tax Investment

    Ramona Said:How to ensure "capital" tax (instead of income) treatment for investment gains?We Answered:My understanding is that you will be considered an investor at those levels. I hold more than that number of securities and have not been considered a trader. 5 sales per month sounds like nothing out of the ordinary. In any case, consult this Interpretation Bulletin document: http://www.cra-arc.gc.ca/E/pub/tp/it479r… Some relevant texts: "11. Some of the factors to be considered in ascertaining whether the taxpayer's course of conduct indicates the carrying on of a business are as follows: (a) frequency of transactions - a history of extensive buying and selling of...

    Capital Gains Tax Investment Property

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    Capital Gains Tax In Uk

    Julio Said:Capital Gains Tax on selling second home in the UK?We Answered:You will have to pay the UK CGT first. If you are an Irish resident you may have to pay any difference between that and the Irish CGT. Of course it doesn't work the other way that if the UK CGT is more you can get the difference back....

    Capital Gains Tax Land

    Norman Said:can somebody please tell me will capital gains tax affect this land transfer?We Answered:There will be no CGT liability for you. However the person in receipt of this transfer, which sounds like a gift, will be subject to some for of CAT, ot capital acquisitions tax. If you are selling this land as opposed to transferring this land there is no CGT due as the amounts you state means that there is not much of a gain and the itself will be covered using your CGT exemption. Tax DoctorVirgil Said:Is it necessary to deposit returns on selling land in capital...

    Capital Gains Tax Land Sale

    Martin Said:Will I pay capital gains on my land sale?We Answered:Yes. You will pay capital gains tax on the profit for federal along with Arizonza and Virginia income tax. Virginia should give you a credit for the Arizona taxes though.Olga Said:To avoid paying capital gains tax on the sale of land, must you own it for two years?We Answered:No, the land must be part of your primary residence. Plus, the gain is only deferred. Eventually, taxes will have to be paid. If its just land that you own, developed or not, you will pay capital gains tax...

    Capital Gains Tax Law

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    Capital Gains Tax Laws

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    Capital Gains Tax Liability

    Lillie Said:Main residence valued 158,000. Owned 20 years, let for 5. Do we have a liability to pay Capital Gains Tax?We Answered:Everyone is wrong. You say you are not ex-pat and yet you speak of leaving the UK. What does this mean - are you now back in the UK? If you are not resident for tax purposes, then you would not pay CGT on any sale made while you are NR. Assuming you are resident, then your gain would be the selling price, less the cost, plus expenses such as legal fees and estate agents. The 15 yrs you lived in...

    Capital Gains Tax Long Term

    Kathryn Said:tax rate for long term capital gains?We Answered:Short-term gains are taxed as ordinary income. Therefore, the nominal tax rate will be whatever tax bracket you are in. Long-term gains are taxed at 5% if you are in the 10% or 15% federal tax brackets. Long-term gains are taxed at 15% if you are fall in one of the higher income-tax brackets (e.g., 25%, 28%, and so on).Travis Said:Must I pay New York State taxes on my long-term capital gains?We Answered:long-term gains are taxed at a maximum rate of 15%, but that covers only the federal portion. Yes, you...

    Capital Gains Tax On Home

    Bradley Said:Capital Gains Tax - paying on 1st home?We Answered:This question is extremely in depth and it would be necessary to seek the advice of an accountant and mortgage broker to ensure an accurate calculation be given however the following should apply. http://www.wwfp.net/mortgage/mortgage-br… Within the Principal private residence relief rules, the 1st house would have a 36 month exemption period on its sale. This essentially means upon its sale, whatever you have done in the previous 3 years, irrespective of whether or not it was being rented or lived in, is ignored. Therefore in the above scenario there would be no Capital...

    Capital Gains Tax On Homes

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    Capital Gains Tax On House

    Armando Said:Capital gains tax on a $75,000 house in N.C.?We Answered:I assume you are selling. Under federal tax code the cap gains tax depends upon how long you have lived in the home. Under federal law the first $250,000 of home sales capital gain is tax exempt if you have lived in the home at least 2 of the last 5 years. The limit is $500,000 for a couple. There will be transfer taxes at the state and local levels, but it sounds like your cap gains are exempt if you meet the above criteria. On the...

    Capital Gains Tax On House Sale

    Jessica Said:Do you have to pay tax (income or capital gains) on the profit from a house sale?We Answered:It all depends on how much the house sells for. From what I know you have to pay tax on everything over £250,000 so it has been said and I know that people take out mortgages for like £245,000 and pay £20000 cash for a house so they can avoid tax. All best to go to the government website. www.direct.gov.uk...

    Capital Gains Tax On Investment Property

    Dana Said:Do you pay capital gains on selling property in Canada if you are a resident of USA?We Answered:The tax treatment of any gains on the sale of Canadian real estate depends on whether the gain is treated as a capital gain or business income. Generally, if you, as a non-resident, has been actively buying and selling real estate as inventory, then the operation is likely to be considered a business and will be taxed on the full amount of the gain. If the gain is a capital gain, which would be the case if you bought the property as an...

    Capital Gains Tax On Land

    Leon Said:Real Estate Capital Gain tax on land profit?We Answered:The gain on the sale of the land is fully taxable. If you owned it longer than 1 year, the gain will be taxed at the lower long-term capital gains rate, normally 15%. There is no way to avoid the tax. The only way to defer the gain is with a Section 1031 Like Kind Exchange. That's probably not a realistic option, but it's the only one you have. The old rules that allowed you to defer the gain on the sale of a personal residence were tossed over 10...

    Capital Gains Tax On Primary Residence

    Lawrence Said:capital gain tax on primary residence - can I have two "primary residence" in 5 years?We Answered:A few issues to keep in mind. 1. You can only claim the exclusion once every 2 years. With 2 homes to sell, timing will be VERY important. Close too early or too late and you lose it entirely. 2. Under a rules change effective Jan 1, 2009, if you cease to use a home as your principal residence the exclusion must be apportioned to the portion of the time that it was your principal residence. Therefore you will NOT...

