 Can i claim a child as a dependent that is not mine? |
| my girlfriend has a child and i took care of her most of the year, however the child does not have a social security number i want to know if i can still put her on my taxes as a dependent or not,if ... |
|
 Do you pay income taxes? why? |
http://www.youtube.com/w
http://www.26thofjuly.co
Join the fight! Learn YOUR freedoms! Refuse payment of the income taxes as it is UNCONSTITUTIONAL! Personally I ... |
|
 Is an employer allowed to lend money to an employee? |
| I'm waiting for a mortgage to come through and will need a couple more days to get the money. I am willing to pay a couple of days interest at official rates but just wondered if it was ... |
|
 I have recd 2 outstanding council tax bills for 2003 & 2004, req £2100 within 14 days am i liable to pay? |
| I have moved and forgot about these bills, I have just received them today, saying I have to pay £2100 in full within 14 days is this true?... |
|
 My husband claims zero, we are married filing jointly and I do not work can he claim me as a dependent? |
| We have a son that we know we can claim but what about me? I am a stay at home mom and I do "depend" on my husband. He claims zero every year. He does that work?... |
|
 Why does the goverment tax high income people? |
| isnt this unfair, why is this even here, I dont understand why they would want to tax a office worker more than a taco bell worker, since they are all using the same services from the goverment, on ... |
|
 I heard that the year that you get married for the first time you get $500 extra back on your tax return.? |
| Please let me know if this is still true. I need to file our taxes asap for financial reasons so please let me know if you know anything. Thanks. If you happen to know which form it is included on ... |
|
 Does anyone know where i can find a printable tax form for hybrid cars tax deductions? |
| i have a 2007 nissan altima hybrid, and i readonline that hybrid cars are eligable for tax return. I am looking for that form !!! please help me find it!!! I live in NY... |
|
 My ex claimed my daughter as a dependent and recieved the EOC. Can I still claim her in some sort of way? |
| We have joint custody. I was told if she claimed her for the Earned incom credit I could use her for a deduction.... |
|
 Can the inland revenue demand back overpaid pension credit? |
| I know someone who has told the Inland Revenue they think they are being paid too much Pension Credit and have given in all their income details but they have been told it is correct. What if the IR ... |
|
|  |
theslug | Really need some advice on Capital Gains Tax on the sale of a second property, can you help?? |
Before I married my wife she lived in her own little house that she brought fora humble £97000 in 2001. She moved in with me in 2003 but didn't want to sell the house incase things didn't work out, she rented it out to a friend to cover the mortgage. We brought a flat together last June and now she is selling her house. She has accepted £140500, does anyone now how Capital Gains Tax she will have to pay and if there are any ways that we could get the payment down? |
 |
 
John N
|
as you may know the sale of your principal private residence is exempt from capital gains tax (CGT). Technically the little house was your wife's PPR up until she moved in with you. Any gain in the property up until this point is expempt. If the proprty grew in value at a steady rate since 2001. Calculate the gain over the period from purchase to sale and then deduct the gain in the period to move out date in 2003. The remaining gain is chargeable against which annual exemptions can be set to find the taxable gain.
If alternatively the properties value grew the quickest between 2001 and 2003. Get a valuation of the property back in 2003 and then chargeable gain is the growth from this value against which annual exemptions can be set to find the taxable gain. |
|
poli_b2001
|
My knowledge of taxable gains is not 100% but as far as im concerned, she will have an allowance per year she had the house for ie 5% of the original value, so for every year she kept the house on she wouldnt pay tax on the first 5% of the gain and so on.
The above figures are just examples, the % may vary from provider to provider and plan to plan, but the provider will send her a Gains cert on what will be taxable and it will be up to Inland rev |
|
ekcentrik
|
Try and contact me via yahoo...indeed I can help you....if u r in london? |
|
MSMORTGAGE
|
I own lots of houses and I won't Capital Gains on any of them, three months before they sell I move back (technically) its my main residence therefore no capital gains. There is no Capital Gains on a main residence. When you sell a property you say its your main residence. Unless of course you want to give the government 40% |
|
Roxy
|
I understood that capital gains tax stood at 40%. I think one way round it is for someone from your family to live there for 12 months. BUT you should seek professional advice on this. |
|
forbes99_uk
 |
The annual Exemption (allowance) for CGT this year is £8,800.
The basic calculation of the chargeable gain (if it's not a primary residence) is:
Sale Price: 140,500
- Purchase Price 97,000
Gain = 43,500
Taper Relief (which allows for inflation) depends on the number of complete calendar years you have owned it.
If you have owned the house for 4 full years, then you only pay CGT on 90% of the gain, if you have owned it for 5 complete years, you only pay tax on 85%.
The amount of tax you pay on that depends on your income tax for the same tax year, but most of it will be in the 40% tax band |
|
Squeak
|
Think Ms Mortgage could come unstuck ( TCGA 1992 s222(5)(6) ) but that isnt the question asked! LOL
Your wife's property was her principle private residence until she moved out whenever in 2003 (you dont say when.) Provided the above applies the last 3 years of ownership are always exempt in calculating CGT.
You also have up to 2 years (from purchase) to notify the HMRC if you have 2 homes which you would like to be seen as your main residence.
If there is a gap of more than 3 years between moving out and now, part of the chargeable gain will be taxable but there is also a lettings exemption that may apply and of course your CGT annual exemption to take off the chargable gain.
Costs such as solicitors costs can be deducted from the procceds as can any capital improvements (new roof, windows etc) as long as they were not claimed as revenue expenditure while the property was let.
Suggest if she cant calculate herself, an accountant would be advisable. |
|
Crispy bacon, eggs and tomatoes!
|
40% on the calculated gain.
Add all initial capital related costs to the purchase price
Add cost of any subsequent extentions etc
Deduct capital costs from sale price.
You may be able to reduce the resulting difference by the standard inflation factor between the two relevant dates
Look up the full rules on the web and, if not sure visi Citizen's Advice as well |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
7 | 10 minutes(s) ago
| | | |
8 | 21 minutes(s) ago
| | | |
8 | 2 hour(s) ago
| | | |
8 | 6 hour(s) ago
| | | |
8 | 11 hour(s) ago
| | | |
8 | 2 day(s) ago
| | | |
8 | 1 week(s) ago
| | | |
8 | 3 week(s) ago
| | | |
8 | 1 month(s) ago
| | | |
8 | 6 month(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
