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Casual Articles - Figuring Your Basis, Get It Right, Reduce Your Taxes, Get It Wrong and Pay Much Higher Taxes
Why should you always maintain a good report with a business even when you are parting ways?It is human nature to get mad and then rant and rave about what is not going well at work. Many of us
A. 0
B. $4,000
C. $8,000
D. $12,000
Note: If you sold your house a
There are many Mac users who have no time to listen to Spyware stories. They believe that they are totally immune to any Spyware danger. But is this true? Is this fact or just a myth?Admittedly t
Ed purchased a house on an acre of land from Ruth. Prior to the purchase Ed has been renting the house from Ruth for $1000 per month. Ed paid the following:
$100,000 in loan proceeds to Ruth
$2,000 in points to the bank
$1,000 in real estate taxes
$1,000 in pas due rent to Ruth
$1,000 in closing costs to the bank for legal recording, title insurance and survey fees
$1,000 in escrowed Real Estate taxes to the bank
What is Ed's "basis" in the house and land purchased from Ruth?
A. $100,000
B. $102,000
C. $104,000
D. $106,000
AND Now, Ed decides to sell the house and the land and receives $360,000 for the property 5 years later. How much of his gain will he have to pay taxes on? (Ed is single and lets say he did not invest any more money into the property)
A. 0
B. $4,000
C. $8,000
D. $12,000
Note: If you sold your house an
In Part 2 we discussed how to determine if a sales action is a critical sales performance competency, and we determined the following:• It is an Action that is tied directly to the end result (Go
$100,000 in loan proceeds to Ruth
$2,000 in points to the bank
$1,000 in real estate taxes
$1,000 in pas due rent to Ruth
$1,000 in closing costs to the bank for legal recording, title insurance and survey fees
$1,000 in escrowed Real Estate taxes to the bank
What is Ed's "basis" in the house and land purchased from Ruth?
A. $100,000
B. $102,000
C. $104,000
D. $106,000
AND Now, Ed decides to sell the house and the land and receives $360,000 for the property 5 years later. How much of his gain will he have to pay taxes on? (Ed is single and lets say he did not invest any more money into the property)
A. 0
B. $4,000
C. $8,000
D. $12,000
Note: If you sold your house a
I just got off the phone with a friend of mine. Business is up he said, but he didn't know why. I asked him a few questions, but more we spoke about it the more concerned I became."What do you me
$1,000 in escrowed Real Estate taxes to the bank
What is Ed's "basis" in the house and land purchased from Ruth?
A. $100,000
B. $102,000
C. $104,000
D. $106,000
AND Now, Ed decides to sell the house and the land and receives $360,000 for the property 5 years later. How much of his gain will he have to pay taxes on? (Ed is single and lets say he did not invest any more money into the property)
A. 0
B. $4,000
C. $8,000
D. $12,000
Note: If you sold your house a
At this point I will go over the ins and outs of shared web hosting (administered and unmanaged), reseller web hosting, virtual private server web hosting, personalized accounts, and even packages your
C. $104,000
D. $106,000
AND Now, Ed decides to sell the house and the land and receives $360,000 for the property 5 years later. How much of his gain will he have to pay taxes on? (Ed is single and lets say he did not invest any more money into the property)
A. 0
B. $4,000
C. $8,000
D. $12,000
Note: If you sold your house a
So you've got your new website up and running and you've done some advertising to get people to visit. How do you know whether they're actually coming or not?Most web hosting plans include some s
A. 0
B. $4,000
C. $8,000
D. $12,000
Note: If you sold your house and you miss this question, you probably should NOT be doing your own Taxes. Contact your Tax Professional as soon as possible. In fact it would have been best to contact your Tax Professional "BEFORE" you sold your property, because if Ed didn't live in the property for 3 of the last 5 years that he owned the property, then he would be exposed to Capital Gains Taxes on $258,000.
The correct answers based upon Tax Codes; are B and C
Congress votes in over 100 new Tax Laws every year. The software programs do an excellent job of implementing these changes, however, I am not sure how well they do with finding the loopholes.
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