Posts tagged as:

capital-gains

Ask the taxgirl: One time gains

9 June 2008

Taxpayer asks: This is my situation. In 2007, I sold a bunch of stock my grandpa gave me, and had a gain of roughly $8,000. I had my regular income at around $50,000, and $6,583 was withheld. I did not make any estimated tax payments throughout the year. I owed $1,271 in taxes. My question [...]

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Fix the Tax Code Friday: Foreclosures

12 October 2007

So following up on yesterday’s post about the proposed tax relief for debt cancellation related to foreclosures, I wonder, “Is it fair?” Today’s Fix the Tax Code Friday question is: Should Congress offer tax relief to those who are affected by the housing market (those in foreclosure)? Should Congress offset the lost revenue by limiting [...]

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Suddenly, being financially irresponsible pays off!

11 October 2007

The House Ways and Means Committee has voted to permanently remove the income tax consequences for homeowners whose debt is partially forgiven by a lender after a foreclosure. The bill is likely to pass the House and Senate, and President Bush has already spoken publicly about his approval of the measure. Great. Now homeowners have [...]

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Stranger things have happened.

26 July 2007

But not many… in the Ways and Means Committee. The Business Journal of Phoenix (how’s that for a source?) is reporting that U.S. Rep. Harry Mitchell, a Democrat of Arizona, is introducing a bill to keep federal capital-gains taxes permanently at 15 percent and to make recent cuts to federal estate taxes permanent. The Democratic [...]

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Fix The Tax Code Friday: Home Sales

20 July 2007

I listed my house for sale this week (yes, you can expect lots of home-related posts in the next few weeks). While we expect to benefit from a boost in the market since the time we bought our house, we aren’t going to make the kinds of crazy profits that you’ve been hearing about in [...]

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Ask the Taxgirl: Home Sales

22 March 2007

Taxpayer asks:I sold a primary residence last yr and bought a new one.  I did not gross over $250,000 on the sale of the house. What figures should I pay attention to for reporting purposes from the closing sheets? I presume that any taxes paid out prior to the sale of the house are on [...]

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