How much is Property taxes a year on 5.9 million dolloars?
There is no property tax on cash. The property tax on land or real estate valued at 5.9 million dollars will vary depending on the location, the purchase price and (in California) the purchase date.
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How do you deduct property tax payments from your federal income taxes in a year when you both sold and bought property in Illinois?
Answer . For the property you sold, you may have property taxes you already paid that year before the sale. Additionally, you will give the buyer a credit for property taxes accrued up to the date of the sale. Deduct both of these amounts.. For the property you purchased, you may pay property ta…xes after the purchase. The seller gave you a credit for the taxes due up to the date of purchase. Deduct the credit from what you paid. If any remains, you may deduct it on Schedule A. If the credit is for more than you paid, you should carry the remaining credit forward to the next year and deduct it from what you paid. Many accountants will simply deduct the entire credit from all of the payments in the same year. While this is technically incorrect, it is easier, and eliminates the likelihood you will forget to carry the remaining credit forward. I've never had the IRS object to this treatment.. Example:. Paid property tax in June $2,000. Sold property in July, gave buyer credit 4,000. Bought property in July, got seller credit -5,000. Paid property tax in September 2,500. Total paid during year is $2,000 + 4,000 + 2,500 - 2,500 (credit) = $6,000 and carry a $2,500 credit from buyer to next year, or. Total paid during year is $2,000 + 4,000 + 2,500 - 5,000 (credit) = $3,500 and no credit carried forward. ( Full Answer )
\n. \n Answer \n. \n. \nAnnuity or lump sum?\n. \n. \n. \nY-THINK-Y\n. \n. \n. \n Answer \n. \nWhichever way you accept the winning, it will be taxable when received, and withheld on in accordance with the rules below.\n. \nHow much you actually pay depends on your total income/l…oss, filing status, number of children/dependnents, etc. However, it is reasonable to think you would be payong at the higher federal rates...about 25% to 32%. The winnings are NOT taxed as capital gains.\n. \nYour state is also going to want a piece, and of course that depends on the rates where you live.\n. \nThe rules on the withholding on the payout:\n. \nPayors must withhold 25% on proceeds of more than $5,000 (Code Sec. 3402(q)(1)) from: \n. \n(1) a wagering transaction in a parimutuel pool with respect to horse races, dog races or jai alai if the amount of the proceeds is at least 300 times as large as the amount wagered; (Code Sec. 3402(q)(3)(C)(ii) )\n. \n(2) a wager placed in a state-conducted lottery; (Code Sec. 3402(q)(3)(B)) \n. \n(3) a sweepstakes, wagering pool or lottery (other than a state-conducted lottery); or (Code Sec. 3402(q)(3)(C)(i)) \n. \n(4) all other wagering transactions if the amount of the proceeds is at least 300 times as large as the amount wagered. (Code Sec. 3402(q)(3)(A)). \n. \nâProceedsâ means amount received from the wager reduced by the amount of the wager. (Code Sec. 3402(q)(4)(A))\n. \nA person who receives gambling winnings subject to withholding must provide certain information on Form W-2G or Form 5754 and give it to the payor. (Code Sec. 3402(q)(6); Reg Â§ 31.3402(q)-1(e) ) ( Full Answer )
\n. \n Answer \n. \n. \nHere I heard it's 45% for lump sum plus 18% for state and city taxes....around 63% GIVE OR TAKE\n. \n. \n Answer \n. \nEvery time this Q comes up it seems people want to make it much more difficult than it is.\n. \nLottery winnings are treated like any other …ordinary income. It is taxed when received. If you take a lump sum payout, you would need to declare that as income on your next return, (making estimated payments as needed). The actual amount you will pay is dependent on other factors that determine your taxable income for the tax brackets. So, if you had large losses, medical or business expenses that year, you would pay a different amount. However, presuming those don't really change a large payout like you mentioned by much, you would pay the Federal and State?local income tax rates for where it was won. Presumably 32% for Federal....and whatever state/local amounts...rememebering that what you pay on the S/L is deductible from the Federal income and makes the effective State rate much less. ( Full Answer )
In 1798 Congress enacted the Federal Property Tax to pay for the expansion of the Army and Navy in the event of possible war with France. In the same year, John Fries began what is referred to as the "Fries Rebellion," in opposition to the new tax. No one was injured or killed in the insurrection a…nd Fries was arrested for treason but eventually pardoned by President Adams in 1800. Surprisingly, Fries was the leader of a militia unit called out to suppress the "Whiskey Rebellion." 2 (http://www.taxworld.org/History/TaxHistory.htm) . ( Full Answer )
Like anything else, you apply the appropriate amount on the appropriate schedule when you file your tax return.. There are four types of deductible nonbusiness taxes :. State, local and foreign income taxes; . Real estate taxes; . Personal property taxes; and . State and local sales taxes. . … To be deductible, the tax must be imposed on you and must have been paid during your tax year. However, tables are available to determine your state and local general sales tax amount. Refer to Form 1040 Instructions for more information. Taxes may be claimed only as an itemized deduction on Form 1040, Schedule A . Note it is the amount paid...not the amount that may have been charged. If your taxes are part of your mortgage, the amount the mortgage company estimates and charges monthly is different than the amount actually paid in that year. However, all you need to know about any taxes or interest charges will be provided by the mortgage company at the end of the year. Just use those values on your return. (If you use any of the popular tax return softwares, just follow the questions and answers....and if not...this is a great time to start)!. ( Full Answer )
The property taxes and mill rate is determined by county, city, andmunicipality. Contacting the taxation department in the local areashould be able to provide this information.
