Can we rate the housing loan next to long permanent status property gain?
We bought a house in Sept 2003, for which we took a housing loan. We bought a plot contained by June 2004, which we want to sell it very soon. If we use the capital gain from the plot to repay the existing housing loan do we still need to settle the taxes?Please explain
Thanks
Answers: No. You cannot adjust the capital gain on your house purchased during Sep.2003. It is already more than 4 years. To avoid paying taxes for property L.T Capital gains you should hold purchased a Flat/House one year before the public sale or you should buy a Flat/House with within 2 years from the date of sale or should complete the construction of a contemporary flat/house with contained by 3 years.
You can pay existing housing loan beside the capital gain amount. But you cannot save wherewithal gains levy.
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How much longer for my hr return?
Answers: How should we know?
Legally, it had to be mailed out by yesterday. I guess you'll just have to wait by the mailbox.
If you are employed at a company making $350 a week, claiming one dependant how much federal excise is suppose to
If you are employed at a company making $350 a week, claiming one dependant how much federal tax is suppose to be taken out respectively week?Answers: go to paycheckcity.com and use the paycheck calculator - you don't articulate whether your w-4 says married and 1 or single and 1 - here is a big difference in the withholding taxes
You can send for the IRS and they will quote you the exact amount of what is supposed to be taken out.