East Bay Business Daily

Capital gain? I received a1099 div & in box 2a there is a $17,000 Capital gain however I did not sell anything and the C.G. was reinvested into the same investment.and of course I paid tax for the C.G. even thu I did not sell anything Is there something wrong here?

Capital Gain? I am confused with how to report capital gain Is it first in first out? for example In year 2005 I bought and sold Share PriceValue buy5000$1$5000 buy5000$2$10000 buy5000$3$15000 Total$30000 sell60002.5$15000 I am still holding 9000 shares What should I report as my capital gain? Thank you

What is the allowable capital gain on the sale of my primary residence before I have to pay capital gain tax? I've heard that for selling my primary home that I've owned for some time, I can make a $500K profit before having to capital gain taxes, is that correct?

How does capital gain tax work on selling 1st house? We bought and lived in a house for about 1year before moving out of state for job reason. We later bought another house in the new state, while keeping the first house. It has been 2 years since then, and now we plan to sell the first house. The first house has never been a rental property. How does capital gain tax work when selling the 1st house? Thanks.

How do Capital Gain Taxes work on a commerical building ? See my example? I bought a commerical building in 2000 for 80K. Selling now for 380K. What will own in capital gain durring tax time ?

How do I figure my tax bracket for long term capital gain? I'm trying to figure out if my long term capital gain is taxed at 5% or 15%. Do I include the gain into my gross income? If I include the gain in my gross income I'd be in the 25% bracket and have to pay 15% on the gain, but if I don't include the gain in my gross income I'd be in15% bracket and pay 5% on the gain. It seems I should figure out what bracket I'm in without including the gain to figure out what I should pay on the gain. Otherwise I'd be paying captial gains tax and regular income tax on the gain.

how to avoid capital gain tax while selling a land and buying house? My wife has a land in Orissa. We are planning to sell that land and purchase an apartment in Karnataka. The apartment price is more than the proceedings from the sale of land. Hence I am planning to take loan for the additional amount. My wife is unemployed. How we can avoid paying Capital Gain Tax and how I can get the tax exemption on home loan?

What options are there in paying capital gain taxes on real-estate investment property? I am selling 3 acres of land for a substantial gain and would like to avoid paying 30 percent of my selling price in capital gain taxes. Are there tax breaks that allows for reinvesting without taking a big hit in taxes?

What are the rules about Capital Gain and flipping houses? Hi. I'm flipping a home and just heard that in 2010 the rules for capital gain were changed stating that we HAD to pay on any home we havne't lived in for at least 2 years. Is this correct? We are planning on reinvesting this money within a year!

How to measure capital gain after a dividend? If I bought 10 shares of a stock at $10 each, I pay $100 + commissions. If the next day the company pays a dividend of $1, the stock price goes to $9 doesn't it? When measuring capital gain in selling the stock the next day, do I measure gain from the $10+commissions level or the $9+commissions level? In otherwords do I have to adjust my base cost for a stock after every dividend distribution so that the capital gains calculation makes sense? Thanks. I want to know because as far as I know the dividends and capital gains are taxed at different rates. Basically, I want to know that if I sell the day after ex-date (after the dividend) at $9 each, do I get to claim a capital loss from the $10 level, or is my capital gain $0.

Can I offset a realized capital loss against mutual fund capital gain distributions? This is the year for losses, it appears. But some of my mutual funds are still paying capital gain and income distributions. Can I offset the losses?

How do I qualify for the 5% long term capital gain rate? I am trying to do some tax planning prior to selling a stock I have held for a long time (over 5 years). From my understanding, long term capital gains are taxed at 15% rate unless your taxable income would otherwise put you into a lower tax bracket, in which the long term rate is then 5%. Is the gain from the sale of the tax part of the taxable income? I have a very small annual income of about $20,000, but when I sell the stock, I will have a gain of about $500,000. Will it be taxed at 15% rate or due to my low income, will it be taxed at 5%? And if I wait until 2008 (maybe 2009) will it be taxed at 0%? The tax laws are very confusing in this area. Please help me out.

How to save capital gain tax on account of property sold today purchased 29 years back. I am working woman? What is time frame to save capital gain tax either by way of deposit in bank or bonds. Upto which period sale proceeds have to be reinvested in housing. What is the best option. My husband who is retired already owns a house where in v r living.

Tax on capital gain from stock investment? hi, i know that for long-term capital gain, we would be taxed at 15% of the tax bracket and for capital loss (regardless time frame), it can be tax-deductible for up to 3000. however, let say this year, I've have lost 3000 in one stock, and 3000 long term capital gain on another stock. According what I have researched, these will cancel out one another. Is this true, or these two transactions can be recorded seperately according the the rule i described above. in another word, the gain/loss is the net of investment or each transaction is applied toward the rule. thanks.