Tax accountants will roughly make between $45,000 to $55,000 a year. This is for entry-level positions. The salary increases based on performance, experience, etc.
Answer . Answer depends on where you live. No one answer fits all scenarios. Property taxes are based on "assessed values" of property i.e what your property is worth at a particular point in time compared to SIMILAR properties in your area that have SOLD within a 3 to 6 month period. Once you… have the assessed value established, then you multiply that by the "millage rate" or Mills or as a percentage i.e 1 mill is 1%. If the area your property is in had any new bond levies or bond passages, typically school and hospital, fire district improvements, the your millage rate will be higher than an area that did not acquire any new levies or bond passages. Example: $100,000. assessed value X .013856 (millage)=$1,385.60 annually. Check your county auditors office for millage rates for your area. ( Full Answer )
Property taxes are very local.. Also, the value used as a tax assesment value is different than the "market value" that you are probably referring to. In fact, the assessed value for properties of what may be the same market value varies from one tax area to another, depending on when they are tren…dinfg them to, and other factors.. You can find the taxes paid on any particular property by calling the local tax office. ( Full Answer )
Find out what the State & Federal Taxes are for your state and deduct the totals from your winnings. I'm sure the lotto officials would be glad to assist you with this or you could hire a financial consultant / accountant with that much money you can afford to hire a trusting professional to help yo…u. If not investigate and do the math just make sure you pay it. The wonderful win, can be disastrous if not handled correctly. ( Full Answer )
No, most of the time. The entity who pays real estate taxes which accrues to property, regardless of the ownership period, is generally established by agreement between the parties.. Most of the time, real estate, ad valorum taxes are pro-rated. That is, the taxes due, are divided by the length o…f the holding period for the property for the tax year of the political subdivisions which have the power to levy the tax and to collect it by judicial means.. Not always, it is always fundamentally a matter of contract and agreement. When executors, trustees and administrators deliver property (convey) property to the heirs or devises, the way the executors, trustees and administrators agree with the heirs or devises, determines who and when the taxes are paid.. In general, in most of the States in the United States of America, you are supposed to file a return (a report of what something is worth) to the tax collector early in the year. Then the tax collector's office sends a 'tax bill' to the last known owner of the property (in its records: the burden is on the owner of the property to keep the tax collector informed :-) as to who owes what and owes what.) The the tax is due, after which there are frequently penalties, and interest and possible sale of the property for failure to pay real estate taxes.. The collection process is slow, and must proceed by rules and regulations. It is not all that easy to lose property for back taxes; the states, like banks, don't generally want to reposes anything; it is very expensive, time consuming and politically unattractive. ( Full Answer )
\nJust far enough until you pass out from shock and when you revive you can't remember this question.
The property tax rates are set in each town. You would need to contact the town in which you are interested.
The tax rate on Ned Topolino's 112000 vacation home is 25 mills The property is assessed at full value How much will Ned pay in taxes this year?
One mill equals 1/10th of a cent (.001). To determine how much Nedwill pay in taxes this year, multiply the number of mills by .001.Ned's tax rate is 25 mills. Multiply 25 by .001 = .025 (rate) .Multiply the assessed value (112,000) by the rate (.025) = $2,800.Ned will pay $2,800 in taxes this year.… ( Full Answer )
Check the Wisconsin State Statutes in Wisconsin for taxes on lottery winnings. It will give you the percentage. ans Well that wouldn't be exactly true..the STATE (or Federal) tax laws may tell you what the required withholding on some income is, which is an estimate of tax FOR THAT jurisdicitio…n, but not for all. And the withholding percentage has really little to do with the tax you will pay...that depends on many, many other factors - other deductions, other income, exemptions, how and when paid/received....etc. (For example, if your a gambler and have 1+ mill of losses...you would pay no tax on this income....although you may pay tax overall). And of course, if it is subject to other things, like FICA, unemploymen, disabiltity. etc., tht many consider tax, depends on a number of other things. And as an example, on the above answer...so whatever is paid eventually to that State as an income tax, becomes a deduction for Federal taxable income and changes the amount of tax one would owe them. So even the same person earning in Wisc would be taxed differently than say in Arizona, because of the different state tax rate. 2 people, even with the same income, infrequently pay the same tax. A tax deduction of say one million dollars and earning of one million dollars does not mean you will not owe taxes ( Full Answer )
Illinois has a five percent state tax. If someone were to win 34million then 1.7 million will be taken out from the Illinois statetax.
