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What else can I help you with?
When services are sold on account?
Services are sold on account by which, when you receive revenue or income, it will be receivable if the revenue or income are not earned when the services is/or/are already performed
Can I use TurboTax Deluxe if I sold stock?
Yes, you can use TurboTax Deluxe if you sold stock. TurboTax Deluxe is designed to handle various types of income, including income from selling stocks.
When do you pay capital gain tax on house you sold?
In Canada you pay the capital gains only on investment properties that are sold and it's paid with your income taxes (so you may have a income tax balance due when you file your taxes, for the year the property was sold).
What is the tax treatment for land held for investment purposes?
Land held for investment purposes is typically subject to capital gains tax when sold. This means that any profit made from the sale of the land is taxed at a lower rate than ordinary income. Additionally, any expenses incurred in maintaining or improving the land can be used to offset the taxable gain.
Product costs appear on the income statement in the form of?
Product cost appear on the income statement as cost of goods sold and on the balance sheet as inventory.
Do you pay federal income tax on sold land?
Sure, if you have a profit on the sale you will have to report it as well as your basis and the dates purchased and date sold. This is reported on Schedule D for most people unless you are in the business of buying and selling property, then it will need to be reported on Schedule C.
What is land revenue?
Land revenue refers to all of the income earned from the land. This generally involves crops being grown on the property and sold.
What happened to the federal land bank of New Orleans?
The Federal Land Bank of New Orleans was moved to Jackson, Mississippi and became the Federal Land Bank of Jackson which was subsequently placed into receivership in 1988 and sold to the Farm Credit Bank of Texas.
Do you owe Michigan tax on the sale of inherited property?
I'm not absolutely sure with the State of Michigan but the Federal income tax, you are required to show income on property sold whether or not the property was inherited. It may also be different based on what kind of property you are talking about. The taxes may differ when you have real property like a home or other property like bank accounts, stock, insurance proceeds, etc. I would suggest that you have a professional prepare your taxes in a situation like this.
How much is capital gains taxes on land?
In the United States, the federal long term capital gains tax is 0% or 15%, depending on your tax bracket. The short term rate is the same as for ordinary income. There are also state income taxes which vary by state.
Land costing $138,463 was sold for $175,514 cash. The gain on the sale was reported on the income statement as other income. On the statement of clash flows, what amount should be reported as an investing activity from the sale of land?
37,051
If the property in the irrevocable trust is sold who pays the federal and state income tax?
The trustee or the administrator of the trust or the beneficiaries would be responsible for paying the taxes that may be due when the property is sold.
What kind of tax benefits are there for a charitable car donation?
You can write off the total value for which the car is sold by the charity from your federal income taxes.
Which accounts are totaled to determine net income before federal income tax acounting?
Net income before federal income tax is calculated by totaling revenues and gains, then subtracting expenses and losses. This includes operating revenues, non-operating revenues, and any extraordinary gains. From this total, all operating expenses, cost of goods sold, interest expenses, and other relevant expenses are deducted. The resulting figure reflects the company's profitability before accounting for federal income taxes.
You purchased land 20 years ago for 20000 and this year sold it for 17000 so do you have to pay taxes on the 17000 this year?
No. This should be treated as a capital gain/loss. If you bought the land for $20,000 and sold it for $17,000 you do not have any income or a gain. On the contrary, you have a $3,000 capital loss which can be used to offset some of your income and decrease your taxes.
Inherited classic car - do you have to pay taxes when car is sold?
No
Who sold land to Lewis and Clark?
== == Not sure what you are asking. The U.S. Government bought the Louisiana purchase, which Meriweather Lewis and William Clark were well known for exploring. History records where they lived, but I can find no information as to whether they bought land or just inherited it.
