what is the capital gains tax threshold?
338167
I am not aware of a threshold. If you make a $1 in profit on a capital sale it it taxable.
485173
0% forever if the money is in a Roth IRA.\n\n0% if the money is in a Traditional IRA - until you are required to withdraw the money at age 70 or so and claim the gain as regular income (not capital gains)\n\n15% if held for a year or more.\n\n35% (approximately, depending on tax bracket) if held for less than a year.
1166945
The amount of gain is generally the excess of the amount for which you sell the property, over the value of the property at the time of your father's death. The federal rate of tax is either 5% or 15% depending on your level of income.
818363
Yes...capital gains on Shares,which are listed abroad, are liable for Capital Gains Taxation. Note that it is taxable @ 20% + surcharge + cess (depending on the tax bracket u are in.........if ur income is Rs. 10 lakhs +, then it is 22.44% else 20.40%) & not at 10% (since not listed in India but in USA). I presume that the holding period is more than a year, else it will become a short term capital gain & taxable @ 33.66%. Indexation is available & yes u can defnitely get exemption from tax by investing in an apartment (Sec 54 F of the Income Tax Act) if u are not owning more than 1 house (before the proposed buy) on the date of sale.
259251
I found this online - may be helpful - it's from 2 years ago but should still be generally applicable.  You should talk to a realtor.  \n\nHardship Can Reduce Capital Gains Tax Liability\nby M. Anthony Carr\n\n\nIf you sold your home last year you may owe capital gains taxes if you didn't meet certain criteria. The basics of exempting home sale capital gain from taxes is two fold: \n\n\nYou owned the house for at least two years, and \n\nYou lived in the home as your principal residence for two years out of the last five. \nIf a home seller doesn't meet this ownership and use criteria, then he or she may owe taxes. Frankly, the floor of the gain when taxes begin is so high that most homeowners will never owe capital gains taxes if they meet the two above exemptions. When you consider that the average home sale in 2003 was about $170,000 across the country, then that means most gain from houses sold in the U.S. will never be taxed. For single home sellers, the gain exclusion is $250,000 and for married tax payers, it's $500,000. \n\nHowever, you could owe taxes on less than that amount of gain if you don't meet the two-year exclusion test stated above. Thus, if you bought a house in 2002 and sold it in 2003, you may owe capital gains taxes. The issue of how much you could owe, depending on when you sold the property and for what price, is a book in and of itself. Especially when you consider that the capital gains tax rates changed last year with the new rates going into effect May 6, 2003 (any taxes on gains realized before that date are based on the older, higher rates). \n\nThis column is going to deal with the exemption rules above and how you may be able to bend them or waive them altogether. \n\nThe IRS is not heartless and for some homeowners who had to sell a house in less than two years, it may be possible to claim an exclusion but at a reduced amount, if certain criteria are met. This should answer the question from many of my readers who just can't believe that they might owe taxes on the sale of their home that they lived in for just a year. Well -- you might not owe those pesky taxes, if any of the following reasons are true. \n\nIf you did not meet the ownership and use tests, but the primary reason you sold the home was: \n\n\nA change in place of employment; \n\nHealth; or \n\nUnforeseen circumstances. \nYou may be able to avoid taxes, but you'll not get the full exclusion of $250,000/$500,000. The reduced exclusion is based on a calculation that you can find in IRS Publication 523, which takes into account how long you lived in the house and how long you owned the property to come up with a reduced exclusion amount. So instead of $250,000, it might allow you to exclude $100,000, for instance. \n\nFor those wanting a reduced exclusion because of change of employment, you'll need to at least substantiate that: \n\n\nThe change occurred during the period you owned and used the property as your main home, and \n\nThe new place of employment is at least 50 miles farther from your home than the former place of employment was. \nThe IRS will accept your call for a reduced exclusion for health reasons "if your primary reason for the sale is to obtain, provide, or facilitate the diagnosis, cure, mitigation, or treatment of disease, illness, or injury of a qualified individual," according to Publication 523. Now a qualified individual doesn't have to be the head of household or spouse, it could also include any of the family members listed below: \n\n\nParent, grandparent, stepmother, stepfather; \n\nChild, grandchild, stepchild, adopted child; \n\nBrother, sister, stepbrother, stepsister, half brother, half sister; \n\nMother-in-law, father-in-law, brother-in-law, sister-in-law, son-in-law, or daughter-in-law; \n\nUncle, aunt, nephew, or niece. \nHowever, the health card cannot be used if the sale of the house merely benefits a qualified individual's general health or we
964264
It depends on how much you are making and how many dependents you are claiming. The tax standards were raised this year.