Taxed both Federally and State at your ordinary income rate, it's just like any other income, whatever that rate for you would be - (depends on many factors, dedcutions, other income, other expenses, businesses, etc).. The State and Fed will withhold an amount of the payout as an estimated tax (lik…e payroll withholding), until the actual tax for that person, that year is determined. ( Full Answer )
it depends on the price of the home you purchase. the less the appraised value is, the less you pay in taxes. the higher the more money spent on taxes. its safe to say about 1.25% of your home purchase price is due annually. for example a 169k home purchased would be 2112 bucks per year. payable in …2x payments or one lump sum. of course you can save in installmenst and set aside for the lump payment ;) ( Full Answer )
The property tax in California can vary from year to year. However, to calculate the California property tax for one's home is quite simple. The tax can not exceed more than 1% of the home's value and can not increase more than 2% from the previous year.
You mean pay....any payment of property taxes is applied to the earliest tax due, and interst and penalties, before current ones.
For Single filing status, 2008 tax is $678,597 (2 million multiplied by 35 percent minus $21,403). For Married Filing Jointly, 2008 tax is $671,575 (2 million multiplied by 35 percent minus $28,425). For Head of Household, 2008 tax is $675,409 (2 million multiplied by 35 percent minus $24,59…1). The actual tax liability would be more or less depending on your other income, any income tax withheld from your other earnings, etc. ( Full Answer )
At the moment, not worth more than rocks!!. You are lucky to get 60k a year, which is nothing in these days.. Better off sleeping on the mil unless you have a couple of mil to throw away incase its dodgy! There are some good deals going around but its a close call and somewhere between a 50-50 cal…l but you can make huge income it it goes through.. From. Non Millionaire. (Hope to be soon LOL) ( Full Answer )
Better check with your local tax office. Not TOO many years... most jurisdictions quickly seize property for non-payment of taxes and sell them ASAP.
You are the only one that has all of the necessary information that will have to be reported on your 1040 FEDERAL income tax return for the year in order to do the calculation for the numbers that you are looking for. After you complete your 1040 federal income tax return correctly to your TAXABLE… INCOME and page 2 lines 43 and Line 44 you will know the amount of your income liability before any credits or other taxes. Continue from Line 45 to the last lines at the bottom of the 1040 page 2 and then you will know how much taxes you will have to pay if any after you complete your 1040 income tax return correctly ( Full Answer )
The property tax rate for Hamilton Twp NJ is 3.763% which is the 2009 rate. The 2010 tax rate will be released with the 3rd Qtr billing due 8-1-10. Many towns are late to establish a tax rate and hence extend the third quarter due date. To calculate the property taxes per year charged to your pr…operty: Example: The total assessment of your property is $50,000 per the municipal tax assessor office. $50,000 times .03673 (decimal format) Equals $1,836.50 property taxes billed/owed per year regarding your property. This is the total amount billed for 2009 calendar tax year. . 2010 first and second quarter will equate to one half of the total 2009 taxes billed.. New tax rates are always established during the 3rd quarter of the year in towns such as Hamilton which use a calendar tax year (only other option is a fiscal tax year).. ( Full Answer )
Tax refunds are based on a number of factor such as tax liability,tax withholding, filing status, and dependents. An unmarried 18year old that is not attending college and has no dependents willnot get more than what was withheld, since they do not qualify forrefundable credits.
Property taxes are simply the property tax rate for the area you live in multiplied by the tax assessed value. The tax assessed value does not always equal the market value, so you need to find out what the tax assessor has your property appraised for. It could be higher or lower than market. If …it is higher, then you may be able to appeal to the tax board to get your assessed value lowered. Property tax rates can vary widely by area, so check with your local tax assessor. ( Full Answer )
The property tax rate in your local area will be the same per year no matter how you acquired the property. The rate will be a percentage of the value of the home.
Any prize is considered income, and one worth that much will be subject to a 35% tax deduction ($350,000) before you receive it.
1 USD = 46.0071 INR (As of 1 March 2010) 10 million USD = 10,000,000 USD = 46,00,71,000 INR
i am single with four children. how much would the taxes be on 10 million dollars?
For the 2009 tax year if your taxable income is 4800 your federal income tax liability would be 483.
