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What should you do with money from the sale of a house so that it doesn't become taxable income?
Wiki User
∙ 9y ago
It really doesn't matter so much what you do with the proceeds from a sale of a home to make sure it isn't taxable. Of course, you can always purchase another home if you don't already have another home as your residence. Purchasing another home if the one sold was rental property will not help, as you will still pay taxes on any gain from the sale. If it is your residence that you sold and had a gain from, you have an exclusion of gain of principal residence that you can use. If you are married and file a joint return, you can exclude up to $500,000 of sales gain of your residence. Individuals who file single can exclude up to $250,000 of gain. There are a few requirements that you must meet and it must be reported on your tax return but the exclusion, if used will eliminate income tax on the gain.
Wiki User
∙ 9y ago
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How do you use taxable in a sentence?
I don't know what taxable means."Certain essential items, like food, should not be taxable.""Does this bonus contribute to my taxable income?"
If an employee steals from his employer can this amount be added to the employee's wages as taxable income?
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What is taxable income?
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Georgia-Pacific can i receive a cash payout from my retirement plan if I have less than 15 years with the company and I am only 62 years old I am also receiving social security disability payments?
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Can you receive cash benefits from your retirement if you are not retirement age and have less than 15 years with company you are receiving social security disability payments?
You should get this information from the trustee of the retirement plan. But for income tax purpose you should be able to BUT the taxable amount of the distributions will be subject to income taxes at your marginal tax rate. It is also possible that from 50% to 85% of your SSB can also become taxable income at your marginal tax rate on your 1040 federal income tax return. When you are under the age of 59 1/2 the taxable amount of the distribution will also be subject to the 10% early distribution penalty plus income tax at your marginal tax rate.
Are end of the year bonuses from work taxable income and if so should the bonus be added to your regular pays gross income and then taxed or should the bonus be a separate check taxed individually?
Yes, they are taxable income to the recipient. Whether the bonus is paid with regular income or as a separate check is immaterial. Bonuses are considered regular income by the IRS and taxed same as regular income is. The bonus is included in box 1 of the W2 as gross wages.
Is the 39.6 percent tax increase taxable income or adjusted gross income?
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What are the accounting entries for expenses and incomes in double entry systems?
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If you work in multiple states and pay taxes in multiple states should the sum of your individual state taxable incomes agree with the amount of your federal taxable income?
AnswerI believe so.AnswerNo - even if you work in only one state your State taxable (or gross) income will virtually never equal your Federal taxable (or gross)income. For many reasons. Like State tax is deductible from Federal, but not from itself! Some contributions or types of income too, (like retirement plans, some types of SUI, FICA, etc.), are deductible for one of the taxes, not the other. Etc.In the multi state sceanario you mention - also consider - if you had income in 3 States...one of which doesn't even have an income tax. Hence, no State Taxable income. The remaining two incomes better not equal your Federal.
Do you need to file taxes if you did not work but received money from school?
IF the amount of the money that you received from the school is taxable income YES you should file a 1040 federal income tax return.
Is inherited mineral rights taxable and how?
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