When do I have to record tax capital gain for selling my residential property? Do I have to record tax capital gain if I purchased my house(resident) in July 2004 and sold it in Dec 2006? Thank you. Addition: This is the house that I lived in until the day I sold it.

What is the income tax rate for capital gain to a non resident indian? A non resident indian has sold a inherited Urban Non agriculture Land in india. What will be the tax rate on such capital gain in india? Is he liable to file income tax return in india if the purchaser has deducted TDS while making Payment?

What to do with the capital gain from the excess roth IRA contribtution? I overcontributed $1200 to my roth IRA for 2006. This contribution has made some capital gain. I understand that I need to file a IRA distribution to take out the excess contribution to avoid IRA penalty. However, what should I do with the gain from the excess contribution? Thanks,

Which form is used to show capital gain for filing Income tax? I am resident individual having income from pension and interest. During last financial year I earned some gain from selling my vacant plot of land. How to calculate the tax on this gain? Also, which form is to be used to show capital gain for filing Income tax? Please advise.

How big is the capital gain tax when selling stock in less than one year after purchase? I may need to sell some of my stocks whic I bought 6 months ago. What capital gain tax (%) will I pay? What would be the tax if I sell after 1 year from purchase?

Can a parent's short-term capital loss be used to offset child's capital gain if filed on the same IRS return? My son's custodial account has ~2k of short-term gains for TY07. I'm wondering if I can use a short term capital loss from my own account to offset his gain.

What price do I use to figure a capital gain or loss? I bought stock when I worked for a company which gave me a 15% discount on stock purchases. I am planning to sell it soon, so should I figure a capital gain or loss based on the actual price when the stock was purchased, or the discounted price I actually paid? I have had the stock for several years, so it's a long-term sale either way.

Can I save long term capital gain by repaying home loan ? I'm planning to buy a flat in delhi by taking home loan. I have a house for sell. Now the question is - If I buy flat first and sell house later and pay the long term capital gain to the bank to lessen the amount of loan, will it save Capital gain tax ? for your information, I've bought my house in 1998.

Do I have to pay tax on capital gain distribution from a mutual fund even though I haven't sold a fund yet? I am holding DPCAX and LETRX mutual funds since spring, 2007. About a month ago there was a capital gain distribution on those funds. I haven't sold them yet and plan to hold them for another year. Do I have to pay tax on this capital distribution even though I haven't sold the funds yet?

How to calculate capital gain when only a part of the asset is sold ? Say I bought 100 shares for $50. Now the price is $100 and I sell 50 shares. For tax purposes, at this moment is my capital gain zero or is capital gain calculated per unit: no. of shares sold * gain ?

How much is the tax on Long term capital gain in India? How much is the tax on Long term capital gain (especially gain from mutual funds)? Is there any way to minimize this tax?

What would my capital gain tax on my house be? I bought a house in Aug 2008 and plan to sell it in June 2009. I don't understand how the tax works. I paid $50,900 and it appraised at $103,500. Now If I sell it for $130,000 then what is my capital gain tax? do i pay it on the profit I make from the appraisle and sale price or the difference between my first cost and sale price?

Do I have to pay estimated taxes on my capital gain and by when? I am currently closing on the sale of my rental property and will have to pay capital gains because I am not doing a 1031 exchange. Do I have to pay estimated taxes on the gain or can I bank the money until tax day and pay it then? Could I just pay a portion of it now and the rest later? What forms do I use to estimate the tax and pay it?

Do you still have to pay taxes on the capital gain of the sale of a piece of land if you reinvest? I am looking to purchase a home and I would like to sell a piece of land that I own. Is the capital gain on this sale taxable even if I turn around and reinvest all of the gain into the purchase of a home? Any suggestions on how to handle these transactions? Thanks!

What percentage will I have to pay on a short term capital gain? I am looking to flip a house and turn a net profit of up to 25000. If my taxable income before adding this short term capital gain is 50000, how do I figure out what percentage of that 25000 will be taxed?

How can I have capital gain distribution on a mutual fund if I didn't sell? I have long term capital gain distributions on a mutual fund but I didn't sell. My tax form asks for a date sold. I think where I'm confused is because I have other funds I sold so I have to include a schedule d -- so I don't know how to list the ones that I didn't sell.

