One of the first factors that influence your potential income tax liability on the sale of the house was its use. If the house was your primary residence for any two of the past five years, you do not have to pay capital gains tax on the first $250,000 of your profit...
Capital gain from the sale of a primary residence is only subject to NIIT if the gain on sale exceeds the existing exclusion. After combining income from the three categories (losses from one category do not reduce income from another category) certain deductions are allowed to arrive at 'Net...
Capital Gains Splitting: Sharing the sale profits of assets between spouses to reduce taxes on capital gains. If you purchase assets together (land, shares of a Canadian-controlled private corporation, or pretty much any other asset). Family Trust: Income can be split among family members by di...
Rollover Relief – If you sell one Airbnb residence and buy another, you can defer Capital Gains Tax on the sale of the initial property (basically, you save yourself from having to pay tax for the time being) Capital allowances for property furniture and fittings Please note that you can...
When a South African citizen sells their primary residence, capital gains tax (CGT) will not be due on the first ZAR 2 million. A portion of the exclusion gets utilised if the property was previously leased. This is true also if the property was in part used for commercial purposes. ...
Withholding taxes Tax administration Other issues Individual SwitzerlandCorporate - Income determinationLast reviewed - 28 June 2024 The statutory accounts of a Swiss company (or in the case of a non-resident company, the branch accounts) serve as the basis for determining taxable income. There...
You can, however, do a bit of a dodge if you are willing to completely relocate. If you sell your primary residence with the $250,000 per person tax-free deduction and move into the vacation home and declare it your new primary residence, you will be able to use the $250,000 ($500...
Benjamin Franklin once wrote: “In this world nothing can be said to be certain, except death and taxes“. Income tax is something that can hardly be avoided by a profit-making company. You might find filling-in the tax return a demanding task because everything must be correct – otherwis...
Minimize your taxes on passive income A passive income can be a great strategy for generating side income, but you’ll also generate a tax liability for your effort. But you can reduce the tax bite and prepare for your future, too, by setting yourself up as a business and creating a ret...
Profit from the sale of real estate that does not serve as a primary residence Profit from the sale of private companies or S corporations Taxpayers may also be eligible to defer taxes on the interest of some investments as well. Instead of paying taxes on the interest as they earn it, th...