0
It depends on the laws of the time. For many years, the difference between what you paid for the house and its improvements and what you sold it for was taxed. IRS Publication 253 has the information that you need to determine if your sale qualifies for income exclusion.
Wiki User
∙ 8y ago
Add your answer:
Earn +20 pts
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.
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.
Are bonuses taxable?
Yes, Bonuses are income and income is taxable
Is ssi taxable?
Supplemental security income (SSI) is not taxable income.
Is kinship income taxable income?
No it is not taxable
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 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.
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.
Is selling your motorcycle considered taxable income?
If you sold it for more than you paid for it, the difference is a capital gain and taxable. (If you are in the business of selling motorcycles, it is an ordinary gain.) If the motorcycle was for personal use, you cannot claim a capital loss.
Are bonuses taxable?
Yes, Bonuses are income and income is taxable
Is ssi taxable?
Supplemental security income (SSI) is not taxable income.
Where can one learn more about taxable income?
In the UK, the HM Revenue & Customs website offers detailed information about taxable income. It is also explained what counts as taxable income and what counts as a non-taxable income.
Is the sale of a company's assets taxable for city income taxes to the business selling the assets?
Depends on the city's tax code.
Is income from a lawsuit taxable?
Yes, any income no matter how you make it is taxable.
What is a persons taxable income?
Persons taxable income is the taxable income of any individual like owners or anybody in normal life which includes salary income, income from any business in partnership etc.
