Thursday, March 28, 2013
Tax I have a 10 rental properties, I sold one in 2006. Is the profit I made capital gain?
Question by vahiker_2000: Tax I have a 10 rental properties, I sold one in 2006. Is the profit I made capital gain?
The properties are owned by an LLC and income is reported on 1065. I have been depreciating the property, and have a $ 30,00 gain over the adjusted basis. If this is capital gain, how do I show this on the 1065 and schedule K.. Ihave used turbo tax and they have put this as ordinary gain.
Best answer:
Answer by spicertax
The portion of the gain attributable to depreciation is called Section 1250 gain taxed at a maximum rate of 25%. It could be that all of your gain is Section 1250 gain depending upon depreciation claimed. If not the remaining gain due to appreciation is long term gain taxed at 15%.
What do you think? Answer below!
Tax I have a 10 rental properties, I sold one in 2006. Is the profit I made capital gain?
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Wednesday, March 27, 2013
Lastest Turbotax Business News
Minnesota Officials Advise Taxpayers Not to Use Turbotax, Intuit
Minnesota Officials Advise Taxpayers Not to Use Turbotax, Intuit. Advertisement. Details. Description. Diversified Financial Consultants founder Dominick Tavella on Minnesota officials recommending taxpayers not use certain tax preparation software.
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4 Common Tax Filing Mistakes to Avoid
According to a study by TurboTax, the IRS received 187 million returns and audited 1.7 million in 2010, with only 1% of the majority of individual earners having been audited. (http://blog.turbotax.intuit.com/2012/03/19/audit-misconceptions/). “It's …
Read more on Fox Business
Lastest Turbotax Business News
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turbo tax business edition?
Question by JOJOJO: turbo tax business edition?
is it worth the extra money to buy the business edition if my husband has a small home based business. we have always used the premium one
Best answer:
Answer by Middleclassandnotquiet
Perhaps not-it depends on the business-but the tax program is deductible. You might compare some tax programs online…there are many out these days. Put in some searches “compare turbotax” or “best tax programs”
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turbo tax business edition?
Want to buy TurboTax? Check out http://turbotax2012download.net
Seven Tips for Taxpayers with Foreign Income
Seven Tips for Taxpayers with Foreign Income
The IRS reminds U.S. citizens and residents who lived or worked abroad in 2012 that they may need to file a federal income tax return. If you are living or working outside the United States, you generally must file and pay your tax in the same way as …
Read more on Oswego Daily News
Seven Tips for Taxpayers with Foreign Income
Want to buy TurboTax? Check out http://turbotax2012download.net
Alabama tax preparers offer tips
Alabama tax preparers offer tips
Get help by going to a professional or just use software, like TurboTax." Last year, the Alabama Department of … The agency reports more than 1.3 million Alabama residents filed their taxes electronically in 2012. For the first time, Alabama …
Read more on Gadsden Times
Seib & Wessel: What We're Reading Tuesday
The maker of TurboTax software and anti-tax crusader Grover Norquist have been lobbying against federal legislation that would allow taxpayers to receive a tax return that has already been filled out by the IRS (based on its records on what you were …
Read more on Wall Street Journal (blog)
Alabama tax preparers offer tips
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Tuesday, March 26, 2013
Q&A: would it be better to file my own taxes or have someone else do them?
Question by Monica: would it be better to file my own taxes or have someone else do them?
I’m not sure if i should pay someone else to do my taxes or if I should do them myself? I have moved 4 times in this past year and my husband was receiving unemployment for about 7 months. I wouldn’t even now how to file for all that…. Does any one know how or have any advice for me, I could really use it…
Best answer:
Answer by parsnipianna
Go to www.irs.gov, follow links to “free file”, pick “turbo tax”. Its really good, easy and free. Then if you can’t do it even with their help, you can pay somebody But you probably won’t need to.
Know better? Leave your own answer in the comments!
Q&A: would it be better to file my own taxes or have someone else do them?
Want to buy TurboTax? Check out http://turbotax2012download.net
Q&A: How do I declare roth IRA contribution for taxes?
Question by Kai: How do I declare roth IRA contribution for taxes?
I contributed $ 5,000 to my roth IRA in 2008. How do I declare this when filing taxes? My company has not provided any 1099 or other document, are they supposed to? I plan to file my taxes using Turbo Tax, how/where should I declare the contribution?
Awesome, thanks for the answers. I knew it wasn’t tax deductible, I just thought I had to declare the contribution as income. Thanks all for the clarification.
Best answer:
Answer by chatsplas
DON’T.
It’s Post-tax dollars.
Why aren’t you contributing to a 401k or traditional IRA? Then you get tax advantages. Can make contribution to IRA up to tad date.
Know better? Leave your own answer in the comments!
Q&A: How do I declare roth IRA contribution for taxes?
Want to buy TurboTax? Check out http://turbotax2012download.net
Do you have to pay taxes on commissioned earnings?
Question by sica91x: Do you have to pay taxes on commissioned earnings?
I’m a cam girl and my boss takes a percentage out of each of my payments. Right now, I get to keep up to 70% of what I make. I’m confused about why I have to pay taxes if he takes a percentage out and it’s a business online? I would be filing a 1099 next year, because they have me as an independent contractor. I don’t make that much, I don’t get to keep everything I make, and I’m wondering what is it exactly I’m paying taxes for? I don’t get health benefits or anything.
And our pays go through CCBill.
Could someone help me out and answer my questions? I really don’t understand why I’m having to take 25% out of my paycheck and set it aside for taxes when he’s already taking 30% out of what I make.
I hope you all understand my frustrations.
Thanks.
Best answer:
Answer by Mathew
What I don’t understand is what the 30% the “boss” is taking out represents. I suspect that is some sort of commission or finders fee. If that is the case you would deduct that amount. But first I would want to know how your income is reported if it is and was the 30% included or excluded.
Really I would have more questions than answers if I would attempt to deal with your problem. I am sure that does not relieve your frustration.
Give your answer to this question below!
If you are looking for the cheapest prices on turbotax business 2012 download click the link. Turbotax is one of the easiest way to prepare your taxes whether you are preparing personal taxes or taxes for your businessDo you have to pay taxes on commissioned earnings?
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