0
When can a single-family residence be depreciated for income tax purposes?
Wiki User
∙ 16y ago
When you are renting it out as a business.
Wiki User
∙ 16y ago
Add your answer:
Earn +20 pts
How agriculture income is treated for income tax purposes?
direct income
If I am required to have a specific residence as a term of my employment and said residence is in a city with a local income tax rate - am I required to pay that city income tax?
Yes.
What is the average income of an entrepreneur in residence?
10-15K/mo
What has the author Geoffrey S F Piper written?
Geoffrey S. F. Piper has written: 'Residence and domicile for United Kingdom tax purposes' -- subject(s): Domicile in taxation, Income tax, Law and legislation
Is your credit line is based on your monthly income your current debt and length of residence at your current address?
Yes, your credit line is based on your monthly income your current debt and length of residence at your current address.
How is the gain taxed if you own a principle residence property jointly with your brother and sell it at a profit before and after two years?
Assuming that it is the principal residence for BOTH you AND your brother, and that you both lived in the house for the same period of time...the same rules would apply to both of you. In order for gain to be excludible from income for Federal income tax purposes, it must have been your principal residence for at least 2 of the last 5 years. If it was your pirncipal residence for less than 2 years, none of the gain is excluded from tax. If it was your principal residence for more than 5 years, up to $250,000 (or $500,000, if you're married) is excludable from Federal income tax. If the house was your principal residence for between 2 and 5 years, the amount of gain excluded is pro-rated. Of course this assumes that you have gain. You likely know the answer to this already, but make sure that you know what your actual basis in the house is. Take into account improvements.
What state does a self employed pay tax?
His State of residence and any State he made income in
Do loans count as income for tax purposes?
No, only that money which you earn or interest from investments count as income and it is only income that is taxed, not money that you borrow.
Does welfare count as income for tax purposes?
Yes, as it replaces earnings.
What are some phrases with the word primary in them?
primary colors primary election primary source of income primary residence or primary place of residence primary function primary caregiver
Is money inherited from a parent's life insurance policy taxable income?
Death benefits are not taxable for income tax purposes.
What has the author Harold William Jasper written?
Harold William Jasper has written: 'Averaging of income for federal personal income tax purposes' -- subject(s): Income tax, Income averaging
