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It can be, but there are many extenuating circumstances. Is it your primary residence, how long did you own the property, is it an estate..... I would check with a tax attorney specializing in residential sales
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What is taxable profit?
TAXABLE PROFIT should be your NET PROFIT from your business operations because that would be that amount that would be subject to all of the different taxes that you would be liable for on your NET profit from your business operation.
Is buying or selling gold taxable?
If the gold is sold as an investment then the profit would be taxable as Capital Gains. If there was a lost then this could be claimed as a deduction. If the gold is bought/sold for personal use (i.e. jewelry then the purchaser must pay sales tax.
Is taxable profit the same as net profit?
Business net profit is adjusted for things like tax depreciation as well as some items which are not allowed by tax department as expense or income or deduction to arrive at taxable profit.
Is foreign exchange gain taxable?
Foreign exchange gains are taxable but they are taxable with different rate of tax then actual normal profit of business.
If selling price is S and product price is P then what will be the profit?
Selling price is somethng on which the profit depends so its Selling price - Product price = profit
Does selling your house and making a profit affect your social security income?
The taxable amount of any gain on the sale of your house business property or second home (not your main home or primary residence) could cause some of your SSB to become taxable income on your 1040 income tax return. This type of income capital gain would not be included in the earnings test for the reduction of your SSB during the year before you reach your NRA.
How does the cost of production and the selling price affect the profit?
As a very rough approximation,Profit = Selling Price - Cost of Production.As a very rough approximation,Profit = Selling Price - Cost of Production.As a very rough approximation,Profit = Selling Price - Cost of Production.As a very rough approximation,Profit = Selling Price - Cost of Production.
Can you make profit by selling medical cannabis in the street?
Yes. You can make a profit by selling anything.
What is taxable income?
Taxable income is the portion of income that is the subject of taxation according to the laws that determine what is income and the taxation rate for that income. Generally, taxable income refers to an individual's (or corporation's) gross income, adjusted for various deductions allowable by statute. The main questions put by most individuals in any jurisdiction are "what makes up my taxable income" and what tax rates should be applied such that I can work out my tax liability to the state. For example, suppose within a year, one person earned $100,000 from work, made $50,000 profit from selling stock, and won the lottery for $1,000,000. This person has, prima facie, an income of $1,150,000. However, some of this income may be taxed at a lower rate or perhaps not taxable at all. In most western countries, 100% of regular salary (above a certain threshold) is taxable and a portion of Capital Gain (ie profit from selling stock or real estate) is taxable.
How do you calculate cost price when selling price and total profit is given?
cost price = selling price - profit
Does the term 'for sale by owner' have any advantages when selling a home?
If you sell it your self one of the obvious advantages would be that you get 100% of the profit and earnings from selling your home, another would be you have complete control over the sale.
How do you calculate cost price when given sell price and profit percentage?
Cost Price = Selling Price - Profit Profit = Selling price * profit percentage Example: Selling Price = 10 Profit % = 50% Profit = 10*50/100 = 5 Cost price = 10 - 5 Cost Price = 5