When your income tax return is completely correctly then you will know the amount of your federal income tax liability. This answer will only be known after you determine the amount of your gross income that will be taxable income to you on your income tax return. For an example if you are a qua…lifying dependent on another tax payer's income tax return and you have 951 of unearned income your federal income tax liability would be $1 in federal income taxes. Interest, dividends, capital gains, rental income, gambling winnings, etc. If you have 5700 of gross earned income wages, salaries, tips, etc. from an employer added to the 951 of unearned income on your 1040 income tax return then your federal income tax liability amount on your 1040 income tax return would be $96. If you are a self employed taxpayer and have a net profit of 500 from your schedule C-EZ and schedule SE added to the above amounts then your federal tax liability would be income tax $141 plus yourself employment tax of $70 for a total amount owed of $211 when your 1040 income tax return is completed correctly ( Full Answer )
The property tax rates are set in each town. You would need to contact the town in which you are interested Go to the below enclosed website for more information brtweb.phila.gov/ The Department of Revenue is responsible for collecting real estate taxes. Please visit the Department of Revenue W…ebsite for information regarding the billing, collecting and accounting of real estate taxes. You may also access a property's real estate tax balance information on the Department of Revenue Website from the BRT Property Search Service . 3.305% (CITY) + 4.959% (SCHOOL) = 8.264% (TOTAL) To determine your tax due amount take the total rate times your assessment. Please refer to the Board of Revision of Taxes website at brtweb.phila.gov to find your assessed value. ( Full Answer )
That all depends on your personal circumstances and the country you pay your tax in.
It's treated as capital gains; you only pay tax on the profit (the amount you sold it for, minus the amount you paid for it plus any improvements you made). "How much" varies, if you can't figure it out, you should probably consult a tax professional.
1,000,000 hours is equal to 41,666 and 2/3 days, which is equal to around 144.155251 years. The way I got this is easy. You divide 1,000,000 by 24, to get the number of days that many hours equals. Then, you divide this number of days by 365 (assuming you don't count leap year every four years. If y…ou, then simply average 365 to 365.25, which I didn't take into account in this measure) to get the number of years. ( Full Answer )
The Great Pyramid at Giza does weigh about 5.9 million tonnes, about 5.8 million Imperial (long) tons and 6.5 million US (short) tons.
i will make 30,000 a year at a new job in texas..how much do Ibring home a month after taxes and social security
One mill is a real estate tax levy of 1 dollar for every one thousand dollars of assessed value. The real estate levy is known as the millage rate. For example, if your city or county has a current millage rate of $21 per $1,000 of assessed value and the current assessment for your home is $100,000,… the annual real estate tax levy would be $2,100 (100,000 divided by 1,000 = 100 multiplies by $21.00 = $2,100). Not all states use a millage rate (rate per 1,000) some set a levy rate per $100 of assessed value. Ask you local assessor to be sure. ( Full Answer )
Check with your county's tax revenue department or other department that handles local property taxes..
Your tax refund - if you get one! - depends on how much you have paid out and what deductions you take on your returns. See your tax preparer to find out specific information about your taxes, as WikiAnswers cannot do taxes for you.
In the United States of America, county level tax assessors keep track of the assessed value of the property and the amount of taxes due and amount paid. These are public records.
Property taxes in all states depend on the size of the property and its location. In Ohio homes have property taxes in the 1.5 - 2.5 % range of the purchase price. Ohio also has city wage taxes generally in the 2% to 3% range.
American dollars never expire. We can still use the 2 dollar bills from before they stopped being made!
You will need to visit your local county courthouse to get theproperty taxes paid for commercial property from the year 2007.
It's a city tax you pay twice a year on your property-based onpurchase price, generally it is taken care of for you by mortgageservicer out of escrow acct monthly. They set aside based on whatis projected and pay it when billed for you. The percentage isdifferent for ea. state. if it's 1 percent and… house was 100k forexample it's 1k per year/2 500.00 payments. Your escrow acct isperiodically reviewed and will be adjusted up/down to cover ifnecessary along w/HO insurance etc. ( Full Answer )
This will completely depend on what kind of law suit it is and whatthe damages are for in the award as determined by the court. If itwas a loss of income you may have taxes on the award or on part ofthe damages. If it was for an permanent injury you may not pay anytaxes at all for the award. I will …tell you that you will need tohire a professional accountant to do your taxes with an award likethis. ( Full Answer )
Property taxes are taxes on the value of owned property. Sometimes they are classified as either specific or ad. PropertySpecific taxes are of a fixed amount based on a number, or standardof weight or measurement. Ad property taxes are based on a fixedproportion of the value of the property with re…spect to which thetax is assessed. ( Full Answer )
Age has nothing to do with taxes. Being over 65 gives no breaksfrom the IRS especially if you have 2 million. Most retired peopleand seniors don't have that kind of money.