If i have to claim capital gain, can I claim a capital loss? If I lived in my primary residence less than two years, and received a gain I will have to claim a capital gain. Can I claim a capital loss if I lived in my house (primary residence) if I lived in it less than two years, if I received a loss? Wouldn't the same rules apply?

Can I treat company sales as long term capital gain after holding company stock for 12 years? I joined a start up in 1996 and was granted XXX shares of company stock instead of formal compensation. In 2009, the company was sold to the other company and my stock was cashed out. Should I treat this as long term capital gain? In addition, from which part of schedule D I can find better advantage of long term capital gain over short term one. Thanks.

sale of inherited home w/profit is long term capital gain so where on Schedule D does it go? sale of an inherited home w/profit is a long term capital gain, so where on Schedule D does it go? since I've been filling out schedule D for yeare but never sold real estate, the LINE # was the "bingo" answer being looked for.

Taxes on Capital Gain for selling a house in WA? Hi, I'm planning to sell a house in WA I bought last year. I know I should pay for taxes on the capital gain because I haven't lived in it for 2 years, but the situation is kind of complicated: I bought the house together with an empty lot just beside it and I got them in one single "transaction". Now, I want to sell only the house and keep the lot. I'm just wondering how the capital gain is going to be calculated? Thanks.

Plot sold and bought another plot within three years for house and start construction ,is capital gain taxable For capital gains tax,I need this clarification.If I sell my existing plot and buy another plot within three years from the date of selling the plot and start construction for a house.Will it comes under capital gains tax? In other words,a Plot sold and bought another plot and start house construction within three years will it be exempted from capital gain tax?

How Can I Minnimize My Capital Gain? I own a house and a 5.5 Acre property. The value of the property keeps appreciating. It is zoned as mixed Residential/Commercial. I am thinking of selling my own house and building a new house in the residential part of the property hoping that I can avoid paying capital gains on the property. Is that possible? How can I mimimize my capital gain? Thanks.

If i have capital gains and filing tax in two states. Do I have to pay tax on the same gain to two states? If i have capital gains and filing tax in two states. Do I have to pay tax on the same gain to two states? OR should I distribute gain based on the selling date? Thank you all for your answers. I had moved to New Jersey from Pennsylvania during august last year (2006).

Is there an upper limit on the amount of long-term capital gain that can be offest with capital losses? Due to a sale of business interests I have a significant long-term capital gain. I would like to offset this with capital losses on investments (if I sell them now before year's end). I need to know the amount of gain that can be offest, so I would know how much stock to sell at a loss.

How can you acquire someone else's capital loss to offset your own capital gain? I am trying to use a capital loss to offset a capital gain for this tax year and am looking for creative, legal ways to do that.

Can I declare the sale of an internet domain as a capital gain? I recently sold the internet domain and business I had developed over a two year period. It's arguable whether the value of what I was selling was primarily the domain name itself or whether it was the business and the small revenue stream the website was starting to generate. Can I declare the sale as a capital gain? If so, what do I call the purchase price? (the $8 registration I intially paid?). Or do I somehow add up the assets of the business which I sold? Or do I have to declare the business sale as regular income? (it was not incorporated in any way). I need an answer for both US and Canadian taxes as I have to file in both countries.

Is there restriction by IRS on number of capital gain transactions (reported in 1099B) for Efiling my reurn? I have got to include about 1700 capital gain/loss transactions as reported by my broker in 1099-B. I used TaxCut software (H&R Block product) to prepare my individual return. But when I wanted to Efile the return there is a message that since I have got more than 250 entries of capital gain transactions, I am not eligible to efile. Instead I have to send a paper return. TaxCur people do not answer properly my question whether it is an IRS restriction not to accept efile with more than 250 CG entries or it is a TaxCut software limitation. Can somebody guide me whether I can efile with any amount of 1099-B entries? If IRS restricts the number of transactions for efile, Then I have a big problem of printing several pages of Schedule - D which costs a lot to print and send. Please send your valuable help in this matter.

How much will I owe in Capital Gain? If I sell my home for a profit of $67,000.00 after living in it for one year with a household income of $75,000.00, how much will I have to pay in capital gain in Washington?

how to avoid or reduce capital gain tax for a house owned less than a year? We just bought a house in Nov. last year with an intention to expand it and move in. Before expansion, we did lots of improvement. Now we have buyers for it and we could gain a handsome profit. Though lease-to-own option will lower our capital gain tax rate when we sell this coming Nov., we prefer to have it sold right now instead of waiting for another half year. Any suggestions on how not paying tax on the gain? Can we create a Family liability partnership (FLP) or LLC and transfer the title from under our own names to the FLP or any other corporation type before selling it? Any creative thought would be much appreciated. Thanks.

