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It would depend upon how much value was involved. Capital gains tax is payable on the difference in value of an asset from the time it is acquired until the time it is disposed of. Unless you inherited works of arts, say paintings, upon which you had seen a significant rise in value running into millions, it is unlikely that the taxman would have any interest. And, it would depend upon your nationality and where you were resident. For example CGT can be avoided in the U.K. if you are non-resident at the time of the disposal of the asset and remain so for two years. after the disposal.
What else can I help you with?
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.
Do you have to pay capital gains taxes on an inherited property that was sold and inheritance taxes were already paid on the estate?
On the amount the property went up in value from the value used in calculating the estate tax
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.
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.
How do you avoid capital gains taxes?
You need to invest in someone else's name.
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
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.
