Are sale proceeds of a car taxable income?

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Only if you made a profit; i.e., you received more than you paid for it. Then you would pay tax on the gain.
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Are the proceeds of a life insurance policy taxable?

They are usually not subject to Income Taxes, but may be subject to Estate Taxes. It would be VERY unusual for income taxes to be due. Federal estate taxes are not an issue if you are of modest means, but your state may have estate, inheritance, or death taxes that could impact most anyone.

What is taxable income?

Taxable income is the portion of income that is the subject of taxation according to the laws that determine what is income and the taxation rate for that income. Generally, taxable income refers to an individual's (or corporation's) gross income, adjusted for various deductions allowable by statut ( Full Answer )

What is taxable and nontaxable income?

Answer . Oh boy....this question is essentially answered by the 100,000s of pages of rules called the Internal Revenue Code! However, the at least equally large amounts of explanatory writings, statutes, case laws, etc. need to be considered too. And after all that, the answer is generally not ( Full Answer )

What is the meaning of taxable income?

Answer . The amount of income subject to income taxes ; found by subtracting the appropriate deductions ( IRA contributions , alimony payments, unreimbursed business expenses, some capital losses , etc.) from adjusted gross income .

Are Personal Injury Settlement Proceeds Taxable?

Personal Injury proceeds are NOT taxable . No. Personal injury proceeds are considered compensation of injuries and losses, it is not a "gain" or "windfall" under the tax codes.. Actually, whether personal injury damage awards are taxable depends on what the award is for. If it is to compensate ( Full Answer )

If I received a car as a tax-free gift is the profit from a future sale taxable as income?

Answer . Well, your right in understanding that anything sold at a profit from your tax basis would create gain income, including a car or such. And I'm sure all of us are alert to, and report that faithfully. It's complicated by the fact most people may not track their basis on items of pers ( Full Answer )

Is profit from the sale of a tax-free car - gifted originally for one dollar - taxable as income?

Answer . Well, your right in understanding that anything sold at a profit from your tax basis would create gain income, including a car or such. And I'm sure all of us are alert to, and report that faithfully. It's complicated by the fact most people may not track their basis (especially tax b ( Full Answer )

Is taxable income a cash flow?

Answer . While it is not how one defines cash the degree that Taxable income generally follows the cash method of reporting, rather than the accrual method, it would be similar.

Is seller's concession taxable income?

Yes, a seller's concession stand is taxable income. Depending onthe state that tax rate would vary. Charities are refunded taxpayments if filed under 'Unrelated Business Taxable Income '. Thisis only if all workers are volunteers.

Are settlement proceeds taxable?

The IRS states that only settlements due to physical or emotional injury are non taxable, for instance if you received a settlement for mesothelioma. States however may tax settlements as ordinary income.

Do you have to pay income taxes on a sale from repo'd car?

Your Q almost makes no sense. Only if your car was repoed and sold for more than the debt/basis, did you receive anything yourself...and then the question would still be what your basis is in it (that is your cost plus all those other things like the repo fee's, vs what you received). If your ( Full Answer )

What is accounting journal for proceeds of car sale?

Because the car is a fixed asset, the depreciation of the vehiclemust be recorded up to the date of sale. The proceeds should berecorded as credit if profit was earned or debit if there was afinancial loss.

Are trust proceeds taxable?

There are many different types of trusts out there today.Taxability depends on the type of trust that is being liquidated tothe beneficiary. Some trusts are taxable and some are not.

What are sale proceeds?

If you are not behind on your mortgage payments, most likely we will not be able to begin the Short Sale process. We never advise a homeowner to stop making payments. If you are current on your mortgage but are unable to make your payments anymore, contact your lender. This would be a good time to p ( Full Answer )

Are car loan write off taxable income for the debtor?

Yes. The lender must send a 1099-C to you and the IRS, so its a matter of record.. A loan isn't, but at the time the debt is forgiven or cancelled, it is the same as if you were simply given money . (Or even closer to if you stole money, which is also effectively got income by not payin ( Full Answer )

Is a 1099-S counted as taxable income from the sale of settlement of estate?

Taxable income/loss is the difference between the basis of the property and the sales price. If they are identical, there is no income/loss. A sale in the settlement of an estate would generally appear on IRS Form 1041. Its taxability would generally be based on the cost basis, cost of sale includin ( Full Answer )

Are proceeds from a malpractice settlement taxable?

I am not an expert - but - for what it is worth, I would have thought they were not taxable, as they are not really earnings - they are payment to you to compensate for harm done to you.....however it is best to contact a tax expert or an accountant to advise you properly. IMPROVE: It would also d ( Full Answer )

Is unemployment taxable income?

The way this question was phrased is just TOO JUICY to pass up. Imagine, being out of a job, and finding out that the government wants to tax your LACK of income! I'm sure that's not what the question was, but rather "unemployment COMPENSATION" That clarifies a lot, knowing that it's compensation. ( Full Answer )

Is inheritance income taxable?

money that has been inherited has already been assessed for inheritance tax based on the amount left in the deceased estate. Once you have inherited the money you are not liable for inheritance tax.

What is the best definition of taxable income?