    Capital Gains Tax On Property

    Robert Said:Capital gains tax on a second property?We Answered:There's no capital gains tax to pay on inheritance. Your father's house becomes your main residence. Provided you sell your old house within 6 months of probate being granted on your father's estate, there's no capital gains tax. If you keep it for more than 6 months, the gain is apportioned depending how long it was not your main residence. For example, if it was your main residence for 9 years and your second property for 1 year, you will be taxed on one-tenth of the gain.Julio Said:Capital...

    Capital Gains Tax On Property Sales

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    Capital Gains Tax On Rental

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    Capital Gains Tax On Rental Property

    Ruben Said:UK Tax System - How do you estimate capital gains tax on let property (Owned since 1995, let for final 4yrs)?We Answered:You are only liable for capital gains tax on the increase in value of the property since September 2002 till the date of any future sale, less your annual exemptions. The District Valuer will therefore need to determine the value as at September 2002. I wouldn't advise you to sell at all. Whilst property prices are set to rise, and whilst the CGT bill will get bigger as the value of the property appreciates; and you will...

    Capital Gains Tax On Sale

    Phillip Said:How to get exemption on long term capital gains tax on sale of unlisted shares?We Answered:sorry u cannot avoid long term capital gains if u sell shares of an unlisted company. For getting this benefit shares have to be sold thru a recognised stock exchange and STT paid. even if u sell listed shares outside a stock exchange and STT is not paid, u have to pay long term capital gains tax. secondaly u cant get exemption on the basis of investingthe gains/sale proceeds in a house.Linda Said:If Obama gets elected, is it true that capital gains taxes on your...

    Capital Gains Tax On Sale Of House

    Jean Said:Do I owe capital gains tax on the sale of the house my brother and I inherited when my mom died in Feb. 09?We Answered:You must report the sale, but you do not have to pay anything unless you fail to report it properly. If you wish to obey the law and pay nothing, then you must report the sale on Schedule D and enter the correct basis and proceeds so that there are no gains. You then pay nothing. However, if you break the law by not reporting it, then the IRS will falsely assume that it was bought...

    Capital Gains Tax On Sale Of Primary Residence

    Judith Said:What is the allowable capital gain on the sale of my primary residence before I have to pay capital gain tax?We Answered:If you are married and lived in and owned the house two of the five years before you sell, the first $500,000 in gain is tax free. It is $250,000 if you are single.Margaret Said:What is the tax treatment of (Installment) sale of Primary Residence?We Answered:There is NO tax, it is not income. I would question why you are planning to sell on instalment unless it is a very close relative or child who you are trying to...

    Capital Gains Tax On Sale Of Property

    Paula Said:What is the short term capital gain on sale of property in India after budget 2008 ?We Answered:The income from Short term capital gains on sale of property will be directly added to the income and will be taxed as per slab rates. No fixed rate of tax for this gains.Annette Said:When is the deadline to pay capital gains tax on sale of property?We Answered:As a Senior citizen (above 65 years) your tax free income will be Rs.2.25 lakhs. If you have no other income other than this Long Term Capital Gains, then the capital gains Rs.7...

    Capital Gains Tax On Second Home

    Todd Said:When I have found a buyer what do I do about Capital Gains Tax on the peofits from my second home?We Answered:If you (and the property) are in the UK, then you can ignore TaxMan's very complete answer as a complete waste of time! Let us know whether you have ever lived in it as your only or main home, and we'll take it from there! Edit: OK, you have never lived in it. I'll continue with this here, so someone can correct me if I make any mistakes! The basic rule is that you are liable to CGT on any gain...

    Capital Gains Tax On Second Homes

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    Capital Gains Tax On Selling

    Vincent Said:Can you explain capital gains tax on selling my house?We Answered:If your capital losses exceed your capital gains, the excess can be deducted on your tax return, up to an annual limit of $3,000 ($1,500 if you are married filing separately). --- IRS.GOV I would ask an accountant, you can also read up on it at irs.gov and in the search engine type in Tax Fact about Capital gains and losses. It may not be real clear, but it may help. Good luck...

    Capital Gains Tax On Selling A Home

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    Capital Gains Tax On Shares

    Janice Said:Capital Gains Tax on Shares?We Answered:if you hold the shares for more than 12 months, then you can reduce you capital gain by half (ie. if you make a gain of $100, you only need to pay tax on $50) (I'm assuming you are holding the shares in your own name, rather than through a company). There are also rules about apply capital losses (eg from other shares) before you are allowed to take the 50% discount. But in the current sharemarket conditions, you may be making a loss rather than a gain! You should take the current...

    Capital Gains Tax On Stock

    Jason Said:Tax question on stock capital gains [need an expert on taxes]?We Answered:1. Each stock's purchase date stands on its own. If you sell a share 1 year or less from the date of purchase then it's a short term gain. More than one year after purchase and it's long term. 2. You generate the tax liability at the time that you sell. If you owe $1,000 or more at filing time there are penalties for underpayment of estimated taxes. Therefore you may need to make estimated payments using Form 1040-ES. 3. When you file...

    Capital Gains Tax Planning

    Sue Said:Will Obama's plan to double the capital-gains tax cause further economic disaster?We Answered:If the newly elected president and congress allows the preferential rate on capital gains to expire, you bet, there will be a sell off in stocks prior to the expiration date at the end of 2010 when it reverts back to 20% (from 15%). And, yes, I'm worried. From the candidates web site, Obama does not state his position on the capital gains rate (at least from what I can see). McCain has this: "John McCain will keep the top tax rate at 35 percent, maintain the 15...