51635
Gains from stocks held less than 1 year are termed "short term" capital gains. Short term gains are taxed as ordinary income, meaning that the gains will be taxed at your personal marginal tax rate. If you hold the stock for 1 year or more, the gains will be "Long Term" capital gains and will be taxed at 15%(Unless your marginal tax rate is lower than 15%, in which case the long term gains will be taxed at 5%)\n\nAs far as reporting and paying the taxes, you can wait until you file your taxes. IF the amount of your gains is substantial relative to your adjusted gross income from last year, you will want to file a quarterly estimated tax payment to avoid potential penalties at the end of the year. the IRS website is a great resource, check it out.
121716
You will pay capital gains tax on the gain.\n\nYou first calculate how much you will sell it for minus your tax basis. The tax basis is what you bought it for minus how much you have depriciated it over the years. So if you bought it for $100k and depretiated $15000 over some number of years, then your basis is $85k. If you sell it for $150k then you pay capital gains on the difference of $65k.\n\nYou tax braket determines how much you will ultimately pay. You will have to ask a CPA for how to minimize them. You might be able to do an installment sale to save a little money. That way you only pay what you get each year, you can split it into 2 years if you sell some in december and the rest in jan, or do it over several years. This will possibly keep you in a lower bracket each year.
463475
Depends on whether this is an investment property or your primary home.\n\nPrimary homes allow for a gain of up to 250,000 if you are single, 500,000 if you are married.\n\nIf this is an investment, you will have to pay capital gains if you do not do a 1031 exchange.  There are formulas to calcualting your gain and applicable taxes.\n\nYou can also choose to do a 1031 exchange, and defer capital gains taxes into another investment property.\n\nHere's a link to the capital gains calculator on my site:\nhttp://www.nnnstore.com/1031_capital_gains_calculator.php
679290
The tax situation you are referring to involves the capital gains tax on your profit (if any). You must live in the home a total of two of the past 5 years to get the exemption. This allows you to not pay tax on the first $125,000 worth of profit on your home.  There are certain exceptions to the 2 year rule, that may allow you to exclude a percentage of your profit in specific cases. \n\nRemember your profit is the difference between the net (after selling costs like real estate commissions and closing costs you pay for your buyer) and your cost basis for the house. Your cost basis is the original purchase price, plus the cost of any improvements to the property.\n\nConsult a tax professional for more specific information.
96090
It depends on your taxable income
80565
The amount of the mortgage(s) does not affect the capital gain.  Gain is determined by the difference between the net sales price and your basis in the house.  In most cases in which you have lived in the house for two of the past five years, the gain is not taxable.
882559
If you are earning 120 pound a week you will pay tax the threshold for tax is currently £5030 a year based on weekly annual earnings, if you work that out you are over the tax threshold, age has nothing to do with it. make sure you have a tax code on your wage slip which should be 503L if it says BR 1 you will be paying too much and will need to fill out a P46 if you dont have a P45.
1160506
There is an exemption for small gains on personal transactions - I think it's $200.
535261
I'll try to remember. We have Value Added Tax, about 17.5% on certain goods and at a lower rate for gas (petrol) and electricity. Capital Gains Tax after an inheritance over a certain amount. Income Tax, comes out of your wages or your business profits. National Insurance paid out of your wages but your boss pays a larger amount than you, this pays for Welfare benefits and free hospital treatment. Council Tax for all local services Street cleaning, Road mending council house repairs, the police etc., Water rates which pay for your water supply, some areas like where I live in Eastbourne East Sussex have two lots, one for sewage and one for supply as we have different companies supplying both services. I'm not sure if there's an Inheritance Tax as well as the Capital Gains tax but there's also Stamp Duty which is paid during the act of buying a house and various Exises and Duties levied on goods brought into the countries at ports and airports.
267675
You might make an easier case (if an audit happens) if they put it on the market and it didn't sell for a while then they agreed to sell it to you for more than anyone else would pay.\n\nI don' think there is a limit, just some little rule that will "red flag" it for the IRS. Call a CPA anonymously and ask a quick question. They will most likely answer for free.
216284
The 6250 becomes your 'basis' in the business.  When you go to sell the business you would deduct that from the proceeds to calculate your gain or loss.