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Is the sale of land considered income?
Yes. Called a 'capital gain'. It will require reporting on your income tax.
Can a CDN corporation apply non capital losses against dividend income?
A CDN corporation can not apply non capital losses against dividend income it can only be used to reduce capital gain. There are rules and regulations that go along with this as well. You can not use capital gain to offset normal income.
Can you use capital loss to offset dividend income?
ANSWER No capital loss can only be used to reduce any capital gain, and even in then there are rules. You can not use capital gain to offset against ordinary income. NB: Personal use capital loss can not be offset against any capital gain, losses on collectibles can only be offset against other collectibles capital gain and all "other" capital loss e.g. dividends, shares, real estate can be offset against "other" capital gain.
Is an oil lease bonus a capital gain?
No it would be rental income.
Can a C-corporation use its ordinary loss to offset capital gain?
A c corps capital gain is taxed as ordinary income so why couldn't you use an NOL to offset the gain?
Is capital gain considered earned income?
No, capital gain is not considered earned income. Earned income is typically derived from wages, salaries, and self-employment, while capital gains come from the sale of investments or assets.
Is the sale of land considered income?
Yes. Called a 'capital gain'. It will require reporting on your income tax.
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.
Is selling your motorcycle considered taxable income?
If you sold it for more than you paid for it, the difference is a capital gain and taxable. (If you are in the business of selling motorcycles, it is an ordinary gain.) If the motorcycle was for personal use, you cannot claim a capital loss.
Is the sale of a business considered a capital gain?
Yes, the sale of a business is generally considered a capital gain, which is the profit made from selling a capital asset like a business.
Can a CDN corporation apply non capital losses against dividend income?
A CDN corporation can not apply non capital losses against dividend income it can only be used to reduce capital gain. There are rules and regulations that go along with this as well. You can not use capital gain to offset normal income.
Is selling a business considered a capital gain?
Yes, selling a business is typically considered a capital gain, as it involves the sale of a capital asset, which can result in a profit that is subject to capital gains tax.
Can you use capital loss to offset dividend income?
ANSWER No capital loss can only be used to reduce any capital gain, and even in then there are rules. You can not use capital gain to offset against ordinary income. NB: Personal use capital loss can not be offset against any capital gain, losses on collectibles can only be offset against other collectibles capital gain and all "other" capital loss e.g. dividends, shares, real estate can be offset against "other" capital gain.
Is an oil lease bonus a capital gain?
No it would be rental income.
At what rate do capital gains tax rates rise and fall?
Capital Gains Tax Rates Rise and Fall at a zero percent rate if your total income places you in the 10 - 15% tax brackets, this includes Capital Gain Income. This would be at a 15% rate if your total income places you in the 25% tax bracket or higher, including Capital Gain Income.
Can a C-corporation use its ordinary loss to offset capital gain?
A c corps capital gain is taxed as ordinary income so why couldn't you use an NOL to offset the gain?
Can a C corporation use its ordinary loss to offset capital gain?
A c corps capital gain is taxed as ordinary income so why couldn't you use an NOL to offset the gain?