How to compute capital gain and how to get exemption from tax - where to invest to get exemption of Income tax If a person sells house site and he gets some lakhs of rupees - where to invest this amount to get exemption from tax. How to notify this to the IT Department. Within how many days the investment has to be made. Am told if invested in Capital Gain Bonds issued by Govt. the capital gain is exempted. If at any time the Bonds are not available how to investment and take exemption.

Do I need to pay tax for capital gain for the house? I bought a house in 2007 and lived there unitl 2009 July. As I got a job in other city and the price of the house had gone down, I decided to rent the house. (And I am living in renting house.) If I sell the house in 2011, do I need to pay tax for the capital gain?

2006 tax filing - capital gain reported as short term instead of long term? In 2006 I had $10,000 in long term capital gains, but it was reported as a short term capital gain. My federal taxes ended up being in the area of $1200. Had the capital gain been reported correctly, what would the difference be? Is there a way to fix this mistake?

Do I need to pay any tax from capital gain for selling my house? I bought it in 2003 and the capital gain is under $250K. Do I have to own it more than 5 years?

What is the effect of Capital Gain if the amount invested in CapitalGain Scheme not utilised within the period? After the period of 3 years,the amount so matured attracts any Capital Gain tax?

How do I account Home improvement costs during the time of sale of the property considering Capital Gain? If I have spent 5-6 lakhs on Home Improvements from the time I have brought this property and during the time of sale when I am calculating the Capital Gain, how do I account or show the expenses on Home improvement and also the cost incurred for advertisement, Chartered accountant fee etc? Please Advice

Do I pay capital gains tax on each stock or on total gain? I have several stocks, all in a Scotttrade account. Some of the stocks loose value, some of them gain value. So lets assume I gained 500 Dollars on stock A, and I lost 300 Dollars on stock B. Consequently, I end up with a total gain of $200. Do I have to pay capital gain tax on $500 or on $200? Thank you!

A person has lived in nursing home for past 3 years. Can he take advantage of $250,000 capital gain exemption A person has lived in a nursing home the past 3 years and is planning on selling his house for a gain of $150,000. The person has owned this house only for the past 15 years, but obvisouly has not lived in it. Can he still take advantage of the $250,000 expemtion the IRS allows for capital gains on houses?

Can I offset capital loss against gain by selling stocks in North America? I had capital loss last year which I have carried forward this year. This year I am making short term capital gain in options ans stocks in NA, my parent company. Can I offset that gapital gain with my last years capital loss? Some one was saying these are different asset classes. What does that mean?

Capital Gain Tax on a summer cottage in the Province of Quebec? I acquired a summer cottage from my father at no cost. My father build myself the cottage way back in 1950's. He kept no recepts for materials etc. The city evaluation is now at $120000. Does my father have to pay a capital gain tax? On what amount? Thank you.

What is the effect of ETF Capital Gain Distribution? I saw a ETF that follow a benchmark dropped significantly because the company that manages the fund issue a statement about doing a capital gain distribution for that ETF. What is the adverse effect of capital gain distribution to the ETF and what does it mean to the investor?

Calculation of Short term capital gain tax of profit and loss making shares? If I buy shares of two different companies and sell these within a period of two months. In one case I gain and in the other case I have some loss. How to calculate short term capital gain tax? Is it the difference of the amount I overall gain?

In Canada, when you transfer shares of a privately held company to your parent, is there capital gain? All shareholders in the company are family members, and it is used to hold rental properties. When one member transfer shares to another, is there capital gain? If so, can you elect rollover?

Which company should I invest in to earn high capital gain? Hi everybody. Please I wanted to ask you about some companies that i could invest in to earn high capital gain in a small period of 3 months. Thank you for this and appreciate it. I have no problem for recommendations. I will investigate the companies very well. Thank you so much

How can you really make a profit in flipping homes when there is capital gain tax involved? Fipping houses for profit has been the latest "trend", especially on TV and they make it out to be so easy; find it, flip it, sell it, $$$. However, I was under the impression that you have to pay a Capital Gain Tax on the profit of the sale, which is never mentioned on TV. Is this true or is there ways around it?

Is capital gain tax on forex trades executed with a cdn dealer due in Canada?And with a foreign dealer? I am interested in trading forex but don't know if capital gain tax is due in Canada on such trades? And what if I use a US based broker? I saw that some brokers are based in Swiss and other places and accounts open with them are capital tax exempt. Does anyone know more about it? Thanks.

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.