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I assume you are saying you own a rental unit that is located in another state and you sold it.
If you are a US Citizen or permanent resident, you must pay federal income tax on any profits derived from a sale anywhere in the world.
If you are a resident for tax purposes of a state that imposes an income tax, you must pay state income tax to the state where you are a resident.
If the state where the property is located has an income tax, you must also file a non-resident return in that state and pay any appropriate income tax to that state.
This can create a situation where you must pay income taxes to two different states (the one where you live and the one where the property is located) on the same profit. Ordinarily the state where you live will grant you a credit for the amount of tax you paid to the other state. The credit however will not exceed the amount the resident state would tax the same income.
What else can I help you with?
What taxes can be shifted from one individual to another through the process of increasing the price of the goods sold?
Indirect Taxes.
Can taxes can be shifted from one individual to another through the process of increasing the price of the goods sold?
Indirect Taxes.
Can a property that was sold for taxes be included in an estate?
No. That property was no longer owned by the decedent if it was sold for unpaid property taxes.No. That property was no longer owned by the decedent if it was sold for unpaid property taxes.No. That property was no longer owned by the decedent if it was sold for unpaid property taxes.No. That property was no longer owned by the decedent if it was sold for unpaid property taxes.
In what ways do states tax businesses?
States tax businesses through various methods, including corporate income taxes, which are levied on a company's profits. Additionally, states may impose sales taxes on goods and services sold, as well as property taxes on business-owned real estate and personal property. Some states also collect franchise taxes, which are fees for the privilege of doing business within the state, and unemployment taxes to fund unemployment benefits. These taxation methods can vary significantly from state to state, impacting business operations and profitability.
What are indirect taxes?
Indirect taxes are a form of cost that goes into the final cost of the end product. Direct taxes paid would be sales taxes and such, but indirect taxes would be taxes paid by the manufacturer of goods that ultimately goes into the cost of goods sold.
Can a home be sold for unpaid property taxes if it has an outstanding equity loan balance?
Yes, depending on the state, a home can be sold for unpaid property taxes.
What taxes can be shifted from one individual to another through the process of increasing the price of the goods sold?
Indirect Taxes.
Can taxes can be shifted from one individual to another through the process of increasing the price of the goods sold?
Indirect Taxes.
Which of the following taxes can be shifted from one individual to another through the process of increasing the price of the goods sold?
Indirect Taxes
You sold your fathers house 2 years after his death do you have to pay new york state taxes?
Yea sadly you do.
How many miles do rental cars typically have before they are sold?
Rental cars are typically sold after they have been driven around 30,000 to 40,000 miles.
Taxes levied on goods made or sold within a country are called what?
taxes levied on goods made or sold within a country are called excise taxes.
If the property in the irrevocable trust is sold who pays the federal and state income tax?
The trustee or the administrator of the trust or the beneficiaries would be responsible for paying the taxes that may be due when the property is sold.
How do you purchase property for back taxes in the state of Michigan?
Property that is confiscated for the non payment of taxes usually gets sold at auction. Check your local paper to find out when your town holds their auctions.
If you sold your car do you owe taxes?
no
What are the heavy taxes in ancient rome?
the heavy taxes in rome are when slaves are sold
Can you still REPAY MY PROPERTY TAXES EVEN IF IT HAS BEEN SOLD AT TAX SALE?
Check to see what the period of redemption is in your state. You may have a year to redeem the property by paying the taxes and associated costs and interest.
