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If you have a co-op unit in Manhattan you want to rent out or sell what sort of taxes would you have to pay?
[From Publication 527 at the IRS' website] If you have a cooperative apartment that you rent to others, you can usually deduct, as a rental expense, all the maintenance fees you pay to the cooperative housing corporation. However, you cannot deduct a payment earmarked for a capital asset or improvement, or otherwise charged to the corporation's capital account.
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You don't have to pay taxes when selling a motorcycle, but the buyer has to pay taxes when he goes to the title agency. Some people say the vehicle is a gift so they can a…void paying tax.
With the exception of collectibles and/or antiques, cars usually lose value over time. However, if there is a gain or profit from the sale of any vehicle, the gain or profit i…s taxable and reported as a capital gain on Sch D of IRS form 1040. It is usually taxable on most state and local income tax forms. If the the taxable income reported on the federal return is transferred to the state/local tax form, then there is no need to report it on the state/local return since it is included on the federal return. With the exception of collectibles and/or antiques, cars usually lose value over time. However, if there is a gain or profit from the sale of any vehicle, the gain or profit is taxable and reported as a capital gain on Sch D of IRS form 1040. It is usually taxable on most state and local income tax forms. If the taxable income reported on the federal return is transferred to the state/local tax form, then there is no need to report it on the state/local return since it is included on the federal return.
Not directly. The owner of the property is responsible for paying the property taxes. However, you should understand that how much rent you pay is determined, in part, by how …much property tax the owner pays. In other words, the owner needs to charge enough rent to cover his costs (taxes, maintenance, insurance, mortgage payments, etc.). Otherwise, he is losing money on the property.
Without taxes there would be no services that we take for granted. No road repair, no police protection, no street lights, no public schools, no state capitals, no court…s, no social security and many, many more things.
Maybe. If you don't sell it for a profit, there is no federal income tax. (There may be other taxes like local transfer taxes and title fees, etc.) If you sell it for a pr…ofit there may be a taxable gain. If you owned the house for two of the five years before you sold it and it was your principle residence for two of the five years before you sold it, you don't pay tax on the first $250,000 in profits ("capital gains"). If you file a joint return and your spouse also used the house as a principle residence for two of the five previous years, the first $500,000 in profits is tax-free. If you lived in the house less than two years and moved for a reason beyond your control, you may be eligible for a reduced exclusion. You can use the exclusion no more than once every two years.
YES, but usually the tax is only on the home, not the land.
The taxes will be payed with the new owner because it is now his responsibility. In virtually all states, the laws governing sales tax on vehicles is different t…han those on other items of personal property. For example, only sales from one registered auto dealer to another are exempt - and the normal exemption forms used between licensed sales tax vendors are not able to be used.The government does not ever want anyone to collect sales tax that isn't licensed to do so. It is highly illegal. If it is not a registered auto dealer in the sale, the tax is collected by the authorities as part of the registration/titling fees paid by the new owner, to the MVD or MVC. The govt. would like for you to but probably NO ONE DOES in a private sale. You can't charge sales tax unless you have a business license. Don't know about other states, but in Kansas the new owner will pay the sales tax to the county treasurer when they register a car purchased from a private party. If you are selling cars as a professional or a business owner/car dealer, then you are of course required to pay tax for that business. If you are a private seller, the tax that you would have to pay for is concerned with the legal process of turning the ownership rights.
not if you are renting free from the home owner the home owner has to pay taxes
No, you don't directly pay real estate taxes when you rent a home. You don't receive an assessment notice from the local assessor and get the tax bill. However, you do pay rea…l estate taxes indirectly in your monthly rent. Real estate taxes, insurance, maintenance, and other costs are taken into consideration by landlords when they determine the amount of rent they need. Luckily there is also competition from other available rental units, so the landlord can't ask too much in rent.
Because the King was taxing the colonists too much and they did not want to pay taxes
Yes as collectibles. These are capital assets except when they are held for sale by a dealer 9in which case they are inventory). Any gain or loss you have from their sale or t…rade generally is a capital gain or loss, like any other investment. If you had a collectibles gain on the sale the amount will be taxed at the 28% rate, unless your ordinary tax bracket is less, in which case you get a special lower gains rate. Almost everything owned and used for personal or investment purposes is a capital asset. Examples are a home, household furnishings, and stocks or bonds held in a personal account. When a capital asset is sold, the difference between the basis in the asset and the amount it is sold for is a capital gain or a capital loss. If you received the asset as a gift or inheritance, refer to Topic 703 for information about your basis. You have a capital gain if you sell the asset for more than your basis. You have a capital loss if you sell the asset for less than your basis. Losses from the sale of personal-use property, such as your home or car, are not deductible. Capital gains and losses are classified as long-term or short-term. If you hold the asset for more than one year before you dispose of it, your capital gain or loss is long-term. If you hold it one year or less, your capital gain or loss is short-term. Capital gains and deductible capital losses are reported on Form 1040, Schedule D (PDF). If you have a net capital gain, that gain may be taxed at a lower tax rate than the ordinary income tax rates. The term "net capital gain" means the amount by which your net long-term capital gain for the year is more than the sum of your net short-term capital loss and any long-term capital loss carried over from the previous year. Currently net capital gain is generally taxed at rates no higher than 15%, although, for 2008 through 2010, some or all net capital gain may be taxed at 0%, if it would otherwise be taxed at lower rates. There are three exceptions:The taxable part of a gain from selling Section 1202 qualified small business stock is taxed at a maximum 28% rate.Net capital gain from selling collectibles (such as coins or art) is taxed at a maximum 28% rate.The part of any net capital gain from selling Section 1250 real property that is required to be recaptured in excess of straight-line depreciation is taxed at a maximum 25% rate. If you have a taxable capital gain, you may be required to make estimated tax payments. Refer to Publication 505, Tax Withholding and Estimated Tax, for additional information. If your capital losses exceed your capital gains, the amount of the excess loss that can be claimed is the lesser of $3,000, ($1,500 if you are married filing separately) or your total net loss as shown on line 16 of the Form 1040 Schedule D, Capital Gains and Loses. If your net capital loss is more than this limit, you can carry the loss forward to later years. Use the Capital Loss Carryover Worksheet in Publication 550, to figure the amount carried forward. Additional information on capital gains and losses is available in Publication 550, Investment Income and Expenses, and Publication 544,Sales and Other Dispositions of Assets. If you sell your main home, refer to Topics 701 and 703, or to Publication 523, Selling Your Home.
Is it legal to privately sell a car registered in FL in another state and would the buyer have to pay FL taxes or in their state?
Yes it is legal. You can sell the car in any state. The taxes will be paid in the state that the buyer registers the car in.
In most states, you will not have to pay taxes on apartment rent. You simply pay the required monthly rent to your landlord and you will never have to record those amounts… when you file your yearly taxes.
For federal income tax purposes, you would not pay tax on the gift itself, but you would pay a tax on the increase in value (its appreciation) from the time you inherit …it until the time you sell it. As far as state income taxes, that depends on the particular state you are in, so you have to check that out with someone familiar with the tax laws of that state.
The tenant should stop paying rent whenever the governmental agency to whom the taxes are owed threatens to foreclose or repossess the property. In that case, the tenant… should demand (in writing) that the landlord pay the delinquent taxes. If the landlord refuses, the tenant should move (again, upon giving written notice to the landlord).
In Income Taxes
Whatever amount you pay for your own personal residence has no effect whatsoever on the taxability of rent payments you receive.