0
You sold an investment property and now am facing large capital gains taxes if you place the proceeds into a Charitable Remainder Trust can you avoid paying them?
Wiki User
∙ 15y ago
No. The tax is on the gain from that done transaction. What you do with your net proceeds won't effect it.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
What is the Charitable contributions deductions for capital gain property?
If you donate a capital property to a registered non-profit organization that is approved by the IRS, you can deduct the lesser of the fair market value or your basis in the property.
What is the difference between deductions and contributions?
A deduction on your tax return can be your property taxes or mortgage interest. A contribution is money or property you've donated to a qualified charitable organization.
Is owner investment is asset?
An owner's initial investment in a company is recorded as Shareholder's Equity. The cash and other property contributed by the owner are recorded as Assets to the company.
What is the accounting entry for the declaration of the property dividend?
To account for the declaration of a property dividend, you must first restate the property at fair value, recognizing any gain or loss as the difference (125,000) between the property's fair value (750,000) and carrying value (625,000) at the DATE OF DECLARATION. Investment in securities 125,000 Gain of appreciation of securities 125,000 Retained Earnings 750,000 Property Dividends payable 750,000 At the DATE OF DISTRIBUTION of the property dividends: Property Dividends payable 750,000 Investment in securities 750,000
Can improvements when owning a home be depreciated once it becomes a rental?
Yes. But this may not be a good thing. The conversion to a rental/investment sets the basis for depreciation og the entire property. The amount of gain realized on that conversion would be taxable (unless converted to another residence). You end up forgoing the benefits of owning a residence....probably the biggest benefit available to most people in the tax code. The depreciation is only a timing difference and is repcatured upon sale of the investment and taxed then in any case, at ordinary, not capital gain rates. (Depreciation reduces the basis in the property, so your gain on sale is higher. The rules do not allow you to take depreciation as an ordinary income expense and recapture it as a capital gain, lower rate). Conceptually, it is the same as selling you house and using the proceeds to buy an investment property.
What exactly is a charitable remainder annuity trust?
A charitable remainder annuity trust is a Planned Giving vehicle that entails a donor placing a major gift of cash or property into a trust. The trust then pays a fixed amount to the donors specified beneficiary.
Do you have to pay anything back when you loose an investment property through foreclosure?
Yes you are responsible for all outstanding debt . That is if the sale of the property does not cover the amount owed you are up for the remainder.
Is investment property real property?
Yes, investment property is real property.
What exactly is a prudential property investment?
Prudential is the name of the umbrella company. They handle purchases of large property which would be the property investment part of this. Hence, Prudential Property investment.
What is Investment Property Databank's population?
The population of Investment Property Databank is 2,010.
What is the population of Investment Property Databank?
The population of Investment Property Databank is 314.
Are there dower rights on investment property?
In most states there aren't any dower rights on investment property. They have rights on regular property but not inheritance or investment.
What percentage of the proceeds is due to the wife when a property is sold?
If the property is owned jointly, the wife is entitled to 50% of the proceeds.If the property is owned jointly, the wife is entitled to 50% of the proceeds.If the property is owned jointly, the wife is entitled to 50% of the proceeds.If the property is owned jointly, the wife is entitled to 50% of the proceeds.
What profession specializes in offering property investment advice?
The Property Investment Advisor would be the person qualified to give property investment advice. Property Investment Advisors are trained to turn investments into large multi-million dollar portfolios.
Can you remove your spouses name from a home insurance policy without there consent or signature?
No. If the property suffers any damages the proceeds will be paid over to the owners of the property. You would be committing fraud if your spouse is an owner.No. If the property suffers any damages the proceeds will be paid over to the owners of the property. You would be committing fraud if your spouse is an owner.No. If the property suffers any damages the proceeds will be paid over to the owners of the property. You would be committing fraud if your spouse is an owner.No. If the property suffers any damages the proceeds will be paid over to the owners of the property. You would be committing fraud if your spouse is an owner.
When was Henry Kuehle Investment Property created?
Henry Kuehle Investment Property was created in 1909.
Can you have a remainder in distributive property?
no
