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What else can I help you with?
Is taxes a intangible assets?
Taxes are never an asset (unless you are the government), you have to pay taxes which is an expense and or liability depending on when you pay them. An intangible asset is something you can't see or touch, like a patent on something you invent
When selling an asset that has been depreciated is it better to have a big or small capital gain?
It is not so much up to you. If you sell an asset, the selling price minus your basis is your taxable gain. I guess you could sell it for less, but what would that do for you. People learn that doing things so that you have less taxes, is just taking money out of your pocket. If you sell something at a profit, your taxes will be less that one third of your profit, so in order to reduce your taxes, you have to reduce your income. If you try to sell an asset for less to yourself, a family member, or a friend then the price is not an arms length transaction and if audited, you will pay taxes on the fair market value, pay penalties, interest, and probably will be convicted of tax fraud.
Do you have to pay taxes on selling your deceased fathers house?
That is the question !
Does selling old furniture count as income and do you have to pay income taxes on it?
yes
Does the estate pay taxes?
Estates pay taxes on income and may have to pay inheritance taxes.
Is taxes a intangible assets?
Taxes are never an asset (unless you are the government), you have to pay taxes which is an expense and or liability depending on when you pay them. An intangible asset is something you can't see or touch, like a patent on something you invent
Does selling a vehicle you were given as a result of the death of a family member count as income that you must pay taxes on?
Yes this is very possible because it is the sale of a capital asset.
Do you have to pay taxes when selling a motorcycle?
You don't have to pay taxes when selling a motorcycle, but the buyer has to pay taxes when he goes to the title agency. Some people say the vehicle is a gift so they can avoid paying tax.
When selling an asset that has been depreciated is it better to have a big or small capital gain?
It is not so much up to you. If you sell an asset, the selling price minus your basis is your taxable gain. I guess you could sell it for less, but what would that do for you. People learn that doing things so that you have less taxes, is just taking money out of your pocket. If you sell something at a profit, your taxes will be less that one third of your profit, so in order to reduce your taxes, you have to reduce your income. If you try to sell an asset for less to yourself, a family member, or a friend then the price is not an arms length transaction and if audited, you will pay taxes on the fair market value, pay penalties, interest, and probably will be convicted of tax fraud.
Do you have to pay taxes on selling your deceased fathers house?
That is the question !
Do you have to pay taxes on selling used items?
Yes, you may have to pay taxes on selling used items, depending on the circumstances and the amount of profit made. It is important to report any income from selling used items on your tax return and consult with a tax professional for guidance on how to properly report and pay taxes on these transactions.
Does selling old furniture count as income and do you have to pay income taxes on it?
yes
What did the Mycenaeans pay their taxes with?
By selling their crops and livestock to the kings.
Is there tax to pay whe selling a unregistered car?
YES. There should be some income taxes paid for the sale of a capital asset by the seller on the 1040 federal income tax return. And by the buyer some taxes to the DMV when they try to register the unregistered vehicle that they are supposed to have purchased from the seller of the unregistered vehicle.
Do you have to pay taxes when selling a car in Canada?
no no you do not. Mexicans will buy it cheaper and they wont charge tax.
How do you calculate capital gains when selling an asset?
To calculate capital gains when selling an asset, subtract the purchase price from the selling price. This difference is the capital gain.
How do you dispose an asset?
By selling it, generally.
