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Yes you do if you owe any capital gains tax on the sale of the asset after your income tax return is completed correctly and IF you owe any taxes on gain.
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∙ 13y ago
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Is taxes a intangible assets?
Taxes are never an asset (unless you are the government), you have to pay taxes which is an expense and or liability depending on when you pay them. An intangible asset is something you can't see or touch, like a patent on something you invent
When selling an asset that has been depreciated is it better to have a big or small capital gain?
It is not so much up to you. If you sell an asset, the selling price minus your basis is your taxable gain. I guess you could sell it for less, but what would that do for you. People learn that doing things so that you have less taxes, is just taking money out of your pocket. If you sell something at a profit, your taxes will be less that one third of your profit, so in order to reduce your taxes, you have to reduce your income. If you try to sell an asset for less to yourself, a family member, or a friend then the price is not an arms length transaction and if audited, you will pay taxes on the fair market value, pay penalties, interest, and probably will be convicted of tax fraud.
Do you have to pay taxes on selling your deceased fathers house?
That is the question !
Does selling old furniture count as income and do you have to pay income taxes on it?
yes
Does the estate pay taxes?
Estates pay taxes on income and may have to pay inheritance taxes.
Is taxes a intangible assets?
Taxes are never an asset (unless you are the government), you have to pay taxes which is an expense and or liability depending on when you pay them. An intangible asset is something you can't see or touch, like a patent on something you invent
Does selling a vehicle you were given as a result of the death of a family member count as income that you must pay taxes on?
Yes this is very possible because it is the sale of a capital asset.
Do you have to pay taxes when selling a motorcycle?
You don't have to pay taxes when selling a motorcycle, but the buyer has to pay taxes when he goes to the title agency. Some people say the vehicle is a gift so they can avoid paying tax.
When selling an asset that has been depreciated is it better to have a big or small capital gain?
It is not so much up to you. If you sell an asset, the selling price minus your basis is your taxable gain. I guess you could sell it for less, but what would that do for you. People learn that doing things so that you have less taxes, is just taking money out of your pocket. If you sell something at a profit, your taxes will be less that one third of your profit, so in order to reduce your taxes, you have to reduce your income. If you try to sell an asset for less to yourself, a family member, or a friend then the price is not an arms length transaction and if audited, you will pay taxes on the fair market value, pay penalties, interest, and probably will be convicted of tax fraud.
Do you have to pay taxes on selling your deceased fathers house?
That is the question !
Does selling old furniture count as income and do you have to pay income taxes on it?
yes
What did the Mycenaeans pay their taxes with?
By selling their crops and livestock to the kings.
Is there tax to pay whe selling a unregistered car?
YES. There should be some income taxes paid for the sale of a capital asset by the seller on the 1040 federal income tax return. And by the buyer some taxes to the DMV when they try to register the unregistered vehicle that they are supposed to have purchased from the seller of the unregistered vehicle.
Do you have to pay taxes when selling a car in Canada?
no no you do not. Mexicans will buy it cheaper and they wont charge tax.
How do you dispose an asset?
By selling it, generally.
Do you pay tax on selling on eBay?
If it is income, yes, you will pay taxes on it. Depending on the laws of your state, county or city, you may have to pay a sales tax to the state, county or city.
How much can one make selling crafts an not pay taxes on it?
A person can make up to $600 in one year without paying taxes on it. It should be claimed on a tax return, however.