    Capital Gains Tax Portugal

    Paul Said:what were the positive and negative effects of Mercantilism?We Answered:The main positive effect of mercantilism was the generation of wealth for the rulers and merchants of countries like Spain, Portugal, France and Britain through exploiting of distant foreign lands outside in the Carebian, the Latin America, the Indian subcontinent and Asia by first establisding trade relations, then overthrowing the native rulers and setting up colonies. The rulers of these Eoropean countries supported their own adventurerous merchant class to set up these colonies by providing initial risk capital wherever necessary and followed up with army support to capture the...

    Capital Gains Tax Primary Residence

    Troy Said:do i have to pay capital gains taxes on a parcel split off of my primary residence?We Answered:If the parcel includes the house that was your primary residence, it would be subject to the rules for exclusion of gain - since you didn't live there for the required 2 years you couldn't exclude it anyway. If the parcel is some part of the original property that does NOT include the house that was your primary residence, it wouldn't qualify for the exclusion. So yes, you'd have to pay capital gains tax.Lillian Said:Will I be taxed Capital Gains if I receive cash-out...

    Capital Gains Tax Property Sale

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    Capital Gains Tax Questions

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    Capital Gains Tax Rates 2005

    Beatrice Said:Long Term Capital Gains and Home Loan payment?We Answered:Home loan has no connection with capital gains. Loan amount will not be considered to determin the capital gains tax. If the property is ancestral, and if you sell the property now for 15 lakhs, then you have to pay Long Term Capital Gains tax. The cost of the ancestral property (purchased by your ancestors before 1.4.81) will be the market rate of that property as on 1.4.81. Say if the property fair market value as on 1.4.81 is Rs.1 lakh. Now you have to index the cost as per index....

    Capital Gains Tax Rate Uk

    Georgia Said:What is the rate of capital gains tax in the UK in %?We Answered:first ~10,000 of gains tax free 18%Beth Said:Are Capital Gains taxed at higher rate than Dividend Income in UK?We Answered:Your anaylsis is right, but your conclusion is somewhat dated - the days when capital gains wre taxed at a lower rate than income disappeared some years ago....

    Capital Gains Tax Reduction

    Nora Said:Obama's tax plan: Double the capital gains tax!?We Answered:During the 80's, as a trade-off for his increased military spending, President Reagan was forced (by the Democrat congress) to sign an increase in capital gains. Yachts and other high-end items were taxed out the wazoo. Did the Kennedys, the Rockefellers, the Kerrys, the Edwards' of the country get hit? Of course not, they just didn't buy a new yacht that year. But the middle class yacht builders and their working class employees were thrown out of jobs as yacht building companies went out of business left and right. Capital gains is such a...

    Capital Gains Tax Rental

    Bradley Said:Converting a primary residence to rental In Canada -capital gains calculation?We Answered:I have read your very interesting question, and can offer you some advice on this matter. Firstly, I live in a property that is partly rental, and partly occupied by the homeowner. Generally speaking, property assessments may be lower than what you actually paid for the property at the time of acquisition due to a number of factors, for example, fluctuating real estate markets. Perhaps the city of Vancouver was unaware that the property was being used for rental purposes, so the assessment from the city may have been lower than...

    Capital Gains Tax Rental Property

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    Capital Gains Tax Rented Property

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    Capital Gains Tax Residence

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    Capital Gains Tax Rule

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    Capital Gains Tax Rules

    Debra Said:Capital gains tax...I had a condo for 10 yrs, I lived in it the first 3 years then my sister moved?We Answered:The current rules to be able to exempt the capital gain on the sale of a residence (up to $250,000 if single, and up to $500,000 if married filing jointly), is that you have had to live in the house for 2 out of the last 5 years. Seems like you don't meet those requirements, so you don't get the exemption and will have to pay capital gains tax, but it will be long term capital gain, which...

    Capital Gains Tax Sale Of Home

    Harold Said:How long after a sale of a home do you have to purchase your next home before you have to pay capital gains?We Answered:The rule about repurchasing a home (it was within a year, 18 months for new construction) has been gone now for quite a few years. Now, as long as you owned the home and lived in the home as your main home for two of the five years immediately prior to the sale, you don't pay any tax on up to $250K of gain - $500K on a joint return. Unless your gain is...

    Capital Gains Tax Sale Of House

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    Capital Gains Tax Second Home

    Dorothy Said:If I re-mortgage my jointly-owned second home, will I have to pay capital gains tax on the capital?We Answered:There is no CGT liability arising on remortgaging. Borrow as much as you can afford, there are no tax implications.Jonathan Said:What is the IRS capital gains impact of losing a second home to hurricane?We Answered:If a homeowner suffers a complete loss of a principal residence and collects insurance proceeds in excess of the adjusted basis in the house, such excess is gross income. However, under Section 165(h)(2)(B) a net personal casualty gain for a given year is a capital gain. If...

    Capital Gains Tax Second Homes

    Sue Said:How much will I be taxed for Capital Gains Tax (TX) for a Condo I sold?We Answered:If you sold it for $36K plus had $200 in sales costs, then you lost money on the sale. If the condo was a home (primary residence or a second home), then the loss is personal and nondeductible. If you rented the condo, the taxable gain or loss gets a little complicated and more information is needed. How long did you own the condo? Capital gains on anything held for a year or less are taxed at your marginal income tax rate just like...

    Capital Gains Tax Second Property

    Emma Said:How does capital gains tax work when you own a second property and is there any ways of avoiding the tax?We Answered:Tax on the sale of a second residence can't be avoided. That said if you make it your primary residence for two out of fie years any gain on sale up to $250,000 would not be taxed. The two years does not have to be consecutive. It could be year one and five or it could be for six months four times over that five year period. In order to be able to avoid the tax without making it...

    Capital Gains Tax Selling

    Helen Said:How much capital gains tax do Canadians have to pay if selling foreign property?We Answered:This of course depends on how much other income you have in the year you sell the property. Canada will tax HALF the gain, at your marginal tax rate.Elsie Said:When should I pay capital gains tax from selling stocks?We Answered:If the gains are big enough that you will not have 90% of the tax due paid in through withholding you should have made an estimated payment on 6/15. You can still make an estimated payment and be fine. However, there is an exception to...

