Tax Free Exchanges (Turn your speaker on and click on any of following questions)

Need Immediate Help - Call 877-800-1040 or email


Tax Deferred Exchange Home Page

1.  Can I exchange for property of less value?

2.  Do I have to exchange for the same type of property?

3.  Does the exchanges have to been done simultaneously?

4.  What is a QI?

5.  Will IRS audit a tax free exchange?

6.  Can I change the name on the title of the new property?

Capital Assets – Gains and Losses for Taxes
Richard Chapo

Capital is a unique term when it comes to taxes. If it gains value, you pay a tax. If it loses it, you can write at least some of the loss off.


Capital Assets – Gains and Losses for Taxes


Practically everything you own is a capital asset. This is true whether you use it for business purposes or personal use. The internet revenue service is very interested in your capital assets. Why? The IRS likes to tax the full gains while only giving you a small break on any lost value. Specifically, you have to report and pay taxes on gains in value of your capital assets when you sell them. Unfortunately, you only get to claim a loss on capital assets if it is an investment property such as stocks. Doesn’t seem fair, but that is how the cookie crumbles these days!


Here are some tax issue highlights on capital assets:


1. Generally, you report gains and losses on capital assets by subtracting the price you purchased it for from the price you sold it for. This calculation is reported to the IRS on Schedule D, which should be attached to your 1040 tax return. Lucky you!


2. Capital gains and losses are classified as long-term or short-term. The classification breaks down on…tad a, how long you’ve owned the capital asset in question before selling it to someone else. If it has been less than a year, it is a short-term gain or loss. Hold on to it for more than a year and you are looking at a long-term gain or loss when reporting taxes. Each classification requires different tax calculations and you will ultimately pay different amounts of tax.


3. In a bit of good news, you are generally going to pay less tax on a capital asset gain. For the 2005 tax year, the tax rates range from a miserly five percent to a more painfull 28 percent.


4. While the IRS is happy to tax all of your capital gains, it has different views towards losses. You can deduct losses, but only up to $3,000 each year.


We all have capital assets, even if we don’t realize it. Unfortunately, the IRS is aware of this, so make sure to report your gains and losses.



Richard A. Chapo is with http://www.businesstaxrecovery.com - recovery of business taxes through tax help and tax relief. Visit http://www.businesstaxrecovery.com/articles to read more business tax articles.


Article Source: http://EzineArticles.com/?expert=Richard_Chapo




Home
Latest Tax Free News
Tax Free Articles
Additional Resources
Want to Join the Moms?
Questions for CPA Moms?


Death & Taxes

We have Information to Help You with Either


Got Question for about a Tax Free Exchange?

IRS wants you to retire Financially Free!     We will answer your questions and give you options about how to become Financially Free when you retire

Tax answers/options when you sell your Home.      We will answer your questions about the tax free home sales and give you options on tax free exchanges

So, You got a letter from IRS?  We can help.    Letters from IRS are scary. We will answer your questions at no charge.

S-Corp, LLC, C-Corp, Partnership - Your Choice?    Selecting the correct Business Entity is confusing.  We will give you the tax options of each Business Entity.

How not to pay taxes when you sell income property.    We will explain how to do a tax free exchange & not pay taxes when you sell your income property.

Complete this form for Carl's Tax Tip on "How to get Tax Free Cash out a Tax Free Exchange"

E-mail Address: *
Your First Name *
Your City *
Your State *

* Required


More Information Less Taxes

Need Cash Quick?
   Same Day
   Next Day - 37,127 Locations
   Refund Anticipation Loan
   Earned Income Credit

Tax Deductions
     Day Care
     Moving
     Medical & Dental
     Education
     Educator Expense
     Divorce & Alimony
     Donating Car to Charity

Personal Finance
   Retire Buying Tax Liens
   Borrowing from your 401k
   Your Credit Report
   Credit Repair
   Your Social Security
   Social Secuity Disability
   Indentity Thief
   Reverse Mortgages
   Bankruptcy

Tax Preparation Specilities
 Truckers - Long Haul/Local

Where is my Refund?
   Electronic Filing

IRS want to give you:
    Earned Income Credit
    Adoption Credit

Business Expenses
    Mileage
    Office in Home
    Business Deductions

Latest News



 

 

 

 

 

 

 

 

Privacy Policy ......... About Us  ......  Disclaimer ..... Copywrited 2005 - 2006 & Developed by  Tax Moms