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Do you have to pay capital gains tax on a rental home that was sold for less than what you originally paid for it?
Presuming it was accounted for each year properly, maybe: Sure, there is no gain in the way you present it, and instead you would have the tax benefit of a loss. (So reportable as a capital transaction, but at a loss). The capital gain loss is calculated from your basis VS the sale price (minus applicable transaction costs, like broker fees). The basis is your original cost, and many other things - improvements for exmple and minus some others, particularly depreciation. So your tax gain or loss may be much different that it wuld be as you calculate. For example, if you depreciated (and actually even if you didn't by how the law reads), the property properly during ownership...and received all the years of tax benefits while doing so, every years depreciation reduces your basis. Therefore, it is possible your tax basis is now much. much less than you paid for it (even 0), and when sold, could produce a capital gain.
What is the difference between ordinary income and operating income?
Ordinary income refers to any income that is not capital gain. Operating income is how much revenue a company will profit.
Why does causes cost of capital increase?
element of risk is the factor which causes the cost of capital to increase as much the risk as much the cost of capital.
How much is 70.00 plus tax?
That's really hard to say... first i would have to WHAT STATE YOUR IN... and for that matter WHAT COUNTRY YOUR IN AND if your BUYING SOMETHING, SELLING... if its EARN INCOME OR CAPITAL GAIN MONEY. you have to be more clear...
How much is the salary of an accountant in the Philippines?
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How much capital gains tax on inhertiance?
I am going to answer the question as asked, but I suspect it might not be what you really want to know. There is no capital gains tax on an inheritance. But if you inherited a capital asset and later sell it for more than its value on the date of death (or alternate valuation date set by the executor of the estate), the difference is a taxable capital gain. Your basis in any property you inherit is reset to its Fair Market Value on the date of death (or alternate valuation date). Your holding period for inherited property is always long term.
What do you gain by paying taxes?
You gain the knowledge that you have contributed to the maintenance of a society that makes much of life as you know it possible. You also gain the security of knowing that government agents probably won't seize your property or arrest you.
How did poverty start in the Philippines?
poverty in the Philippines is caused by so much depending of Pilipinos to the natural resources.. because Philippines is rich in the natural resources they do not work.. they just gain and gain for their own interest.. .. and as the effect of that,.. poverty,,..
Why did the US support Mexican revolutionaries but oppose Filipino revolutionaries?
The U.S. had interests in the Philippine Islands. Unlike Mexico, if the U.S. managed to colonize the Philippines, they would gain much since the Philippines is very close to China.
When you sell a rental propery you have had for seven years how much capital gains tax can you expect to pay?
It all depends on how much the property has gone up in value.
What is the name for the money an investor receives above and beyond the money initially invested?
The phrase you're looking for may be capital gains, depending on how much more money is made on the investment and the type of investment. Otherwise, another term is profit.
Do you have to pay capital gains tax on a rental home that was sold for less than what you originally paid for it?
Presuming it was accounted for each year properly, maybe: Sure, there is no gain in the way you present it, and instead you would have the tax benefit of a loss. (So reportable as a capital transaction, but at a loss). The capital gain loss is calculated from your basis VS the sale price (minus applicable transaction costs, like broker fees). The basis is your original cost, and many other things - improvements for exmple and minus some others, particularly depreciation. So your tax gain or loss may be much different that it wuld be as you calculate. For example, if you depreciated (and actually even if you didn't by how the law reads), the property properly during ownership...and received all the years of tax benefits while doing so, every years depreciation reduces your basis. Therefore, it is possible your tax basis is now much. much less than you paid for it (even 0), and when sold, could produce a capital gain.
How much is 9.99 in the Philippines?
how much is £9.99 in philippines
How much does round trip ticket costs from Florida to Philippines?
how much the fair of florida to philippines
What is the difference between ordinary income and operating income?
Ordinary income refers to any income that is not capital gain. Operating income is how much revenue a company will profit.
How much is potensan per tablet in mercury drug in the philippines?
how much is potensan in mercury drug philippines
How much is potensan per tablet in mercury drug in Philippines?
how much is potensan in Mercury drug Philippines