For Federal income tax purposes, taxable income is the portion of a taxpayer's gross income on which his regular income tax liability (before payments and credits) for the year is based. Income from any given source is taxable, unless the Code specifically says it isn't taxable. Calculation: Taxabl ( Full Answer )

Is imputed benefit income taxable?

Yes, imputed benefit income is subject to federal taxation. It is considered Taxable noncash compensation but is not included in gross pay.

How much taxable income?

For the individual taxpayer using to 1040 income tax return for the tax year 2009. Your taxable income is the amount after you complete your income tax return to Line 43 of the 1040 tax form. To determine the taxable amount you will be reporting all of your worldwide gross income on the income tax ( Full Answer )

Is Unearned income taxable?

Tax is charged on that amount which is actually received by thecompany so if the amount is received but it is not yet earned thenit will be taxed although accounting tax will not be charged anddue to that reason we have deferred taxation concepts to dealt withthese kinds of situations.

Is social securtiy income taxable?

Up to 85% of your social security income can be taxable if you or your spouse have other income that makes it so. You will complete an additional schedule to determine whether or not this income can be taxable or not.

Is income from a garnishment taxable?

Income from a garnishment is just as taxable as the same income would be if the person had paid the bill in the first place without the need for garnishment.

Is income from a trust taxable to you?

Yes the income from the trust is taxable income to the owner of the trust or to the beneficiaries of the trust. Some one will have to pay income taxes on the income from the trust.

What is tax basis for taxable income?

The original cost of a capital asset plus any adjustments to the basis of the asset and that will make be the adjusted cost basis when the capital asset is sold. Go to the IRS gov web site and use the search boxes for publication 550. Refer to Stocks and Bonds under Basis of Investment Property in c ( Full Answer )

What is taxable income for an s corporation?

Go to the IRS gov web site to find some more information about S Corporations . S corporations are corporations that elect to pass corporate income, losses, deductions and credit through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of inc ( Full Answer )

What percentage of barter income is taxable?

All of your barter income is taxable in the US according to the IRS. When you set up a one-on-one barter with another business, each business is expected to report the value of that exchange as income - on your regular Schedule C. If you join a formal barter exchange, they will (and must) report ( Full Answer )

Is unemployment income taxable in California?

No. However, you may still have to report it depending on your CA gross income, CA adjusted gross income, age, number of dependents, and filing status. See FTB website for current chart information.

Is TANF taxable income?

No. TANF is not taxable, and should not be included on your federal income tax return. Per IRS Pub. 525 "Do not include in your income governmental benefit payments from a public welfare fund based upon need..."

Is a donated automobile taxable income?

No since you donate it (don't get money) What you get is a receipt for value to offset income like other charitable donations.

Is disability insurance taxable income?

Determining if the benefits are taxable depend supon whether the premiums were paid before or after taxes. If before taxes, the disability income you receive is taxable. If youpremiums were paid after taxation, the disability income benefits you receive are not taxable.

How do you figure tax on taxable income?

There are multiple ways to do it. The old way is by book, using the Tax Table. On the Federal return it is on the Publication. (Such as 2010 Publication 17, Page 254) States have their own tax table. The faster way is to search for a tax calculator.

What is taxable besides work income?

If you have dependants, and they went to day care etc you went to school, and got financial aid to help pay your tuition. you donated clothing or other types of goods to charity's, anything like that.

Is the income of your teenager taxable?

Whether your teenagers income is taxable depends on how much money the teenager made. Further nformation can be found at the Internal Revenue Service and the sites for each individual state.

Where can you find information on income taxable?

The official website of the Internal Revenue Service includes information on what income is taxable and what isn't. The website contains a pithy, neat list of the basics, but a few examples of income that can't be taxed include welfare and child support.

How do you determine if your income is taxable?

The best way to determine if your income is taxable is to ask someone who is a certified CPA. They will be able to help you with this as well as file your taxes .

How can you figure out what portion of your income is taxable?

In order to determine what portion of your income is taxable you will need to look at a schedule from the IRS. The IRS provides these updated schedules annualy and your taxable portion is based on the amount of money you make and any dependants you may have.

Is PayPal income taxable?

Yes, because all income is taxable unless you have an exception, write-off, or similar. There are tax tools built within your account to make your books easy. If you search "Paypal IRS" in your search engine you will see that the IRS has taken notice of individuals not reporting Paypal income. There ( Full Answer )

Is income in respect of a decedent taxable?

Yes. Death does not get you out of paying income taxes in the United States. I do several returns a year for deceased people. This is called a Decedents Return. If the person dies on January 1st they have to file a return for the entire year if they had income over the threshold to file. The Adminis ( Full Answer )

What should you do with money from the sale of a house so that it doesn't become taxable income?

It really doesn't matter so much what you do with the proceeds froma sale of a home to make sure it isn't taxable. Of course, you canalways purchase another home if you don't already have another homeas your residence. Purchasing another home if the one sold wasrental property will not help, as you ( Full Answer )

Is selling a house taxable income?

It depends on the laws of the time. For many years, the differencebetween what you paid for the house and its improvements and whatyou sold it for was taxed. IRS Publication 253 has the informationthat you need to determine if your sale qualifies for incomeexclusion.