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At 7.25%, California has the highest minimum statewide sales tax rate in the United States, [8] which can total up to 10.75% with local sales taxes included. [9]Sales and use taxes in California (state and local) are collected by the California Department of Tax and Fee Administration, whereas income and franchise taxes are collected by the Franchise Tax Board.
At the same time, the asset is depreciated. If the lease has an ownership transfer or bargain purchase option, the depreciable life is the asset's economic life; otherwise, the depreciable life is the lease term. Over the life of the lease, the interest and depreciation combined will be equal to the rent payments.
Buying out your car lease is similar to purchasing a vehicle, so you have to be prepared to pay sales tax on your leased car. Different states have different rules and tax rates for lease buyouts.
Though a leasehold relates to real property, the leasehold interest is historically classified as personal property. A tenant enjoying an undivided estate in some property after the termination of some estate of limited term is said to have a "future interest". Two important types of future interests are:
Working from home. If you are one of the many workers who spent most of 2020 working from your home rather than an office, you may be wonderingwhat you can deduct on your tax return.It depends on ...
Last month California Gov. Gavin Newsom announced that the state is extending its tax filing deadline for residents impacted by December and January winter storms. The new deadline is now Oct. 16,...
As a lease is a legal estate, leasehold estate can be bought and sold on the open market. A leasehold thus differs from a freehold or fee simple where the ownership of a property is purchased outright and after that held for an indeterminate length of time, and also differs from a tenancy where a property is let (rented) periodically such as ...
The method of determining the rate varies widely, but may be constrained under laws of particular states. Property tax is likely the first or second highest tax burden on a capital-intensive business so hundreds of thousands of dollars may be at stake. [21] In some jurisdictions, property is taxed based on its classification.