 My weekly pay slip states my tax code as 522l but my p60 states my tax code is 503l whats the difference? |
| i am currently wking in 2 places 1 full time n other part time both employees deduct 522l as tax code but both deduct different percentage is there a particular way the tax structure works .????... |
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 Anyone receive tax stimulus paper check with ss # over 50? |
| if so, when did you file? it appears people with high ss #'s are already receiving their paper checks, regardless of what the irs website says. and if you did get it, was the irs website "... |
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 SERIOUSLY ANNOYED!!! Please help!? |
| Okay so my husband and I recieved our stimulus rebate payment via direct deposit on friday. However, it was only $600.00 and not the $1200.00 for married couples. I recieved a letter on Monday ... |
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 If u owe back taxes will the goverment keep your rebate tax checks? |
| if u owe back taxes will the goverment keep your rebate tax checks for your back taxes?... |
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 Who's taxes do i go in? |
| I got married in December 2007, i didn't work or make any money in 2007... do i file jointly with my husband or do i go in my mom's taxes as a dependent? Also, if i should have filed with ... |
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 When the Uk reclaims soveirgnity over the US later this century should we charge them for the tax due or what? |
i mean its a hell of a lot of tax missed right, the inland revenue must be rubbing their hands like hell.
Additional Details
hmm funny i thought we just finished paying our WW11 ... |
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 If I sell my house to build a new house do i have to pay capital gains taxes? |
| This is the first house I have owned and we have lived in the house for four ... |
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pricetravel | If we paid 130000 for commercial bldg in 96 sell in 07 for 350000 what is cap gain ttl? spent 50000 improving? |
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Mathew
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Several of the previous answers failed to take into account depreciation or suggested that it was an option. You would be required to reduce you base by the amount of depreciation that you could have taken whether you took it or not. A rough guess the depreciation would be in the area of $44K which would increase your gain to $214,000. You might want to think about some type of exchange sale to avoid the tax on that gain. Give the amount of money involved you should talk to a tax professional. While there are several here on this site they don't have all of the information necessary to make a complete answer. |
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SPLATT
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Cost basis 130 + 50 = 180
Net gain 350 - 180 = 170.
Now, if you took depreciation, it lowers you cost basis and raises your gain, talk to your tax person for final ans. |
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fcardaci
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Cap Gain= Sell Price - Cost - Cap Improve + Depreciation Taken |
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Jet
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Can you document the $50K? If so, you capital gains # is $170K |
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Nightrider
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It is 170K - 50% (Cda) 30% (US) of which is taxable at your marginal rate. Assuming it is 25%, 85K x 0.25 = 21.25 you will owe to Uncle Sam. I used Cdn to err on the side of caution and to be conservative. This is tad high. You can reduce it even further with legal but innovative tax avoidance measures.
For e.g., Can you come up with expenses for advertising, improvement (if it is already claimed, you have to recapture and pay tax), depreciation etc..?
If you are paying high taxes because of this sale, consult an accountant. It is worth the money. |
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kim b
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350,000-130,000-50,000=170,000. |
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CATHOLIC PRIEST!!
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Simple math. Since it's an investment then you can apply the renovation costs.
350,000-130,000-50,000 = 170,000 |
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BOB W
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Sex, don't forget about the depreciation. For that building the standard live is 30 years, check with you accountant. |
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