 UK govt takes 44% of our nation's income. What happens next|? |
I fear that such a large tax take will destabilise my nation and cause some form of rebellion. Which I don't want. Or maybe I do?
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I am being serious, for a change.... |
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 Do I have to pay tax on the rental income on my own house, eventhough I pay rent somewhere else ? |
| I want to let my house in West England(bought with mortgage) and rent a flat near my work location in East England. As I have only one property, do I have to pay tax on the rental income on my own ... |
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 Federal Income Tax unconstitutional? No law exists that requires you to pay? |
| I watched the movie “Zeitgeist” I found it really “interesting” and “amusing” but there was one part of the move that takes place at 1h 22min 55sec into the movie that really surprised me.... |
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I am to work as a contract employee at a company. They will pay to my own company and I have to take care of my taxes.
My company is an LLC, the only person in it is me, and I am not sure ... |
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Last 2 digits of ss#? how much? I haven't gotten mine yet, i think we will get it next week. It will be for my husband and me and we have 3 kids. Hope we get it soon!
My sis got hers ... |
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 Smaller Refund...what gives? |
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 Can I deduct from my 401K to pay taxes due to the IRS without a penalty? |
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 My spouse works in Maine part time. We live in New Hampshire. Will we have to pay Maine income tax? |
Additional Details
Will the state of Maine also tax my income, even though I do not work or live in Maine?... |
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 I have mail from uk lottery they told i have won bur they are asking for delivery charges 33000RS. WHAT TO DO? |
| I am getting lot of calls from UK Lottry ,they are asking for delivery charges for the courier of my cheque. If UK is providing such a large prizes why they are not facilating us the delivery ... |
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 How do I file taxes on my babysitting job? |
| I earned about $2100 last year babysitting for friends. I did not receive a W-2 from them. My tax software (TaxCut from HR Block) doesn't give me an option to add this wage without having a W-2. ... |
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 Do you pay for tv licence in the UK? |
| I refuse to pay and send back the stupid letters. 18 months and counting........ |
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| I was just wondering how that money is gonna effect our return next year, like are they gonna deduct that money or how does that work?... |
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chrisnjo4ever | I rented out my house after 18 months of living in it, how do I value it for capital gains? |
became 2nd property when I moved in with my partner |
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starke222
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This can be an interesting answer.
If you are not claiming the property as rental property, it might still qualify as your primary residence. You should speak to an expert about this... it's worth looking in.
Married people would have a section 121 deduction for their primary. But if you are partners, not legally married you might not recieve the same benefit.
If you are not receiving the 121 benefit, you may want to speak to your accountant about how to better structure how you are holding the real estate.
I'm releasing this site next week, by July 1st ,you should be able to find some good experts:
http://www.1031store.com
Find experts here:
http://www.1031store.com/experts/1031_exchange_experts.php
Calculate your gain here:
http://www.1031store.com/resources/1031_capital_gains_calculator.php
I'm finishing up the front end, so it will even look nicer next week... some really cool stuff...
Hope this helps.
Starke |
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Paula M
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At anytime have you lived in this property other than the 18 months? You need to have had it as your primary residence for a total of 24 months within 5 years of selling it to get the capital gains exemption.
If not, you are ONLY 6 months away - live in it for six month at sometime down the road and then you can claim it.
Capital Gains is only for selling....If keeping for a rental, you should be able to show a loss, including depreciation on the structure (value/27 years)..... Open a separate checking account and have all income/expenses for the rental filter through that account only..... |
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MOM KNOWS EVERYTHING
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You don't have any capital gain unless you SELL it. |
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24/7 Close Protection Ltd
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Get an estate agent to come around. They will tell you what they think they could sell it for and best of all it's Free |
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Pat
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mate, i think ur in need of an accountant...
as you only have the 1 property in ur name (im assuming) y would you want to pay taxes on it which aren't necessary...
forget capital gains...capital gains is only payable on profits on the sale of an asset....ur not selling, ur renting it out... if there , you have ways of offsetting your expenses against ur income...
trust me if you need a hand with this...see an accountant
recommended: |
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turenneuk
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You don't unless you sell it.
You do have to pay income tax on the income from renting it though. You'll almost certainly have to submit a Self Assessment form as a result. If you are not doing so, then I'd recommend you get in touch with the tax office sooner rather than later, or when the tax-man finds out about it (as he will) you'll end up having to pay interest on the unpaid taxes. |
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emeraldisle2222
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No capital gains tax due.
You haven't disposed of it.
Anyhow, are you named on the deed's of your partner's house?
If not, what is there to say that you are a part owner, that it is your first property.
You need to get professional advice.
Even an estate agent, or a mortgage broker, should be able to offer some free advice. |
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T-girl
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Someone else gave me this web page. It helps get an idea of the market in the area of where you live. |
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Nick R
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Why would have to figure out you gains?
Are you claiming the income on your taxes?
You can deduct the mortgage payment, all repairs, mileage for checking on property, property taxes, you can even charge yourself management fees.
Unless your name is on your partners deed, you only have one property. |
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