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How long do you have to reinvest before you must pay capital gains?
There was an option to reinvest proceeds from the sale of a home into a new home in order to avoid capital gains taxes. That option was repealed in 1997 and replaced by the current $250,000/$500,000 exclusion. There is no other option to avoid capital gains taxes by reinvesting. Perhaps you are thinking of the Section 1031 exchange that lets you trade one income-producing or business property for a similar property. See: http://www.irs.gov/newsroom/article/0,,id=179801,00.html
If you sell a stock for higher than you bought what do you have to claim on you taxes?
capital gains
What exactly is capital gains tax and who is affected by it?
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.
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
You sell residential rental property how long do you have to reinvest the gain to avoid capital gain tax?
To avoid capital gains tax on the sale of residential rental property, you can utilize a 1031 exchange, which allows you to defer taxes by reinvesting the proceeds into a similar property. You must identify a replacement property within 45 days of the sale and complete the purchase within 180 days. If you do not follow these timelines, the capital gains tax will apply to the sale.
Is it possible to avoid capital gains by paying off my mortgage?
Paying off your mortgage does not directly avoid capital gains taxes. Capital gains taxes are typically incurred when you sell an asset, such as a property, for a profit. However, paying off your mortgage may affect the amount of profit you make when you sell the property, which could impact your capital gains tax liability. It's important to consult with a tax professional for personalized advice.
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.
Can I use TurboTax Deluxe to report capital gains on my taxes?
Yes, you can use TurboTax Deluxe to report capital gains on your taxes.
How do you avoid capital gains taxes in selling your home?
You cannot avoid paying the capital gain tax on the part of the home that was used for rental property (business) income Click on the below Related Link
What is the capital gains tax?
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.
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.
Are capital gains taxable by New York City?
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.
How long do you have to reinvest before you must pay capital gains?
There was an option to reinvest proceeds from the sale of a home into a new home in order to avoid capital gains taxes. That option was repealed in 1997 and replaced by the current $250,000/$500,000 exclusion. There is no other option to avoid capital gains taxes by reinvesting. Perhaps you are thinking of the Section 1031 exchange that lets you trade one income-producing or business property for a similar property. See: http://www.irs.gov/newsroom/article/0,,id=179801,00.html
How can one avoid short term capital gains tax?
One can avoid short term capital gains tax by holding onto an investment for more than one year, which qualifies it for the lower long-term capital gains tax rate.
Are there capital gain taxes on matured zero munis?
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.
When you sell property less than you gave do you get to take it off your income taxes?
Not from current Income. But it can setoff the Capital Gains and hence Capital gains tax.
If you sell a stock for higher than you bought what do you have to claim on you taxes?
capital gains
