answersLogoWhite

0

The home was repossessed in 2005, the FMV and principal balance were both 133,252. The adjusted basis in the property was 114,000. It was a main home for 7 years. Is there a capital gain to be reported on schedule D?

User Avatar

Wiki User

16y ago

What else can I help you with?

Related Questions

Can the your income tax refund be garnished?

I had a car that was financed through HSBC repossessed last year. It was repossessed. Can HSBC take my federal income tax refund for this repossession?


Can your federal tax refund be taken if you cosigned for a truck that was repossessed?

Legally, YES.


Will a 3.8 percent federal sales tax be imposed on home sales?

No federal sales tax is imposed on home sales at this time. If you sell your home and have a long term capital gain it would be possible that you would have some federal income tax to pay on the sale of your home or house or other business property.


On a paystub what is the uss tax?

On my pay stub there is a USS tax and no federal tax? Is USS federal tax?


Do church's have to pay federal and state tax?

A church has to Pay State Tax.


Do Georgia residents pay a tax to the federal government?

Yes...all State citizens pay US federal tax...no exceptions.


Angela wants to calculate her take-home pay. She earns 1377 monthly. She pays federal tax of 200 state tax of 41.31 and 7.65 in FICA tax. What is Angela's monthly net pay?

1030.35


If Heather earns an annual salary of 46500 federal income tax of 3200 state income tax of 930 and FICA tax 7.65 what will her take home pay be after paying taxes?

To calculate Heather's take-home pay, first, sum her total taxes: federal income tax ($3,200), state income tax ($930), and FICA tax (7.65% of $46,500, which is $3,564.75). This totals $7,694.75 in taxes. Subtracting this amount from her annual salary of $46,500 gives a take-home pay of approximately $38,805.25.


I made 40000 and have 4 depentance,how much federal tax do i pay?

I made 40000 and have 4 depentance,how much federal tax do I pay?


What states do not pay federal tax?

None


On a weekly salary of 126.59 with a 6 percent state tax and 3.00 in federal tax what amount of pay would you bring home each week?

115.99


Sherika makes 130.00 a week What would her weekly take-home pay be if she pays 12.00 in federal tax and 2.3 percent state tax?

111.41