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28 October 2015 | 6 replies
They have no tax reporting requirements in the US.If you are a purely US company, with no holdings or presence in the UK, you have no reporting requirements to the British Inland Revenue Service either.I have not researched it myself, but my British friend tells me that interest earned by a UK citizen, living in the UK, but from a foreign source is not taxable in the UK, so you are not technically required to report the amount of interest paid, even to the investor, although I would think you would want to do so as a courtesy.
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15 June 2015 | 4 replies
Sold our primary residence (taxable gain less than 250K) in Utah.
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27 June 2018 | 2 replies
Lynn Anderson It would be treated an installment sale by the seller - assuming there’s a taxable capital gain, it will be recognized by the seller over time instead of all at once.
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4 February 2016 | 1 reply
I would think it would be the same, the appraised value times the millage to get the taxable amount to be paid.The reason that the owner occupied homes have less tax is due to the exemptions that reduce the value of the appraised amount.
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16 April 2014 | 11 replies
I disagree that the profit is tax free, the interest earned on the mortgage accumulates within the plan tax free, however when you withdraw the funds it will become taxable.
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4 November 2013 | 16 replies
The CFD is funded by equity, not cash, so you have different tax implications and gains from your discount and foreclosure is a taxable gain to you as the property is payment of the debt.
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28 October 2017 | 6 replies
1) It depends - If it is a repair - It is expensed in the current year.It if is an improvement - it should be capitalized(if the amount is below $2,500 and you make certain elections - it can be currently deducted).repairs maintain the propertyimprovements increase the life of the property, increase the value of a property or make the property more efficient.2) The great thing about real estate is that they allow depreciation.based on a purchase price of $100,000 where land is allocated $20,000 and the building $80,000 and purchased on January 1st. you would be entitled to a $2900 deduction to net you to $100 of taxable income less any repairs.Are you managing the property yourself?
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28 April 2019 | 5 replies
At my "high water mark" I had 200+ monthly rental checks coming in from my Northern California rentals.I also learned:By fixing up units when I bought them, I FORCED UP APPRECIATION that was not taxable today.In addition to forced appreciation, I enjoyed the market appreciation over the years.Tenants, that I never knew previous to renting to them, were paying my mortgages and ALL MY BILLS and my lifestyle.In later years, I sold by carrying the financing and collecting monthly checks from the buyer.
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10 June 2017 | 19 replies
The law lets you "exclude" this much otherwise taxable profit from your taxable income.
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27 January 2020 | 7 replies
In my case, my SE tax is much larger than my Federal Income Tax due to being in a much lower tax bracket, so I do EVERY thing I can to reduce my 'taxable income' that I can.