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Are proceeds from the sale of a second home taxable?
Not the entire proceeds, just the capital gain.
How much is taxable income on a primary home sale?
Your net proceeds, the net cash you received after all closing costs have been paid .. in other words, your total profit from the sale is taxable income unless you re-invest it within certain time limits in another real estate venture.
Is gain on sale of rental property taxable to a non resident of New York state?
Yes, both at the Federal and State levels. Your business activity made you taxable on this, and possibly other income, too NYS whether you reside there or not.
Is there taxable income on money received from the sale of a deceased sibling's house?
That depends on the laws of the county in which you and or your sibling reside. In some countries there is an inheritance tax that may have to be paid.
Is selling a house taxable income?
It depends on the laws of the time. For many years, the difference between what you paid for the house and its improvements and what you sold it for was taxed. IRS Publication 253 has the information that you need to determine if your sale qualifies for income exclusion.
Are proceeds from the sale of a second home taxable?
Not the entire proceeds, just the capital gain.
Are sale proceeds of a car taxable income?
Only if you made a profit; i.e., you received more than you paid for it. Then you would pay tax on the gain.
If I received a 1099 a is that money all taxable income?
Depending on whether the "sale" gave you a deductable loss, or a taxable gain you might or might not be liable to income tax.
Sale of fixed assets go on the income statement?
No profit or loss from sale of fixed asset goes into income statement while the cash proceeds goes to cash book.
Does an individual who sells a used car have to pay taxes on the money collected for the sale of the car?
Legally he has to pay income tax on the net profit from the sale. It is income and therefore is taxable.
Are the proceeds from the sale of a building included in net income?
No proceeds from sale of building is part of cash flow statement while profit or loss on sales of building is part of net income in accrual base accounting while cash base accounting it is part of net income or loss.
Does selling your house and making a profit affect your social security income?
The taxable amount of any gain on the sale of your house business property or second home (not your main home or primary residence) could cause some of your SSB to become taxable income on your 1040 income tax return. This type of income capital gain would not be included in the earnings test for the reduction of your SSB during the year before you reach your NRA.
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 from a sale of a home to make sure it isn't taxable. Of course, you can always purchase another home if you don't already have another home as your residence. Purchasing another home if the one sold was rental property will not help, as you will still pay taxes on any gain from the sale. If it is your residence that you sold and had a gain from, you have an exclusion of gain of principal residence that you can use. If you are married and file a joint return, you can exclude up to $500,000 of sales gain of your residence. Individuals who file single can exclude up to $250,000 of gain. There are a few requirements that you must meet and it must be reported on your tax return but the exclusion, if used will eliminate income tax on the gain.
When you sell home and get the proceeds from sale of the home and spend that money then can you receive medicaid without the liend?
no
Is the sale of a company's assets taxable for city income taxes to the business selling the assets?
Depends on the city's tax code.
How much is taxable income on a primary home sale?
Your net proceeds, the net cash you received after all closing costs have been paid .. in other words, your total profit from the sale is taxable income unless you re-invest it within certain time limits in another real estate venture.
Do you have to pay off your home loan before you sell your home?
The mortgage must be paid off at the closing from the proceeds of the sale.