    Capital Gains Tax Selling Home

    Jim Said:I bought my home 1 year ago, and I am selling it for $14k more than what I paid. Does capital gains tax apply?We Answered:Yes, capital gains apply under what you are planning Your tax liability, if any, would probably not be high. However, there is a significant tax break for someone who lives in a house for two years, $250,000 is exempt from taxation for a single homeowner.. As long as you owned and lived in the house for two years you can still get the exemption if you marry. If both of you qualify the exemption...

    Capital Gains Tax Selling House

    Annie Said:Capital gains tax when selling house?We Answered:If you intend to live in the house then you may not be liable for any tax if it is your main private residence. But you can only have 1 main private residence and if you flip it around you might get caught out, so get proper advice before you do this. If you are doing this as a one off then I suspect it will still be viewed as a capital project, making you liable for capital gains tax and not income tax. But if this will be a full time job (ie...

    Capital Gains Tax Selling Property

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    Capital Gains Tax Shares

    Lynn Said:If we sell shares of a California Tax Free Income mutual fund do we have to calculate & report capital gains?We Answered:Yes. You have to pay capital gains taxes on all mutual fund investments held outside of IRA or similar accounts. The tax-free nature of municipal bonds is limited to the dividends you receive. Have you ever sold shares of the fund before? There are 3 methods of identifying the shares sold. The most common is the average cost method. Once you use this method, you have to keep on using it for as long...

    Capital Gains Tax Software

    Danny Said:What's the best capital gains tax software and Schedule D generator for active traders?We Answered:Simply Track seems to work pretty good. It will handle wash sales correctly too. Only thing is sometimes it wont match lots correctly say if you have multiple accounts, but you can fix it easily manually. It's free for 30 days. Then if you want it to remain free, go into your BIOS when you start your computer and change the system date back a year. Shhhhhh, secret. Enjoy!Laura Said:Software to track capital gains (Canada)?We Answered:Quick Tax Platinum version tracks capital gains throughout the year...

    Capital Gains Tax Stocks

    Clayton Said:Tax Implications for Capital Gains on Stocks?We Answered:Short Term - 1 year or less Long Term - 1 year + 1 day or longer Short Term - Regular Tax Rate (10-33%) Long Term - Cap. Gains Rate (5% or 15%)Erica Said:Would you invest less in stocks if the capital gains tax increased? If so, what would u then do w/your money?We Answered:I would not invest less in stocks, assuming the capital gains tax rate did not exceed other tax rates. The only way to get a lower tax rate would be to go for some tax-advantaged investment, such as municipal bonds, but unless...

    Capital Gains Tax Uk

    Wesley Said:In the UK, if I make capital gains and pay CGT, do I have to pay income tax as well?We Answered:No. It's either/or. Sounds as if you might already have started trading as a business, for which the right tax is income tax rather than capital gains tax.Gilbert Said:UK Capital Gains Tax on residence rented for 2.5yrs? Should it be classed as an "Empty Property" since?We Answered:Council Tax and Capital Gains Tax are two entirely separate issues. I cannot advise you on Council Tax, but it looks as if you will not be liable to CGT on the sale. The...

    Capital Gains Tax Uk Property

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    Capital Gains Tax Usa

    Clarence Said:real estate capital gains tax USA?We Answered:Most real estate sold for a profit is subject to capital gains tax, but there is an exception in the case you describe. If the real estate has been your principal residence for at least 2 of the 5 years previous to your sale, you have an exemption for up to $250,000 of gain - no tax. For a married couple, it is up to $500,000 of profit that is exempt. I am not a CPA; I am a Chartered Financial Consultant for 20 years. You should verify at...

    Capital Gain Income Tax

    Dolores Said:Is a capital gain taxed twice as both a capital gain and income tax?We Answered:Your gain will be included as income on your Form 1040. However, when the tax is calculated, the gain will be segregated from your other income and taxed at long term capital gains rates (15% maximum). I have included links to Schedule D and the instructions. Your tax will be calculated using the "Schedule D Tax Worksheet" on page 10 of the instructions.Miguel Said:short term capital gain tax + income?We Answered:hi Under the head capital gain the Definition of capital asset no...

    Capital Gain Property Tax

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    Capital Gain Rate Tax

    Daryl Said:What is the capital gain tax rate on land sale in India and how can I save on this tax?We Answered:The tax rate on long term capital gains other than listed securities or units is 20%. Thus , in your case , it will be 20% . Explanation ot Section 112 of the I T Act makes it clear that ONLY securities or units have the benefit of option regarding indexation i.e 10% on LTCG without indexation or 20% with indexation. Please read the Explanation to Section 112 "Provided that where the...

    Capital Gain Stock Tax

    Dora Said:why state tax on capital gain(stock sales)?We Answered:Well, state income tax structures often mirror federal structure. It has nothing to do with the "liberal" states and whatnot. Basically, if the federal government is taking a cut from your income, most of the time, the states won't miss out either. For example, my friend withdrew from her 401(k) account early (bad idea), and found out that not only there are federal level income tax and penalty, there are also state level income tax and penalty too!Mike Said:I sold stock for home improvement, now I have a huge capital gain tax...

    Capital Gain Taxation

    Terrance Said:Details on long term capital gain on property in india?We Answered:Sale of capital assets results in capital gains. A Capital asset is defined under section 2(14) of the I T Act as property of any kind held by an assessee such as real estate, equity shares, bonds, jewellery, paintings, art etc. but does not include some items like any stock-in-trade for businesses and personal effects. For tax purposes, there are two types of capital assets: Long term and short term. Long term asset are held by a person for three years except in case of shares or mutual funds which...

