Ask Tax Questions
John StancilTax Professional Level: Master Tax Advisor
Yes, if you realize a capital gain in a state in which you do not reside, the gain is normally taxable in that state. Your home state will probably grant a credit for taxes paid to NC, assuming you live in a state... Read More
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John StancilTax Professional Level: Master Tax Advisor
You state that it is a temporary easement. If that is the case, then the income from the easement is treated as rent and reported on Schedule E. Since it is temporary, no sale has occurred, and you cannot offset... Read More
Jorge OtoyaTax Professional Level: Tax Enthusiast
I would be happy to assist. Feel free to contact me at your earliest. Read More
John StancilTax Professional Level: Master Tax Advisor
It is a judgement call. If you are selling the antiques through your business, they would be reported as business income. You would move them (figuratively) to the business books at your cost or fair market value... Read More
Anthony Campisi Tax Professional Level: Tax Enthusiast
CGT is always are complex area,In relation to Capital Gains Tax (CGT) Improvement Thresholds, Certain improvements to pre-CGT assets will be deemed to be separate post-CGT assets where the cost base of the... Read More
Kathryn MorganTax Professional Level: Master Tax Advisor
The current tax brackets for capital gains are 0%, 15%, and 20%. These are gains on the sale of certain assets by the taxpayer that they have owned for more then one year. These types of assets include stocks,... Read More
Robert FergusonTax Professional Level: Tax Enthusiast
The first question needing answered is the the total real cost of the rental property and the amount that has been depreciated on those costs. The total acquisition costs include not only the purchase price but all... Read More
Kathryn MorganTax Professional Level: Master Tax Advisor
You will be taxed only on the net gain from the sale. You might even be able to get out of that if you have other losses or carryover losses from a previous year. Or if the stocks were inherited they are... Read More
Anthony Campisi Tax Professional Level: Tax Enthusiast
Capital Gains Tax can be a complex area, a number of assets are exempt from CGT, including your home, car, and depreciating assets used solely for taxable purposes. If CGT applies, you may be able to discount your... Read More
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