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Q: Why is it equity is not ground for tax exemption?
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What is the tax ramification on a 122000 gift of equity?

Under US tax law, your lifetime federal gift tax exemption would be depleted by the amount of the gift in excess of the annual limit to one person. If the annual limit is, say, $12,000, and you give the equity to an individual, you would lose 110,000 from your $1.2 million-dollar gift tax exemption (or whatever it is when you die and your estate is distributed to non-charitable beneficiaries), not including gifts to a surviving spouse (which are estate tax-free). You could reduce the loss of exemption by giving the equity to more than one person, or spreading it over multiple years.


How does tax exemption for synagogues work?

Synagogues qualify for the tax exemption applicable to religious organizations. A tax professional should be able to advise on the necessary paperwork needed to claim the exemption.


TN homestead exemption?

The TN homestead exemption stand for the Tennessee homestead exemption. The Tennessee homestead exemption protects some of the home equity when bankruptcy is being filed.


How do you get a new nhs tax credit exemption certificate?

HOW do i nenew my nhs tax credit exemption certificate


What is equity tax planning?

Tax you pay with regards to the equity you own


What is the period for lta to get tax exemption?

The Tax Exemption follows the standard financial year cycle. If you travelled in August of the year, you will claim tax exemption in the financial year that ends in the March of the next year.


Do Olympians receive a tax exemption?

No.


What is a statutory exemption?

An exemption is something that is excluded. In taxes, there are various tax exemptions and types of income that are exempt from tax. There are also certain types of organizations that are exempt from tax.


Is home equity tax-deductible?

The equity in your home is not a tax deduction. The interest paid to banks for a home equity line of credit or loan may be tax deductible.


Can a second secured mortgage loan be discharged?

Yes, if there is no equity in the house to secure that second mortgage, or the equity is less than the exemption.


Where can I go via online to download information pertaining to tax exemption?

You can find the exemption requirements by simply logging onto irs.gov. Wikipedia.org also offers some information on these tax exemption requirements.


What is the 2010 exemption amount for seniors?

The same thing that they were for the 2009 tax year. 3650 for each exemption on the MFJ 1040 income tax return.