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IRC Section 1241 specifies that payments received by the lessee for the cancellation of a lease are to be treated as a payment in exchange for the sale of the lease.
Assuming you were using the property (as opposed to holding it in inventory, for example you were a real estate broker), the lease would be a capital asset. So the payment would be a capital gain (long or short term depending on how long you held the lease).
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Will you get the refund even if you had no taxable income after all the tax credits?
Do you mean the stimulus payment? If so, then yes.
How can I determine my taxable income?
Taxable income is the total amount of your income that is taxable. Certain types of income are exempt from taxes, but most income is taxable. To find out more information about taxable income, go to http://en.wikipedia.org/wiki/Taxable_income
Will the federal income rebates of 2008 be taxable on your 2009 federal income tax?
Yes. No. The IRS, in Notice No. CP 1378, "Understanding Your Economic Stimulus Payment", mailed to recipients of the tax rebates, states "You will not be required to report the amount of your stimulus payment as taxable income on your 2008 federal income tax return." See also: http://www.factcheck.org/askfactcheck/is_the_economic_stimulus_payment_taxable.html
Is workers comp settlement taxable income in the state of California?
Workers comp payments (whether a settlement or not) are generally not taxable. However, if the payment causes your Social Security benefits to be reduced, the part of the benefit that reduces your SS payment will be treated as if it were an SS payment.
Is Avon income taxable?
ALL income is taxable.
Is a government military pension taxable?
Yes, military pensions are considered taxable income in the United States. Just be sure what you are receiving is actually a pension payment and not a compensation payment, which is not taxable.
Is disability income treated as part of gross income?
Basically, to the degree that you paid for the premium of the policy, that income is not taxable. If it was all paid for by your employer, as virtually all public programs are, then the payment is taxable.
Why is a pre-tax payment on ins better?
Its cheaper...it educes income that would be taxable.
Does a permanent partial disability rating count as income?
It is possible that you could have some taxable income from a disability payment amount.
Is kinship income taxable income?
No it is not taxable
Will you get the refund even if you had no taxable income after all the tax credits?
Do you mean the stimulus payment? If so, then yes.
How can I determine my taxable income?
Taxable income is the total amount of your income that is taxable. Certain types of income are exempt from taxes, but most income is taxable. To find out more information about taxable income, go to http://en.wikipedia.org/wiki/Taxable_income
Is Avon income taxable?
ALL income is taxable.
Will the federal income rebates of 2008 be taxable on your 2009 federal income tax?
Yes. No. The IRS, in Notice No. CP 1378, "Understanding Your Economic Stimulus Payment", mailed to recipients of the tax rebates, states "You will not be required to report the amount of your stimulus payment as taxable income on your 2008 federal income tax return." See also: http://www.factcheck.org/askfactcheck/is_the_economic_stimulus_payment_taxable.html
Is workers comp settlement taxable income in the state of California?
Workers comp payments (whether a settlement or not) are generally not taxable. However, if the payment causes your Social Security benefits to be reduced, the part of the benefit that reduces your SS payment will be treated as if it were an SS payment.
Do you have to show va payment on tax forms?
VA compensation payments for service connected disability is NOT reported as taxable income on your income tax return.
Are bonuses taxable?
Yes, Bonuses are income and income is taxable
