Taxes on sale of personal residence
[DOC File]Individual Income Tax
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Where a property is used for both personal residence and rental activities, an allocation of the expenses must be made. A dwelling unit is considered to be a residence if the taxpayer uses it for more than the greater of. 14 days or. 10% of the number of days the property is rented at a fair rental.
[DOC File]PROBLEMS - Mercer University
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Loss on sale of stock 900 (15,900) Adjusted gross income $63,100. b. Itemized deductions: Contributions to First Church $ 2,500. Real estate taxes on personal residence 1,800. Mortgage interest on personal residence 6,000. State income taxes 3,500. Total itemized deductions $13,800. Since the standard deduction for 2005 of $4,850 is less than ...
[DOC File]FEDERAL INCOME TAX
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Sale of Principal Residence: up to $250,000 of gain from sale of principal residence can be excluded if property has been used and owned as principal residence for a total of two years in the first five years after sale. Ordinary Income v. Capital Gains. Capital Gains: Investment assets. Ordinary Income: salary, rents, interest, royalties ...
[DOCX File]GOOSBY INCOME TAX SERVICE
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Record of Purchase or Sale of Residence . ... Real Estate and Personal Property Taxes Paid . State or Local Sales Taxes Paid . Un-reimbursed Employment-Related Expenses . Job-Related Educational Expenses . Educator Expenses . Tuition and Education Fees - Form 1098-T .
[DOC File]Form 1040 Tax Organizer
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Real estate taxes: Primary residence Secondary residence Other Personal property or ad valorem taxes Sales tax on major items (auto, boat, home improvements, etc.) Other sales taxes paid (if applicable) Intangible tax Other taxes (itemize) Foreign tax withheld (may be used as a credit)
[DOCX File]PLP Tax Services
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Sale of Stocks, Securities, and/or Capital Assets. Bring the complete tax reporting brokerage statement. ... Refinance of primary residence (bring closing statement) Second mortgage on primary home. ... (both business & personal) Commissions. Self-employed business miles. Contract labor (1099-misc?) Average daily round trip commute.
[DOCX File]FLORIDA RESIDENCY: AVOIDING NEW YORK (AND OTHER …
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Like many states, New York taxes its residents on all income, regardless of whether it is attributable to New York activities or property. To be taxed as a New York resident, an individual must either be domiciled in New York or be a statutory resident (i.e., maintain a permanent place of abode and spend more than 183 days in the state during the tax year).
[DOC File]Law Changes May Affect Your 2004 Taxes
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Sale of Personal Residence Acquired in a Like-kind Exchange — Taxpayers who convert rental property to a principal residence should know that a tax law change may limit their ability to exclude gain on the sale of that residence if they obtained the property through a like-kind exchange.
[DOC File]come was taxed at the child's rate) and tabulated ...
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Taxes allowed as an itemized deduction from adjusted gross income, included personal property taxes, state and local income taxes, taxes paid to foreign countries or U.S. possessions (unless a foreign tax credit was claimed), and real estate taxes except those levied for improvements that tended to increase the value of the property.
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