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Yes it is very possible that a child would have to file a 1040 federal income tax return and pay any income tax that would be due when the tax return is completed correctly.

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what do I pay in capital gains for 70,000 dollars ?

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


When do you pay Capital gains taxes on the sale of a business?

When you file your income tax return for the year of the sale.


What are the four categories of items on which people pay taxes?

People typically pay taxes on four main categories of items: income, property, sales, and capital gains. Income taxes are levied on wages and earnings, while property taxes are based on real estate ownership. Sales taxes apply to goods and services purchased, and capital gains taxes are incurred from profits made on the sale of assets like stocks or real estate. These categories help fund government services and infrastructure.


Do you have to pay capital gains tax when selling a property?

Capital gains tax is a tax on capital gains if when you sell or give away an asset it has increased in value you may be taxable on the gain this doesnt apply when you sell personal belongings worth six thousand pounds or lesss nor will you have to pay capital gains taxwhen you sell your main home provided certain conditions are met but you will be required to pay cgt on any other properties which you own ie if you own a villa in forta ventura and decide to sll it then any profit you make will be taxable as a capital gain Whether you pay capital gains on a property is determined by a number of different variables. To get an explanation on capital gains taxes see: http://www.sellmyhomeinmetrowestma.com/Capital_Gains/page_2233154.html


Do you pay taxes when selling an asset?

Yes you do if you owe any capital gains tax on the sale of the asset after your income tax return is completed correctly and IF you owe any taxes on gain.

Related Questions

Do I have to pay estimated taxes on capital gains?

Yes, you may need to pay estimated taxes on capital gains if you expect to owe 1,000 or more in taxes on your gains for the year. It is important to consult with a tax professional to determine your specific tax obligations.


what do I pay in capital gains for 70,000 dollars ?

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


What taxes do you pay when purchasing a house?

When purchasing a house, you may need to pay property taxes, transfer taxes, and possibly capital gains taxes if you sell the house for a profit.


How do I pay estimated taxes on capital gains?

To pay estimated taxes on capital gains, you can use Form 1040-ES to calculate and submit your payments to the IRS. You may need to make quarterly payments based on your expected capital gains income for the year. It's important to stay on top of these payments to avoid penalties.


Do you have to pay capital gains tax on your deceased fathers house when you sell?

Do you have to pay taxes on deceased mother's house when it sells


Do people have to pay income tax on realized investments after they pay capital gains tax?

No. You will not pay income tax in addition to capital gains tax if I understand you correctly. However, capital gains tax for an individual is reported and paid on your 1040 income tax return. The only difference is that the rate for capital gains taxes is lower than the regular income tax levels.


When do you pay Capital gains taxes on the sale of a business?

When you file your income tax return for the year of the sale.


Do you pay capital gains on dividends?

No, you do not pay capital gains tax on dividends. Dividends are typically taxed at a different rate than capital gains.


Do you have to pay income tax on a home equity loan?

I don't believe you do. You will pay income taxes when you sell the house--this is called capital gains.


Why is there a capital gains tax?

The capital gains tax is imposed by the government to tax the profit made from selling assets like stocks or property. It helps generate revenue for the government and ensures that individuals pay taxes on their investment gains.


Do you have to pay capital gains taxes when you sell a house?

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


When would you have to pay capital gains taxes on real estate at the end of the year if that is your only source of income would capital gains tax be considered your income tax?

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.