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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.
Wiki User
∙ 7y ago
Wiki User
∙ 7y agoThis depends on many factors. Is it your primary residence? Was it rented at any time in the last five years? Have you ever deducted part of the upkeep or depreciation as a business office for a home business? If none of these are yes, and it was an ordinary sale of a primary residence that you owned for several years, then you can use your lifetime exemption for gain on a primary residence. You have a $250,000 exemption and your spouse if it was jointly owned and resided in, the spouse would also have the same amount for a total of $500,000 lifetime exemption.
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What is income taxable and how do you find out how much you owe?
Taxable income is described as gross income or adjusted gross income minus any deductions or exemptions. Taxable income can also come from appreciated assets that have been sold or capitalized in that tax year.
Is commission taxable?
It sure is. It is as much "income" as any other pay in your payslip. Also note: Self-employed income or cash received is as taxable as any other remuneration source.
How much income do you have to earn before you fine a Pennsylvania State income tax return?
$33 of Pennsylvania taxable gross income. Yes, that is an incredibly low figure.
How long do you have to work to file income tax?
Any income is taxable, regardless of how long or how much you worked - you are txed from the minute you start getting paid for it.
How much taxes are due on 4800.00 a year?
For the 2009 tax year if your taxable income is 4800 your federal income tax liability would be 483.
Over how much taxable income must I have to file a tax return?
How much must I make in taxable income to have to file a return?
What is income taxable and how do you find out how much you owe?
Taxable income is described as gross income or adjusted gross income minus any deductions or exemptions. Taxable income can also come from appreciated assets that have been sold or capitalized in that tax year.
How much income outside of social security is taxable?
All income is taxable unless specifically excluded by law. Even a portion of your Social Security benefits may be taxable if you have sufficient total income.
How much tax in dollars is due on a taxable income of 5800.00?
iF YOUR TAXABLE INCOME IS FROM $4,000.00-$7,499.00 YOUR TAX IS $100 PLUS 5% of any amount $4,500.00
Is commission taxable?
It sure is. It is as much "income" as any other pay in your payslip. Also note: Self-employed income or cash received is as taxable as any other remuneration source.
Is the income of your teenager taxable?
Whether your teenagers income is taxable depends on how much money the teenager made. Further nformation can be found at the Internal Revenue Service and the sites for each individual state.
Does VA disability compensation benefits count as earned income?
no it dose not, its is concidered a non taxable income, much like social security disabilty income
Do you pay taxes if you are in the lowest tax bracket?
Yes when you would have taxable income in the lowest tax bracket yes you would have a federal income liability when your income tax return has been completed correctly to the line on your 1040 federal income tax return that says taxable income Line ? ? ? Then the next line says amount of income tax form 1040 line 44 $1 dollar and could be more than $1. And the amount of your income liability would start at 1 dollar and increase from that point depending on the how much taxable income you have on the taxable income line of your 1040 income tax return.
Are tax payments deductible?
Estimated Income tax payments are not deductible in figuring out what your taxable income is, that determines how much your actual income tax is. See, that's circular.
How much income do you have to earn before you fine a Pennsylvania State income tax return?
$33 of Pennsylvania taxable gross income. Yes, that is an incredibly low figure.
If your taxable income is from 4000 - 7499 your tax is 100 plus 5 percent of any amount 4500 how much tax in dollars is due on a taxable income of 5800?
$100.00 plus 5% of $1300.00 = $100.00 + $65.00 = $165.00
If your taxable income is from 4000.00 7499.00 your tax is 100 plus 5 percent of any amount 4500.00 how much tax in dollars is due on a taxable income of 5800.00?
How about this amount 1300 X .05 = 65 + 100 = 165
