 If a person does not have a social security number and wishes to pay taxes to the state what are the options? |
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 Info about stimulus tax check that was suppose to go out on July 4th.? |
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 Can bailiffs take your car? |
if its on your driveway and is your partners car?
if you ow council tax and offered to pay them monthly but are ignoring it.
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Ok Well we just got an Email from the IRS VIA Turbo Tax saying
I am sorry but the name you provided does match the Social Security you provided.
I was born in 1986 but in 1993 I was ... |
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 How can I find 1040 tax forms to print out? |
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 How do you file exempt on your taxes? |
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 How much would my gross monthy income be on 19,000 when you factor in taxes, etc.? |
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 I am renting a room in my home in FL, do i need to claim my roommates rent as income? |
Additional Details
I am the homeowner, the only reason i am renting is my mortgage is really high but we can't refinance for 2 years.... |
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747pilot | If I sold a house that belongs to me . What kind of taxed do I expect to pay to the IRS? |
My sister sold her house and she is moving to a new one. Does she have to pay taxes on that money?. |
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bostonianinmo
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Feanor has given the only correct answer. Give him or her the points!
There are a few other limitations, however. If married, you MUST file a joint return. Also, you may only claim the exclusion once every two years. Lastly, there are some exceptions to the "2 of 5" rule that will allow for a partial exemption if you have to sell due to illness, job move, or disability.
Several folks have mistakenly referred to the old Rollover Replacement Rule which was tossed a decade ago in favor of the current exclusion. At least one person has the current law confused with the old one-time exclusion if you were over a certain age. That was also tossed a decade ago.
And to the clown who thinks that this will be lost if Hillary wins, consider this: Her hubby was president when the current exclusion was enacted. That's right, a MAJOR tax break for the average citizen, compliments of the Democratic party. The exclusion of the gain from tax on the sale of a personal residence is the single most significant tax law change in 50 years. It was intended to give the middle class a break and has worked swimmingly well. |
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feanor
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There's a $250k ($500k if married) exemption if you have lived in the house two out of the last five years before the sale.
BTW, that's gain not the price. You'll still owe the state.
Any gain above the exepmtion is taxed as capital gains or all of the gain if the requirements above are not satisfied. |
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Judy1
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Maybe. If she owned it and lived in it as her main home for two of the five years immediately before the sale, she would only pay tax on any part of the gain that was over $250,000, or $500,000 if she's filing a joint return. If she meets those rules and her gain is under the limit, then she wouldn't pay any tax on the sale.
Geez, what a mess of wrong answers you've gotten. |
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reg
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If you use the house as a business meaning you've leased or rented it out or you sell houses as a business and report your income from this to the IRS then you have to pay withholding taxes. If you never used it for business you have to pay Capital Gains Tax which is usually 5% of the actual selling price and documentary stamps (you can make a deal with the buyer so they'd shoulder this one) which is around 1 to 2 percent of the selling price. |
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Brad H
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Everyone is allowed to sell one house without paying taxes. There may be a limit to the amount though and you should check with the IRS on that. |
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NeptunesSon
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If Hillary wins you can bet whatever Tax may be it will be RAISED !! |
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C>/
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Yes. Her attorney *should* handle everything for her. |
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ss
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only after all the expeneses deducted and if you don't reinvest it in another house... |
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Flavorade
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not if she puts her money into a more expensive one....then that depends on the capital gains. |
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bigleybill
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It depends on your age. If you sell a house and reinvest the money in a new one there is no tax. If you sell and keep the money to rent there is a capital gains tax , but again it depends on your age. |
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