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13 Cards in this Set

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