If you buy a house don't live in it work on it for 1 to 2 years and then sell it for profit what are your tax benefits and liabilities?

15 years in the state pen

to make the addition of two years profit which is divided by 2. the result is average profit between two years.

Payroll and benefits are current liabilities if not yet paid and payable within one year while total assets are those amounts which includes amount usable in current year as well as in future years as well.

depends on the reason you purchased it. If you are going to make a profit normally you would want to hold onto it for 2 years to avoid paying taxes on the profit.

The timing of those liabilities. Current liabilities are due within one year while long term liabilities are due after one year. But if you have a bank loan over 4 years, you are to split the loan into the amount due within one year and put that in current liabilities with the remaining amount put in long term liabilities.

The business's profit grew 35% compared to last years profit.

My home was built in 1911, 101 years ago how do i declare it a historic house. where do i go to do this. are there any benefits do this. thank you COLEEN Cheever

The only way to get money back would be to sell the house. You might even make a profit.

Goodwill (by Average profit Method) = Average profit X No.of years purchase Goodwill(by Super profit method) Normal profit = Average capital employed X Normal rate of return / 100 Super profit = Actual profit- Normal profit Goodwill = Super profit x Number of years purchase (usually specified in question)

Non-current liabilities are liabilities not expected to be repaid in the next 12 months. An example of this could be a 3 year loan, the first 12 months repayments would be considered current liabilities while the final 2 years being more than 12 months into the future would be a non-current liability

If you live in the house for two of the five years before selling, the IRS exempts sale profit of up to 250,000 if you are single or 500,000 if you file jointly from income taxes.

Lease agreements are generally made for more than one fiscal years that's why these are non-current liabilities.

If you have been unemployed for 9 years, you don't have a sufficient work history to qualify for benefits.

If the gross profit ratio is the same for two years, the financial position of the company is stable. It means the company is at the same break even point as the year before, but does not constitute growth of profit.

Normally you'd expect it to be CR as it's an accumulation of profit over the years. However, dividends (drawings if not a company) will reduce the profit and loss account. Combine that with a few years worth of losses and it can easily become a DR balance.

A loss (or losses) from previous years carried forward in order to offset future earnings. This reduces the tax burden for the years with profit as the accummulated losses are deducted from the taxable profit-

goodwill is calculated by dividing 5 years profit average profit is multiplied by 2 and that is yhe goodwill

Maybe. If you don't sell it for a profit, there is no federal income tax. (There may be other taxes like local transfer taxes and title fees, etc.) If you sell it for a profit there may be a taxable gain. If you owned the house for two of the five years before you sold it and it was your principle residence for two of the five years before you sold it, you don't pay tax on the first $250,000 in profits ("capital gains"). If you file a joint return and your spouse also used the house as a principle residence for two of the five previous years, the first $500,000 in profits is tax-free. If you lived in the house less than two years and moved for a reason beyond your control, you may be eligible for a reduced exclusion. You can use the exclusion no more than once every two years.

Benefits for a divorced spouse Your divorced spouse can get benefits on your Social Security record if the marriage lasted at least 10 years. Your divorced spouse must be 62 or older and unmarried. The amount of benefits he or she gets has no effect on the amount of benefits you or your current spouse can get. Also, if you and your ex-spouse have been divorced for at least two years and you and your ex-spouse are at least 62, he or she can get benefits even if you are not retired. Benefits for a divorced spouse Your divorced spouse can get benefits on your Social Security record if the marriage lasted at least 10 years. Your divorced spouse must be 62 or older and unmarried. The amount of benefits he or she gets has no effect on the amount of benefits you or your current spouse can get. Also, if you and your ex-spouse have been divorced for at least two years and you and your ex-spouse are at least 62, he or she can get benefits even if you are not retired. Benefits for a divorced spouse Your divorced spouse can get benefits on your Social Security record if the marriage lasted at least 10 years. Your divorced spouse must be 62 or older and unmarried. The amount of benefits he or she gets has no effect on the amount of benefits you or your current spouse can get. Also, if you and your ex-spouse have been divorced for at least two years and you and your ex-spouse are at least 62, he or she can get benefits even if you are not retired. Benefits for a divorced spouse Your divorced spouse can get benefits on your Social Security record if the marriage lasted at least 10 years. Your divorced spouse must be 62 or older and unmarried. The amount of benefits he or she gets has no effect on the amount of benefits you or your current spouse can get. Also, if you and your ex-spouse have been divorced for at least two years and you and your ex-spouse are at least 62, he or she can get benefits even if you are not retired.

Whole life Insurance Plans has many benefits such as they give a cover up to 99 years of age. The policy holder can participate in that company's profit through increase in Sum Insured. Also, the cash value will be the same as or more than the total premium paid by insured at year 8 of policy.

Yes, their income has grown 547%.

Muhammad was 40 years old when he died.

Normally you never make a profit on a car you buy and sell years later. Depreation will take care of that. However if you are buying and selling cars for profit, then yes the net profit is considered earned income. Not the selling price but the net profit.

Yes alcohol profit margin is much higher sometimes as high as 500% profit. My best friend owns a trendy bar in Newport Beach, California for the last twenty years and has told me his profit margin.

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