 Guys I'm stressing out can you recommend a cheap way to file taxes.? |
| Hi, I would usually have a friend of my boyfriends mom file my taxes for cheap but I dont want to wait I have never done my taxes with anyone else I'm stressing out I have 3 short simple forms ... |
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 Please help, we have serios IRS problems.? |
| Ok, I will not bother to go into the how this happened, but the IRS is now garnishing my wife's wages to the point to where we will not be able to pay the rent on our house. Whats worse is that ... |
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 Can someone help me out to fill this form? 10 pts!? |
http://www.irs.gov/pub/i
translate it to english? i don't understand it.
in Part 1:
1). Individual income tax returns (Forms 1040, 1040A, 1040EZ, 1040NR, ... |
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 Can boyfriend file me as a dependant? |
| Im wanting to go back to college, but you have to fill out your parent's tax stuff on the FAFSA. Thus making me ineligible for grants, even though they live in another state and have for over a ... |
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| Since I have pretty much quit working my husband and I qualify for food stamps, and WIC (just had a baby) and I we cant decide if we should go get them because we dont want our tax return to be ... |
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 Claiming unborn child on taxes? |
| A lady at work said I can claim my unborn baby on my taxes, is this true? It didn't sound right to me...... |
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 Can I get my money back from Argos (UK)? |
Hello
I purchased a TomTom One on 23rd July 2008 from Argos and it has now stopped working- It won't even turn on. I paid £99.99 for it.
I still have the box and the ... |
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 Would anyone in the UK like to buy my home in Michigan? ? |
it's 5 bedroom and has 5 acers of land. Horse barn, on the edge of a game preserve. Above ground pool, berry patches and fruit trees, totally private and views that won't quit.
... |
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 Can my fiance file my child on his taxes? |
| I was wondering if my fiance could claim my child on his taxes? His mother told us we could, but I just want some other answers to make sure. I didn't work this year at all stayed home had a ... |
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 I don't understand some one help? |
| i did my taxes on 1/16/2009 and got denied for the RAL because sbbt said ib owe them so they said i should get my refund on 1/30/2009 but the irs said i should get it on 2/3/2009 now the irs says i ... |
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 Can an adult child be considered a qualifying relative? |
| If you financially supported your adult child with over $10K, will you qualify for head of household ... |
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 Can I get tax money from the previous year? |
| Hello I worked in 2006-2007 and i made around 6,000 each year. I had tax's taking out of my check. But my dad told me not to file my tax's and this year i plan to file. Is there any way I ... |
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marty | Do i have to pay capital gains ?? |
If i buy a property in the hope of making a profit,is it true that i have to hold on to it for 10 or 12 months before i can re-sell it without having to pay capital gains . I really wanted to buy the property and sell as quick as possible with a profit . Can this be done ??? many thanks for your help |
 |
 
JOCK
 |
If this is going to be your main residence while you upgrade it in order to increase the value, then you will not have to pay capital gains tax on the profit.
However, if you already own a property then regardless of how long you own the new property, the profit will be subjected to capital gains tax.
So if this is what you are doing, make sure you keep receipts for any expenses as the capital gains tax rate is 20 - 40% (depending on your income) of the profits above the £9200 capital gains allowance.
It is a bit of a mine field, so definetly do more investigation before you start. Have a read of the link below, it should help.
http://www.direct.gov.uk/en/MoneyTaxandBenefits/Taxes/BeginnersGuidetoTax/DG_4016313 |
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Jah
|
You would pay Capital Gains no matter how long you held the property if the gain was more than £9,200. The longer you hold an asset the more taper relief you would get which in turn would reduce the amount of gain.
EG sell asset before 1 year - 100% of the gain is chargeable
Hold asset for 1 full year - 50% of gain is chargeable
Hold asset for 2 full years or longer - 25% of gain is chargeable.
If this the above was your dwelling house then there would be no CGT |
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Edd e
 |
If its your only house theres no tax to pay, sell as soon as you like.if its not there is capital gains tax pay,best to see an accountant for advise. |
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amsterdam
 |
Unless it is your residence, you will have to pay CGT whenever you sell it, time of ownership does not enter into it.
If it is your residence, you don't have to pay CGT. |
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ITIL Consultant
|
Capital Gains Tax ONLY applies to a property if it HAS NOT been your main residence for a minimum of six months.
You need to purchase the property, live in it for six months, and then sell it.
This is the only way to avoid paying CGT. |
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kaz
|
unfortunately not. You will have to pay capital gains tax as you are turning over a quick profit and the government wants its share |
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Onestep downfrom God
|
Firstly, what you intend to do is not liable to CGT.
You are intending to make a profit, and therefor you are trading. The profit will be chargeable to Schedule D tax and Class 4 NIC.
You may get away with it initially, but some people have been caught (mainly jobbing builders and DIY builders) even where they have been trading with a sole main residence.
Be warned. |
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vera-ann
|
You will have to pay CGT unless the property is your main private residence. Each individual has a CGT allowance of £8800 per year this is the level of gain you are allowed to make before being charged tax.
The longer you hold onto the asset the lower percentage chargable.(This is called Taper-relief and works as folows)
Number of years held Percentage of gain chargable
0 100
1 100
2 100
3 95
4 90
5 85
6 80
7 75
8 70
9 65
10+ 60
E.G Nigel bought a house in Feb 2002 for £100000 and sold it in March 2007 for £180000.
The gain is £80,000, this can be reduced using taper relief to 85% as the asset has been held for 5 full years giving a figure of £68,000
This can be further reduced by the annual exemption amount of £8800 leaving a taxable amount of £59,200
This amount of £59,200 is treated as an addition to Nigel's income for 2007/08. Nigel's income up to £33300 will be charged at 20% and anything above this at the higher rate of 40%
So if Nigel's salary is £28300, £5000 of his gain will be charged at 20% and the remaining £54200 at 40%
So he will pay 20% of £5000 = £1000
and 40% of £54200 = £21680 in total £22680 of his £80,000 profit.
I am no expert however so you should seek advice from a tax specialist. |
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David H
 |
It all depends how much clear profit you are going to make. Technically if you make over £7500 then you could be liable to CGT (Capital Gains Tax). An option may be to rent it out although again you have to declare anything over about £3500 a year from rental income. Check with http://www.hmrc.gov.uk |
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