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On the amount the property went up in value from the value used in calculating the estate tax
Yes, of course,
Capital gains tax is a tax on capital gains if when you sell or give away an asset it has increased in value you may be taxable on the gain this doesnt apply when you sell personal belongings worth six thousand pounds or lesss nor will you have to pay capital gains taxwhen you sell your main home provided certain conditions are met but you will be required to pay cgt on any other properties which you own ie if you own a villa in forta ventura and decide to sll it then any profit you make will be taxable as a capital gain Whether you pay capital gains on a property is determined by a number of different variables. To get an explanation on capital gains taxes see: http://www.sellmyhomeinmetrowestma.com/Capital_Gains/page_2233154.html
If I get a severance package check for $120,000.00 how much is withheld in taxes, I live in NY? what do i pay in capital gains on 100000.00 dollars
I think so...
Yes it is possible that you could have to pay some capital gains tax on the sale of some inherited capital assets.
On the amount the property went up in value from the value used in calculating the estate tax
Yes, of course,
No!
Assuming the children did not pay for the property (whether in cash, goods, services, assumption of debt), capital gains tax does not apply. Gift tax may apply. However, when the property is sold, the children may owe a capital gains tax.
Yes. Federal tax is due on the gain also.
Capital gains tax is a tax on capital gains if when you sell or give away an asset it has increased in value you may be taxable on the gain this doesnt apply when you sell personal belongings worth six thousand pounds or lesss nor will you have to pay capital gains taxwhen you sell your main home provided certain conditions are met but you will be required to pay cgt on any other properties which you own ie if you own a villa in forta ventura and decide to sll it then any profit you make will be taxable as a capital gain Whether you pay capital gains on a property is determined by a number of different variables. To get an explanation on capital gains taxes see: http://www.sellmyhomeinmetrowestma.com/Capital_Gains/page_2233154.html
This is possible and it will NOT be the assessed value that will be used to determine the taxable amount if any after the income tax return is completed correctly.
If I get a severance package check for $120,000.00 how much is withheld in taxes, I live in NY? what do i pay in capital gains on 100000.00 dollars
Yes it is always possible that may be required to pay some capital gains tax on the sale of your first house.
No. You will not pay income tax in addition to capital gains tax if I understand you correctly. However, capital gains tax for an individual is reported and paid on your 1040 income tax return. The only difference is that the rate for capital gains taxes is lower than the regular income tax levels.
It all depends on how much the property has gone up in value.