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When a home or business property is sold who is responsible for calculating the taxes owned on the sale?
When a home or business property is sold, the seller typically bears the responsibility for calculating the taxes owed on the sale, including any capital gains taxes. However, both parties may consult with real estate agents, Accountants, or tax professionals to ensure accurate calculations. Additionally, the closing agent or escrow company often assists in providing the necessary figures and ensuring that taxes are appropriately handled during the transaction. Ultimately, it is advisable for sellers to be proactive in understanding their tax obligations before completing the sale.
What else can I help you with?
Anything of value owned by the business?
Anything of value that is owned by a business is called an asset. This includes property, equipment, stock, or bonds.
Can a property that was sold for taxes be included in an estate?
No. That property was no longer owned by the decedent if it was sold for unpaid property taxes.No. That property was no longer owned by the decedent if it was sold for unpaid property taxes.No. That property was no longer owned by the decedent if it was sold for unpaid property taxes.No. That property was no longer owned by the decedent if it was sold for unpaid property taxes.
Resources owned by a business?
Resources owned by a business are either assets or money that the business can use to make profit. Employees of the business are also known as human resources.
Is a building considered an asset?
If building is owned by business then it is asset of business while if building is acquired on rent then it is not an asset of business.
When are income taxes applied to the interest earned by business-owned annuities?
When are income taxes applied to the interest earned by business owned annuities
What is a partnership of a present property?
Partnership property is property owned by a business partnership. This can be cars, machines, buildings, and computers that the business owns.
Anything of value owned by the business?
Anything of value that is owned by a business is called an asset. This includes property, equipment, stock, or bonds.
Would your spouse be responsible for your business credit card debt if you were to die if she is not an account holder?
Your estate is responsible for your debts. If the business is owned by the deceased, the business is responsible. A spouse is not responsible, but the amount they inherit will be affected by the debts.
A business owned by stockholders who share profits but are not personally responsible for debts?
Corporation :)
What is proprietorship?
an unincorporated business owned by a single person who is responsible for its liabilities and entitled to its profits
How does a corporation works?
In the 1800s, it was a business owned by stockholders who share in its profits but are not personally responsible for its debts.
Can a new spouses income be used in calculating child support obligation in CO?
Stepparents are not responsible for their stepchildren. Spouses are not responsible for their spouse's child(ren). However, to collect unpaid support, the State may place liens on real and personal property, including bank accounts, owned by the obligor, even though the spouse is a joint owner.
Who is responsible for taxes and insurance on a building and or equipment owned by a public utility but located on a homeowners property?
Technically, the insurable interest, which is the taxable one, i.e. the building is the property by a Public Utility. So it should be them the responsible
Can a responsible twelve year old work for his father's business?
A 12 year old in most places can work for a family owned business.
What is a Trust Res?
The property owned by a trust is the trust res.The property owned by a trust is the trust res.The property owned by a trust is the trust res.The property owned by a trust is the trust res.
If your father dies are you and your siblings responsible for his bills?
Your father's estate is responsible for his debts. If he owned any property at the time of his death (including real estate, personal property, bank accounts, etc.) his estate must be probated and that property must be used to pay his creditors. If he owned no assets then his ceditors are out of luck and you should send the bills back with a copy of his death certificate.
Can a property that was sold for taxes be included in an estate?
No. That property was no longer owned by the decedent if it was sold for unpaid property taxes.No. That property was no longer owned by the decedent if it was sold for unpaid property taxes.No. That property was no longer owned by the decedent if it was sold for unpaid property taxes.No. That property was no longer owned by the decedent if it was sold for unpaid property taxes.
