The answer depends on your personal financial situation. It also depends on at least:
and whatever other variables that may be involved.
Your tax preparer can answer your question specifically.
Do you have to pay taxes on deceased mother's house when it sells
If you had the home as your primary residence within the past 2 years, you will not have the pay the taxes. This is as long as you did not gain more than $250,000 from the sale.Ê
I don't believe you do. You will pay income taxes when you sell the house--this is called capital gains.
In Canada you pay the capital gains only on investment properties that are sold and it's paid with your income taxes (so you may have a income tax balance due when you file your taxes, for the year the property was sold).
No. And if neither house is your main home (primary residence) you will have to report the sale of both houses on your income tax return and be subject to income taxes on the sale of the capital gains on both houses.
The capital gains tax rates are determined by the type of investment asset and the holding period of the asset. In additional to the federal capital gains tax rates, your capital gains will also be subject to state income taxes. Many states do not have separate capital gains tax rates. Instead, most states will tax your capital gains as ordinary income subject to the state income taxes rates.
New York City taxable income is based on New York State taxable income, which taxes capital gains as ordinary income. Therefore, yes, NYC taxes capital gains.
The capital gains tax rates are determined by the type of investment asset and the holding period of the asset. In additional to the federal capital gains tax rates, your capital gains will also be subject to state income taxes. Many states do not have separate capital gains tax rates. Instead, most states will tax your capital gains as ordinary income subject to the state income taxes rates.
Sure. If you sell them for more than you paid for them then you will incur a capital gain and therefore will incur capital gains taxes.
Not from current Income. But it can setoff the Capital Gains and hence Capital gains tax.
You need to invest in someone else's name.
capital gains
Capital gains is defined as income made from the sale of assets that were purchased at a price lower than that of the sale. Capital gains tax would be the taxes the government charges you on that income. Most capital gains taxes are the result of the sale of stocks and bonds, commodities, and real estate. A very good reference for this can be found on Wikipedia at http://en.wikipedia.org/wiki/Capital_gains_tax.
If I get a severance package check for $120,000.00 how much is withheld in taxes, I live in NY? what do i pay in capital gains on 100000.00 dollars
In the United States, the federal long term capital gains tax is 0% or 15%, depending on your tax bracket. The short term rate is the same as for ordinary income. There are also state income taxes which vary by state.
Taxes on investment gains fall into two categories, long and short term capital gains.
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.