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There's a capital loss deduction limit of $3,000 per year, but you can carry over any additional loss to future tax years for more deductions. Tax-loss harvesting only applies to taxable ...
If you pay or receive child support, you may have questions about tax rules for child support and how this could affect your income tax filing. The IRS recognizes the role of parents and guardians ...
Because the taxpayer received a deduction from ordinary income for the depreciation of the asset, any gain the taxpayer receives, up to the depreciation amount, must be included as ordinary income to offset the earlier deduction. Any gain above that is a capital gain subject to capital gains tax rates (usually more favorable).
Property tax rates in Indiana are capped a maximum of 1% of value for residential, 2% of value for rental and farmland, and 3% of value for all other types (the actual rates may be higher, but the maximum paid after deductions is capped through a "circuit breaker" tax credit). [8] The property taxes are assessed ad valorem.
When you sell assets that have gone down in value, at least there's one bright spot: You can take a tax deduction on your loss. Or can you? Some capital losses may only be partially deductible, or ...
Before 1986 and from 2004 onward, individuals were subject to a reduced rate of federal tax on capital gains (called long-term capital gains) on certain property held more than 12 months. The reduced rate of 15% applied for regular tax and the Alternative Minimum Tax through 2011.
The tentative tax is based on the tentative tax base, which is the sum of the taxable estate and the "adjusted taxable gifts" (i.e., taxable gifts made after 1976). For decedents dying after December 31, 2009, the tentative tax will, with exceptions, be calculated by applying the following tax rates: [31]
The Child and Dependent Care Tax Credit can reduce your tax liability based on eligible care expenses for children or dependents. The idea behind the credit is that you and/or your spouse can ...