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If you were gifted 12000 and sold stock in 2007 and then opened an IRA and a money market account with it what kind of taxes do you have to pay?
Gift - no tax. Stock sale - tax on profit, if any. Type of tax depends on how long stock was held. IRA - if Roth, no effect on tax return. If traditional, may be deductible, depending on other factors. Money market - interest is taxable.
How do I know if my money market is tax free?
Your money market is not tax free. All money that is earned as bank interest is considered as taxable money. This is unless you donated that money, or it is an out-of-country bank account.
Is forfeited earnest money tax deductible?
No.
Are GMIB charges on your annuity tax deductible?
No GMIB charges on annuities are not tax deductible. However,a GMIB annuity is tax-deferred so the taxes will not be due on any money until after it is withdrawn.
Can a credit card loan spent to purchase a home be tax deductible?
No. Money, borrowed or not, to purchase a home is not tax deductible...the interest on the mortgage secured to the property may be.
Is the money used to open a family foundation tax deductible?
I think so.
What is financial contributions?
Money placed in an individual retirement account (IRA), an employer-sponsored retirement plan, or other retirement plan for a particular tax year. Contributions may be deductible or nondeductible, depending on the type of account.
What is an intangible tax?
: A tax imposed by some states or local governments on the value of intangible assets such as stocks, bonds, money market funds, and bank account balances.
What can you tell me about a Roth IRA tax deductible?
The benefit to a ROTH IRA tax deductible is that it is TAX DEDUCTIBLE. But that does not mean that there are no implications, so you still have to be thorough.
Is tax preparation tax deductible?
Yes. Tax Preparation does lies under business investment thus, is tax deductible.
What are tax-exempt money market funds?
Tax-exempt money market funds invest in municipal securities with short maturities
Is Gas sales tax deductible?
Gas tax is an excise tax not a sales tax. It is therefore not deductible for federal income tax purposes.