    Capital Gain Taxes

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    Capital Gain Tax Calculation

    Jordan Said:i bought a land for 3.6 lakh in 2001 and sell for 20 lakh now.what is the capital gain tax now.. i dont have a?We Answered:The year 2001 falls in two financial year. 2000-01 and 2001-02. Which Financial Year ?. The calculations differs. I am taking the sale date as sold between 1.4.2001 to 31-3-2002. Inflation cost: 3,60,000 x 615 / 426 = 5,19,718 (615 is the assumed index for 2009-10 and 426 is the index for 01-02) 20,00,000 is the sale amount 05,19,718 is the cost of land as per inflation index. --------------- 14,80,282 is LT Capital Gain 01,60,000 less basic exemption (no other income at...

    Capital Gain Tax Calculator

    Ida Said:how to calculate tax on capital gain?We Answered:The above answer by Mr.Anu's is good except the Capital gain calculator. But you will not find answer to your question. The capital gains are two types. One is short term and the other is long term. Short term Capital Gains: The short term capital gain calculation is simple. That is your sale price (say 2 lakhs) less your cost (Say 1 lakh) price. The diffarence is your short term capital gain. (2-1= 1 lakh). The short term capital gains will be directely added to your income for tax purpose. Long...

    Capital Gain Tax Exemption

    Alex Said:Is there any exemption/tax to short term capital gains through shares when the total gain is below Rs.5000/.?We Answered:You income is more than income not subject to income tax so you must file income tax return. You will not pay any tax on short term capital gain as your income is below Rs. 1,10,000 for individuals. Read http://mytaxes.in/index.php?topic=32.0Dennis Said:How to compute capital gain and how to get exemption from tax - where to invest to get exemption of Income taxWe Answered:Please go through the web link. It will give you full answer for your question. http://in.taxes.yahoo.com/taxcentre/ncap… Regarding notifying to the IT...

    Capital Gain Tax House

    Rodney Said:Is there a capital gain tax if i rent my house for the first 2 years after i bought it then i moved in after.?We Answered:If a house has not ALWAYS been your principal residence when you sell it, yes, there will be some capital gain. The amount will be calculated on this form: T2091(IND)-WS Principal Residence Worksheet http://www.cra-arc.gc.ca/E/pbg/tf/t2091_…Veronica Said:What would my capital gain tax on my house be?We Answered:The appraisal is irrelevant. You will pay taxes on the difference between what you bought it for ($50,900) and what you sell it for ($130,000). You can also deduct...

    Capital Gain Tax In India

    Dorothy Said:Long term capital gain tax in India for shares sale abroad?We Answered:Only income in India is taxed in India. HMTThelma Said:How is capital gain tax calculated in India?We Answered:The Inflation Index for 1981 is 100 Inf. Index for 2008-09 was 582. That is 5.82 times for FY:2008-09 . The new inflation Index for FY:09-10 will come around Oct.2009. It will be around 610 or so. (+/-5) What your friend said was for last year (FY:08-09). 5.82 times. Let us calculate for last year (FY:08-09) 100000 is 1981 market value of the property As per FY:08-09 the amount Rs. 1 lakh will become: 1981 cost x 08-09 inflation index...

    Capital Gain Tax Law

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    Capital Gain Tax Laws

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    Capital Gain Tax On

    Irma Said:If a company in Canada own 100% by a foreign company, in terms of tax on income, capital gain.....?We Answered:tthe tax on on income and capital gain should be the same between a cdn owned vs a foreign owned company subsidiary. the cdn subsidiary has to file its cdn tax return and pays Part 1 tax on the cdn income, while there is no tax implication for the foreign parent company until funds are repatriated outside canada as dividends.Angela Said:Tax on capital gain from stock investment?We Answered:The 3000 loss and the 3000 gain would cancel each other out. They would...

    Capital Gain Tax On Home Sale

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    Capital Gain Tax Rate

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    Capital Gain Tax Rates

    Enrique Said:How much tax on stock capital gain?We Answered:Short term cap gains are treated as ordinary income, so the rate will depend on your total income including the capital gains. Long term capital gains on stocks are 5% or 15%, again depending on your total income. If your tax rate would be 15% or under if the special rates didn't exist, then you'd pay 5% on the long term capital gains, otherwise you'd pay 15%...

    Capital Gain Tax Rules

    Stephanie Said:What are the rules about Capital Gain and flipping houses?We Answered:If you make short term capital gains then you would have to pay at your regular tax rate. If you held the property more than a year you would pay long term capital gains. If you do multiple deals in a year it is considered a business and you would file a Schedule C and pay self employment tax. If you live in the house as your principle home then the rules are different but that is at least a two year time frame. You may need more specific tax...

    Capital Gain Tax Second Home

    Josephine Said:If a 2nd home in a family trust is sold, do I have to pay tax on the gain from when it was bought, or when?We Answered:I would contact a tax professional. You might have to pay capital gains tax if it is not your primary residence, but I DO NOT KNOW. I would contact a tax professional....

    Capital Gain Tax Uk

    Cassandra Said:is there a TAX for capital gain in Land purchase in United Kingdom ?We Answered:Yes, the UK's Capital Gains Tax does include land. Tax is tiered at rates of 10%, 20% and 40%. The tax would be reduced by taper relief (based on the length of time the land is owned before being sold), the capital gains annual exemption and your personal allowance for tax. UK tax is administered by H M Customs & Revenue. See their website at http://www.hmrc.gov.uk/...

    Capital Investment Bond

    Zachary Said:Sterling investment bond?We Answered:Well everything in the investment world is made complicated so you can't understand how much you are being ripped off!!! Now if the bond has a life (for example repayable in 5 years time) then it is difficult to say what its present value is (as you can't sell it on the open market). There may be an early redemption clause (which would involve a fee). Furthermore, I presume there is some sort of interest payment? From this you could "value" the bond, but again, if it is non-transferable, the value would be fairly academic. Let's say the bond...

