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Much of whether there is tax liability of a short sale depends on whether the home was a primary residence or not. In most circumstances you will not pay taxes on a short sale if it was your primary residence. This is because of a law that went into effect called the Mortgage Debt Relief Act. If the property was an investment and not a primary residence you may have to pay taxes.
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Is income tax an estimated liability?
is income tax estimated liability
How much tax do you pay on 50000 a year?
How much tax would you pay on 50,000.00 if sould house for short sale
What is zero tax?
tax liability
Why tax is liability?
If tax is still remains payable while close of books of accounts then it is a liability to be paid to tax authorities that's why shown under liability side of balance sheet as current liability.
Is deffered tax liability your current liability?
yes
What are the Journal entries for a sale of subsidiary?
There are several important journal entries for the sale of a subsidiary. These include: Fixed assets, current assets, current liability, deferred tax liability, and goodwill.
What is Zero Tax Liability?
tax liability
How is deferred tax liability different from current tax liability?
Current Tax Liability is that tax amount which is actaully payable in current year.Deffered Tax liability is that amount of tax liability which is created due to difference in net income in income statement and income according to tax authorities.
Where can someone estimate their Tax Liability online?
You can estimate your Tax Liability online on Virginia.gov. Tax Liability online helps you to determine your estimated tax liability and how many payments you should make.
Is income tax an estimated liability?
is income tax estimated liability
How much tax do you pay on 50000 a year?
How much tax would you pay on 50,000.00 if sould house for short sale
What is zero tax?
tax liability
Why tax is liability?
If tax is still remains payable while close of books of accounts then it is a liability to be paid to tax authorities that's why shown under liability side of balance sheet as current liability.
Is deffered tax liability your current liability?
yes
What does exempt status mean on the W4 form?
Exempt status may be claimed on a 2010 W-4 if two conditions exist:1. You did not have a tax liability in the prior year and therefore received a refund of everything that was withheld, and2. You expect to have not tax liability this year.Caution: Having no tax liability is not the same as owing no tax. If your tax withholding was $1,000 last year and your tax liability was $400 then you owed no additional tax. You received a $600 refund. But your tax liability was $400.
Why we treat provison for tax as current liability?
With the process of provision we create the amount and set aside to payment for taxes in future as it is payable in short term future that's why it is called current liability.
Is income tax a current liability or an expense?
Accrued income tax (Income Tax Payable) is a current liability. When the tax is actually paid it is reported on the income statement as Income Tax Expense.
