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What if your son bought a house you are paying for the renovations and you plan to sell it and split the profit Should you form an LLC or pay capital gains tax?
At this time your son owns a house and you are paying for the renovations to your sons house and if and when the house is sold your son will have to report the sale of the renovated house on his 1040 income tax return.
You do not have anything to do with the ownership of this house at this time.
If you and your son are planning on this being a ongoing business operation then you and he should get the operation set up correctly the way that you both agree to do this.
When you have any profits someone has to pay the income taxes and it may not be capital gain taxes.
What else can I help you with?
How can one avoid capital gains by paying off their mortgage?
Paying off your mortgage can help avoid capital gains because when you sell your home, any profit made from the sale may be subject to capital gains tax. By paying off your mortgage, you reduce the amount of profit from the sale, potentially lowering or eliminating the capital gains tax you would owe.
Is it possible to avoid capital gains by paying off my mortgage?
Paying off your mortgage does not directly avoid capital gains taxes. Capital gains taxes are typically incurred when you sell an asset, such as a property, for a profit. However, paying off your mortgage may affect the amount of profit you make when you sell the property, which could impact your capital gains tax liability. It's important to consult with a tax professional for personalized advice.
Why is issuing stock a popular method used to raise capital?
investors cannot earn money, the company does not have to repay capital, paying dividends is not an option
Is it possible to pay capital gains tax early?
Yes, it is possible to pay capital gains tax early by voluntarily reporting and paying the tax before the deadline.
What are the advantages and disadvantages of paying with cash?
Well mainley that you have less money in your pocket and also there is no financial record of you haveing what ever you bought (besides the recipt) but really there's nothing wrong with paying in cash
How can one avoid capital gains by paying off their mortgage?
Paying off your mortgage can help avoid capital gains because when you sell your home, any profit made from the sale may be subject to capital gains tax. By paying off your mortgage, you reduce the amount of profit from the sale, potentially lowering or eliminating the capital gains tax you would owe.
If you are not bought nothing yet you have to pay anyways?
If you have not bought nothing, that means you have bought something, so you would have to pay. You could of course be talking about paying a deposit.
Is bought an action word?
Yes, "bought" is a past tense action verb. It denotes the action of purchasing or acquiring something by paying for it.
In which case is someone being a consumer?
Ibrahim driving a car he bought
Why people get shut down from the eBay?
For not paying for items and for not sending items that people have bought
What was cash- and carry?
Pay cash. After paying, THEN you may carry away whatever you bought.
I bought a 2006 Elantra and the car is a 2005 Elantra?
I bought a Hyundia Elantra a few months ago and was given all the paperwork for a 2006. I recently found out that the car is a 2005. I have signed the contract and is currently paying for the vehicle. What should I do about this? I really need some answers.
Is it possible to avoid capital gains by paying off my mortgage?
Paying off your mortgage does not directly avoid capital gains taxes. Capital gains taxes are typically incurred when you sell an asset, such as a property, for a profit. However, paying off your mortgage may affect the amount of profit you make when you sell the property, which could impact your capital gains tax liability. It's important to consult with a tax professional for personalized advice.
What can paid up capital be used for?
Paid up capital can be used to buy more capital. This cycle of paying off costs and then re-investing can help grow a business.
Where do you buy a Minecraft PC?
Minecraft is bought through paying for a premium account on the Minecraft website.
What to do if a person bought a car but did not finish paying for it then moved out of state?
You Get Bankrupt Or You Lose Your Insurance Company
Which of the following would be an example of capital deepening?
paying for an employee to take college courses