    Capital Investment Bonds

    Florence Said:Can someone tell me why municipal bonds would be a good, safer investment at this time?We Answered:I like to hear you have that attitude because, to me, the more people thinking like you means we are closer to the bottom and it is time for me to buy more stocks. Many cities and government entities issuing municipals are having huge budget problems, many even had a lot of money invested in places connected to the mortgages. At this time I reject the contention they are all that much safer. True, they hardly ever had failed but many are in...

    Corporate Capital Gains Tax

    Reginald Said:why is a higher capital gains tax good for the economy?We Answered:Why invest if you get taxed more on profits, but receive no sort of credit on losses. Lose/Lose situation. That's why they lowered the Capitol Gains tax so much. Which actually INCREASED revenue to taxes because there was more of a reason to invest. Stock market is already a gamble, but when you end up paying more "Juice" on your profits, its less feasible The effective tax rate includes corporate income taxes, sales taxes on capital purchases and other capital-related taxes. Higher effective rates discourage businesses from making capital investments in new...

    Current Capital Gains Tax

    Tyrone Said:What do you think of Obama raising the capital gains tax?We Answered:I think it stinks. I am by no means wealthy, by the way. Think about it like this: If you buy a piece of property for $10,000 and later sell it for $20,000, you have a capital gain of $10,000. At the current 15% rate, you give our government $1,500. If Obama has his way, you would give the government $2,800. What has the government done to earn that money? NOTHING. Don't be swayed by the rhetoric from the left that says this would only affect...

    Cut Capital Gains Tax

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    Defer Capital Gains Tax

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    Defer Capital Gain Tax

    Jerry Said:If a "gain" does not provide any cash to the seller, is capital gains tax applicable?We Answered:It depends on how you sold your stuff. If you received a gain but no cash, then I think the non-cash trade rules kick in, and there are a number of ways of getting caught paying taxes when you don't have the cash to pay them. You would have to give us the details of your trade for us to know what will be classified as boot and what can be treated as a non-cash exchange. (With a non-cash exchange, you can trade like-kind property and...

    French Capital Gains Tax

    Steve Said:Can Anyone Help? French Property Tax's?We Answered:Much will depend upon your residence status for both French and UK taxes. It is likely that tax will be due in both countries if you are ordinarily resident in the UK. French capital gains tax is payable at 16% for a non-french resident (otherwise a further 11% National insurance is payable). Deductions may be allowed for what you have spent on the property already. In the UK, capital gains is at 18% but it is possible, if you bought the property with the intention to to renovate and sell,...

    French Property Capital Gains Tax

    Susan Said:What were all of Sun Yat Sen's ideas for reforms in china?We Answered:Here is an article by Stan Rubenstein about it.... WHETHER revolutions make men or men make revolutions is as debatable today as it was when Thomas Carlyle stated the case during the period of the French Revolution. But one cannot deny that a revolution usually has some individual closely associated with it. We tend to connect Washington with the American Revolution, Lenin with the Russian Revolution and Castro with the Cuban Revolution. Sun Yat Sen seems to belong to the Chinese Revolution of 1911, for after more than...

    Guide To Capital Gains Tax

    Dale Said:shall i have to pay capital gains tax?We Answered:The capital gain tax is payable as under Sale price Minus : Cost of plot * index cost (#) Cost of construction * index cost (#) ...

    Home Capital Gains Tax

    Shawn Said:Capital Gains Tax on second home?We Answered:Assuming that you have owned the 2nd home for more than 1 year, you gety long term capital gain treatment, that is, a maximum rate of 15% of the gain. Some of it (the portion under the top breakpoint for the 15% tax bracket) will be taxed at 5%. If you are Married Filing Joint, that point is TAXABLE income of about $64000. Now, if for any 2 of the previous 5 years this was your main home, you do qualify for the Section 121 exclusion. If you have ever rented the home, your...

    Home Capital Gain Tax

    Darryl Said:Can you avoid capital gain tax by transferring a home into a companies name instead of a personal buyer?We Answered:Nope - the Company is treated like a person - it would be treated as if you had sold it to a third party. Look into tax deferred exchanges.Josephine Said:foreigner NRI sells Indian home and buys house in US. Can he claim exemption from capital gain tax in India?We Answered:Dear Friend, There is no tax benifit for purchase of house property in US from sale proceeds of house in India. The entire amount of capital gain arising form sale of house property...

    How To Avoid Capital Gains Tax

    Lillie Said:How can I avoid short term capital gains taxes?We Answered:You are out of luck. You must pay capital gains tax on option gains, at least in the US. You might be able to defer some of these gains to the next year in a few special circumstances: for example if you sold a call or put in year one and bought it back or it expired in year two. Also, if you have less than $3000 in capital gains and greater capital losses than gains you can avoid paying capital gains tax on your winners. While you are at...

    How To Calculate Capital Gains Tax

    Tonya Said:How do I calculate Capital Gains Tax on property I inherited ?We Answered:As Sue says, more info is needed, and you've left it a bit late as you sold it 21 months ago. Only the gain is subject to taper, and this will be after indexation for the period prior to April 1998. The property will have had a transfer value at each death for probate and these are needed to calculate the gain, plus sale price and incidentals.Jamie Said:How do I calculate capital gains tax?We Answered:If this is your only gain in the year, there will be no...

    Investment Property Capital Gains Tax

    Walter Said:Capital gains on investment property sold in 2008?We Answered:Go look at 1040ES for 2008. Look at the 25% tax bracket for MFJ. It's $60K something. So...if your *taxable* income *before* you sell this investment property is $40K, then you've got $20K left of wiggle room for capital gains that will get taxed at 0%. If you've got capital gains that push you past the start of the 25% bracket, the rest gets taxed at 15%. Note, this does not cover gain from depreciation. The sample worksheet is in IRS publication 505.Kristin Said:Capital Gains Tax on Investment Property?We Answered:The way you figure...

