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Capital gain tax's applies to the moneys that you make on top (profit) of what you paid for the house ... and that would depend on what state you live in ...
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Do you pay state sales tax as well as federal capital gains tax when you sell land?
Yes this could be possible when the state has a sales tax on the sale of land. On your federal income tax return 1040 schedule D or 4797 yes you would report the sale of the land and if you have a capital gain could have to pay some income tax on the amount of the capital gain.
Is the sale of land considered income?
Yes. Called a 'capital gain'. It will require reporting on your income tax.
When to pay tax for capital gain from stock sells?
It is reported as income in the year of the sale. Your estimated payments, as well as your return for that year should reflect the tax on this.
Do you have to pay capital gains tax on sale of your final home if you have previously owned several homes over several decades with cumulative gains that exceed current maximum exclusion amount?
Yes, you are subject to capital gains tax on the gain on the sale of your principal residence that exceeds the maximum exclusion ($250,000 if Single / $500,000 if Married Filing Joint.) The old rule allowed you to defer paying tax on a home sale by "buying up" and rolling the gain into the new residence. You do that by reducing the basis of the new residence. Note that the old rule was always intended as a deferral of tax, not a tax exclusion. Because you were allowed to defer tax on prior sales, the basis of your current residence is likely low. This results in a large gain on sale that, unfortunately, may put you over the maximum exclusion. Note, however, you will only be taxed on the portion of gain that exceeds the maximum exclusion. For example, if your gain is $600,000 and you file Married Filing Jointly, you will only be taxed on $100,000 of gain ($600,000 gain minus $500,000 exclusion.)
If you sell stock do you owe tax on the capital gain of the stock or entire principle amount?
You only owe tax on the capital gain.
Which do you report on tax forms realized capital gain or unrealized capital gain?
You will report the sale of a capital asset on your 1040 tax form either the schedule D or the schedule 4797 and you will either have a gain or a loss on each transaction that you have to report on the schedules. You are not allowed to claim a loss on the sale of a personal asset but any gain on the sale of a personal asset is taxable income on your 1040 income tax return. You can call them what ever you want. When you read the tax form instructions they do not say realized capital gain or unrealized capital gain.
Do you pay state sales tax as well as federal capital gains tax when you sell land?
Yes this could be possible when the state has a sales tax on the sale of land. On your federal income tax return 1040 schedule D or 4797 yes you would report the sale of the land and if you have a capital gain could have to pay some income tax on the amount of the capital gain.
If Sold land to payoff home capital gains tax?
Yes when you a gain on the sale of a asset you will have to report the sale on your 1040 income tax return and could owe some income after your 1040 income tax return is completed correctly for the year of the sale. At the present time the long term capital gains tax rate on the sale of personal asset (nonbusiness asset) is from the -0- % rate to the maximum 15% rate on the amount of LTCG.
Is the sale of land considered income?
Yes. Called a 'capital gain'. It will require reporting on your income tax.
How do you account for tax owed for profit from car sale?
Profit on sale of old car comes under capital gain. You can save your tax to purchases a new car with in a year.
Will a 3.8 percent federal sales tax be imposed on home sales?
No federal sales tax is imposed on home sales at this time. If you sell your home and have a long term capital gain it would be possible that you would have some federal income tax to pay on the sale of your home or house or other business property.
When to pay tax for capital gain from stock sells?
It is reported as income in the year of the sale. Your estimated payments, as well as your return for that year should reflect the tax on this.
Will the government tax home sales at 3.8 percent?
Not exactly. The 3.8% Medicare tax will apply to certain investment income, including the gain on the sale of a home (not the entire sale value). The tax applies to individuals whose income reaches certain thresholds, and starts in 2013. So to be clear, suppose that you purchased your home originally for 100,000 dollars then sold it for 150,000. The gain is the difference between sale price and original price [$50,000 in this case]. If you are subject to the tax, then the tax would be calculated on the $50,000 gain, rather than the $150,000 sale price. No federal sales taxes (tax on the entire sale amount) exist in the United States at this time.
If you sell stock do you owe tax on the capital gain of the stock or entire principle amount?
You only owe tax on the capital gain.
Do you have to pay capital gains tax on sale of your final home if you have previously owned several homes over several decades with cumulative gains that exceed current maximum exclusion amount?
Yes, you are subject to capital gains tax on the gain on the sale of your principal residence that exceeds the maximum exclusion ($250,000 if Single / $500,000 if Married Filing Joint.) The old rule allowed you to defer paying tax on a home sale by "buying up" and rolling the gain into the new residence. You do that by reducing the basis of the new residence. Note that the old rule was always intended as a deferral of tax, not a tax exclusion. Because you were allowed to defer tax on prior sales, the basis of your current residence is likely low. This results in a large gain on sale that, unfortunately, may put you over the maximum exclusion. Note, however, you will only be taxed on the portion of gain that exceeds the maximum exclusion. For example, if your gain is $600,000 and you file Married Filing Jointly, you will only be taxed on $100,000 of gain ($600,000 gain minus $500,000 exclusion.)
Do have to pay capital gains tax on the sale of a prefabricated home?
Probably not...but there are many circumstances that you would. The main thing is, was it accounted for as your home (did you take homeowners deductions) or as something else (say as an investment). As a home, there are many ways the gain on sale isn't taxable at all...although it may even depend on what you did with the money from the sale (buying another home with it within a few years for example).
When would you have to pay capital gains taxes on real estate at the end of the year if that is your only source of income would capital gains tax be considered your income tax?
Yes long term capital gains on the sale of real estate would be subject to your income tax return. Capital gain taxes would be a part of your income tax on your 1040 income tax return.
