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13 Cards in this Set
- Front
- Back
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Straitling depreciation?
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same amount depreciated each year (sale price - land) / 27.5 years
Commercial property take 39 years |
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Adjusted cost base?
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sale price + closing + capital improvement - depreciation taken
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Adjusted sales price?
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sail price - owner closing cost
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How to comput capital gain?
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Capital gain=Adjusted sales price - Adjusted cost base
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Amount of capital gain exempt for married couple?
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$500,000.00
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Tax rate on depreciated capital gain and appreciated capital gain?
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%25
%15 |
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tax free is really
old property also known as new property also known as |
tax differed
relinquished propoerty replacement property |
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Earned income?
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Employee salary, estimated tax
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Unearned income?
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interest
divident rental capital gain |
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You don't need to pay what tax on unearned income?
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social security and medicare
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when you need to pay capital gain?
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When you sale asset
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When it become a dealer?
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If you are annual income conssis mainly flipping car or house.
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Long term .vs. short term? how long, tax consecense.
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held more than a year
short term, pay income tax not 15% capital gain |