    Irs Capital Gains Tax

    Johnny Said:The difference between my personal tax bracket and capital gains taxes?We Answered:The answer to what tax rate you pay on your personal income is "it depends." The short answer can be found on the IRS website at this link: http://www.irs.gov/formspubs/article/0,,id=164272,00.html These are for 2007. For example, if you are single and make 100,000 per year, then from Schedule X, you will pay: $15,698.75 plus 28% of the amount over 77,100 This adds up to $15,698.75 + 6,412 for a total of $22,110.75 This means that your 'marginal tax rate' is 28%. 'Marginal tax rate' is a fancy way of saying "If I earned one...

    Irs Capital Gain Tax

    Keith Said:How big is the capital gain tax when selling stock in less than one year after purchase?We Answered:Short-term capital gains are for stock held one year or less. They are taxed at the same rate as your ordinary income, from 10% to 35%. Long-term capital gains are on stock held more than one year. The tax on these will be anywhere from 5% to 15% depending on what tax bracket the rest of your income is in. Sometimes however, even if you have held he stock for not more than one year you will still get long-term...

    Long Term Capital Gains Tax

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    Long Term Capital Gains Tax Rate

    Naomi Said:Long term capital gains tax rate?We Answered:Long term capital gains tax is 15% for most people ...Darryl Said:0% long term capital gains tax rate?We Answered:No. The 0% rate applies only if the total of all of your other income (including short-term gains) is low enough that you would be in the 10% or 15% bracket without the long-term gains. Even then, it would not apply to all $90,000, just some of it. Because your short-term gains are $50,000, all of your long-term gains will be taxed at 15%....

    Long Term Capital Gains Tax Rates

    Marc Said:Which schedule of ITR-2 to use for showing long term capital gains from sale of Gold ETF?We Answered:It is not Long Term Capital Gains. (Not shares). It is short term capital gains and the entire gains are added to your regular income and you have to pay tax as per slab rates. No question of 10% or 20%. You have to fill Short-term (others) (A6 of Schedule CG)...

    Long Term Capital Gain Tax

    Alice Said:Please help me with long term capital gain tax?We Answered:Long Term Capital Gains (LTCG) from sale of shares through recognized stock exchange or units of equity MFs with STT paid are tax free. HMTMarshall Said:can i take short term capital gain against long term capital loss?We Answered:You need to complete Schedule D along with your tax return. List out your short term capital gain - description, date bought, date sold, sales price, cost basis and gain. Include your long term loss carryforward on Schedule D. Assuming no other cap gains or losses, you can then take up to...

    Long Term Capital Gain Tax Rate

    Matthew Said:Tax rate on long-term capital gain?We Answered:It rounds 20% of the gain!...

    New Capital Gains Tax

    Terrance Said:new capital gains tax wont change buy to lets?We Answered:You will have to wait until actual proposals are published, which will probably be in next week's budget. But my understanding is that buy to let landlords are first in line to be hit with the extra tax, because it is them who have (until the credit crunch at least) made very large profits out of thin air, on the back of the rising housing market. And to a certain extent, it is buy to let landlords who have created the rising housing market by tying up properties, thus reducing supply...

    New Capital Gains Tax Law

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    No Capital Gains Tax

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    Paying Capital Gains Tax

    Jeffrey Said:How many years can I move out of my previous house without paying capital gains tax when I sell it?We Answered:Yes and No. If you sell it for a profit then yes you will. But you can delay paying the capital gains if you reinvest it in something else.Lewis Said:Tax exemption on capital gains obtained by selling house1 for paying housing loan of house2?We Answered:u will have to pay full capital gains tax as u are going to sell the property earlier than three years of holding., if u sell this property after holding it for three years, then...

    Pay Capital Gains Tax

    Chester Said:How much capital gains tax do i pay on a painting ,that sold for $700.000?We Answered:Depends on your basis, what you bought it for. Or if you inherited it, what it was worth when the person died who left it to you. Or if you got it as a gift, what the person paid for it who gave it to you. You subtract your basis and any selling costs from the $700K, and pay federal capital gains tax on the difference at 28%, the rate for collectibles. The amount is really due as estimated payment at the...

    Property Capital Gains Tax

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    Property Capital Gains Tax Calculator

    Joy Said:Do I have to pay capitol gains tax on a house I lost in foreclosure?We Answered:Great point TaxGuru... great answer too. I'm referring to the fact that you might have depreciated the property and refinanced the property (taking cash out) over the years. You might have only paid off your liens, but still received funds in excess of your adjusted basis. Calculating your real estate gain takes into account a number of factors. Your original purchase price could have easily been much lower than your present liens. Although you wouldn't have had to pay gains tax when taking...

    Property Capital Gain Tax

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    Reduce Capital Gains Tax

    Bobby Said:How can I reduce tax liability on capital gains?We Answered:If the home was your principal residence for two of the last five years, then you can reduce capital gains by taking the exclusion for principal residence. This is $500K ($250K if not married). If the real estate is not your principal residence, but you live in it as your principal residence for two years before you sell it, then you get the exclusion for principal residence. If you owned a multi-unit dwelling, you could get an exclusion on the unit you occupied. If the real estate was...

    Reducing Capital Gains Tax

    Brandy Said:what does capital gains tax rise mean?We Answered:Capital gains tax is the tax you pay on the difference between the purchase and the sale price of certain assets. Because you have already paid either income or inheritance tax on the asset, it is highly controversial and many countries have no capital gains tax. In the UK right now there is no tax when you sell your main house but (for instance) you pay it if you sell a buy for let or shares in a company at a profit. Right now capital gains are taxed at 18% of...

    Rental Property Capital Gains Tax

    Herbert Said:How do I avoid paying capital gains tax on a rental property? I am a senior citizen 75 yrs old?We Answered:There are two components of gain for a rental property. The first is the depreciation that you were taking since putting the property into service. This has to be recaptured (paid) at 25% when you sell the property. Any additional gain is long-term capital gain (15%). There are two common ways to avoid paying the taxes. 1) Exchange the property for another similar property (rental property) using the "like-kind" exchange method. The good thing is...

    Residence Capital Gains Tax

    Brandon Said:How to fix a problem regarding capital gains tax and principle residence.?We Answered:The way to fix it, if there has in fact been an error, would be for Person A to request a reassessment, and to pay the taxes on that amount. Bear in mind that the property in question might have been her principal residence for some of the years, and all she did was claim the exemption for those years. http://www.cra-arc.gc.ca/E/pbg/tf/t2091_… http://www.cra-arc.gc.ca/E/pbg/tf/t2091_… If the above forms weren't included with the T1, CRA will likely find out about this by reviewing their records, and the sales records, and observe that Person...

    Selling Property Capital Gains Tax

    Matthew Said:Selling my Tenerife Property - Capital Gains Tax?We Answered:Hi John, I work in Tenerife for an Estate Agent. When you come to sell your apartment you will be liable for Capital Gains Tax at 18% of your profit. As a non-resident it is usual for the buyer to retain 3% of the sales price to pay these taxes. It is extremely unkind to try and dodge this tax, as I am sure you would not want someone to do this to you. I would advise anyone who is buying a property from a non-resident to...

    Short Term Capital Gains Tax

    Harold Said:What is the short-term capital gains tax rate percentage in Montana.?We Answered:There are no plans to change the short term capital gains rate. They are taxed at your marginal rate, and have been for as long as I've been involved in taxation (over 40 years). Nor has Mr Obama even proposed any changes in the STCG tax rate. What "plans" are you referring to?Bertha Said:how much is the short term capital gain tax in india for selling residential properties?We Answered:Short term capital gains on property is fully taxable. That means the short term capital gains income will...

    Short Term Capital Gains Tax Rate

    Mattie Said:My current tax rate is 14%. Does it really mean my short term capital gains tax is LOWER than long term?..?We Answered:There isn't a 14% bracket. The brackets are 10, 15, 25, 28, 33 and 35 pecent. If your MARGINAL bracket is 15% or lower (inluding the LT CG) then the LT rate is 5%. If your net rate is 14% you could either be in a 15% or (more likely) a 25% bracket. If your bracket is 25% or higher the LT CG tax rate is 15%.Clifford Said:What is the Short term Capital Gains tax rate in Wisconsin?We...

    Short Term Capital Gain Tax

    Bessie Said:short term capital gain tax for nri?We Answered:Section 111A allows all resident tax payer in respect of tax on short term capital gain generated from transfer of equity shares, units in equity oriented fund to pay tax @ 15% flat and if such short term capital gain is below the amount not subject to tax there is no tax liability. If you have other income also which is below amount not liable to tax then amount equal to this shortage will be deducted from short term capital gain and balance amount of short term capital gain will be...

    Short Term Capital Gain Tax Rate

    Carole Said:How do I determine my short term capital gain tax rate?We Answered:Short term capital gains are taxed at the same rate as ordinary income.Carl Said:short term capital gain tax and intraday trading?We Answered:1. Short term capital gains from sale of shares at taxed @15% special rate. It will not be added to regular income. The tax on regular income if any + special rate 15% tax on STCG will be your tax. 2. They are treated as income from business or income from speculation. You can take it as income from business (Trading). 3. Yes. 4. You can...

    Taper Relief Capital Gains Tax

    Linda Said:liable to pay capital gains tax if i give my daughter my property?We Answered:When you make a gift, you are treated for capital gains tax purposes as if you had sold it for its market value. So the answer is potentially, yes. However, there are exemptions to be claimed. Firstly, the main residence exemption, for the period you lived in it. Secondly, an exemption of up to £40,000 for let properties that were once your main residence. There is also taper relief to claim, and your annual exemption of £9,100. All of this could wipe out the whole gain. It's worth...

    Taxation Of Capital Gains

    Chris Said:Is a move of dollars between two funds subject to capital gains taxation?We Answered:If you received a 1099-B, then there was a sale of stock/funds. This sale price, together with your cost basis of the stock/fund, are used on the 1040 forms, sch.D. The fact that it was an "exchange" does not change the taxable fact that a sale was made and there was a net gain/loss that is reportable to the IRS.Jesse Said:US TAXATION on worldwide income - Reinvestment of capital gains from sale of land in buying a house(India)?We Answered:The IRS doesn't care if you reinvested...

    Taxes Capital Gain

    Ruby Said:Capital gain taxes and divorce?We Answered:Probably. If you haven't already signed sales contracts on the homes, it might be possible to set up a 1031 exchange to re-invest your portion of the gain, and avoid taxes on that part. As far as who pays taxes on the ex's portion of the gain - it is dependent on what the divorce settlement says - are you supposed to give your ex net profits after taxes, or gross profits, along with the tax liablity?Milton Said:How do Capital Gain Taxes work on a commerical building ? See my example?We Answered:You...

    Taxes On Capital Gain

    Maria Said:Taxes on Capital Gain for selling a house in WA?We Answered:if you owned it for more than 12months...it will be treated as income tax. (this also depends on your tax bracket) if you owned it for less than 12months....then it will be 30% at leastGreg Said:Do I have to pay capital gains taxes on international investments if I live in the US?We Answered:all Americans are subject to capital gains taxes on all their gains, no matter where the gain occurs. so, yes -- you will have to pay. 15% long term capital gains tax is the current rate. you may get a credit...

    Trust Capital Gains Tax

    Mathew Said:Do we pay capital gains tax if Mom's house is in the trust we she dies?We Answered:What year did mom die? If she died in 2010, it's capital gains tax when you sell. If she died in any other year,it's reset to the date of death value.Rose Said:What is my tax responsibility as a 2nd-generation beneficiary on the capital gains of a GST-exempt trust?We Answered:Complicated question. You need to contact the trustee and request a statement of the book value of the stocks as distributed to you. This will allow you to compute any gain realized when you sold the...

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