Sentences with phrase «considered income for tax purposes»

Remember that the OCS foster care reimbursement is not considered income for tax purposes.

This is good news because many payments for benefits which you might not think about are considered income for tax purposes.

The adjustments of principal are considered income for tax purposes, although investors do not receive the adjustments, but instead receive the coupons that result from them.

Remember that the OCS foster care reimbursement is not considered income for tax purposes.

Not exact matches

You were married in a state that recognizes same - sex marriage, you are considered «married» for Federal income tax purposes.

Otherwise, you are considered «married» for income tax purposes.

If such a sale or disposition takes place in the year in which the participant exercises the option, the income recognized upon the sale or disposition of the shares will not be considered income for alternative minimum tax purposes.

For income tax purposes, the interest on business loans (and payments for some capital leases) is considered a deductible business expense, while the principal is nFor income tax purposes, the interest on business loans (and payments for some capital leases) is considered a deductible business expense, while the principal is nfor some capital leases) is considered a deductible business expense, while the principal is not.

A Shareholder that is not a US Shareholder as defined above (other than a partnership, or an entity treated as a partnership for US federal income tax purposes) is generally considered a «Non-US Shareholder» for purposes of this discussion.

Even though, for social security tax and Medicare tax purposes, you are considered a self - employed individual in performing your ministerial services, you may be considered an employee for income tax or retirement plan purposes.

If you are employed by a congregation for a salary, you are generally a common - law employee and income from the exercise of your ministry is considered wages for income tax purposes.

«I believe that it is important that the Treasury and the IRS issue guidance or a formal opinion letter whether taxpayer contributions to state authorized trust funds, partially reimbursed by credits reducing state and local income taxes, will be considered deductible for federal tax purposes,» Faso wrote in the letter.

Dividends are considered return of premium paid for tax purposes, and are therefore not included as income.

You and your spouse are not being considered as a child on someone else's tax return for purposes of the earned income credit.

Any distributions resulting from such gains will be considered ordinary income for federal income tax purposes.

When we invest in 5 year NSCs, I get to know we need not consider interest income for tax purposes till 5th year, when the whole interest accumulated to be considered taxable.

The amount of the discharged debt will be considered income for federal tax purposes and possibly for state tax purposes.

Tax tip: Anyone, including minors, with earned income for RRSP purposes should consider filing an income tax retuTax tip: Anyone, including minors, with earned income for RRSP purposes should consider filing an income tax retutax return.

Any amount of debt forgiven by a creditor is generally considered to be income for tax purposes, so you will have to pay taxes on the amount forgiven when you file your federal income tax return in the year the debt forgiveness occurs.

A: Indeed, the U.S. does not consider a TFSA to be any special type of account for tax sheltering purposes, so from their perspective, it's a regular investment account and the income earned would be investment income which, as a U.S. citizen, you must report to the IRS on your U.S. tax return.

Structured products may be considered contingent payment debt instruments for federal income tax purposes.

A: There are several sources of income that can not be accepted: Unemployment insurance payments, both State & Federal temporary disability insurance payments, workers compensation or any employment or job where you are paid under the table or monies not declared for tax purposes can not be considered.

I received a letter from my brokerage that they miscalculated the interest, and putt back the money in my investment account my question is for tax purpose what should this amount of money that I paid before as an interest be considered after I got it back Interest income, so it will all taxes or capital gain so 50 % will be taxed, or it was calculated in my tax calculation for year2009

For income tax purposes, the interest on business loans (and payments for some capital leases) is considered a deductible business expense, while the principal is nFor income tax purposes, the interest on business loans (and payments for some capital leases) is considered a deductible business expense, while the principal is nfor some capital leases) is considered a deductible business expense, while the principal is not.

In addition, the definition of principal residence in section 54 contains detailed rules (in paragraph c. 1) that prohibits a trust (which is considered to be an individual for income tax purposes pursuant to the rule in subsection 104 (2) of the Act) from considering a property as its principal residence unless very specific conditions are met.

For income tax purposes, you are considered a sole proprietor.

If the donor shows a «detached and disinterested generosity,» the item given will be considered a gift for purposes of excluding its value from the recipient's income tax.

For income tax purposes, you are generally considered separated when you start living separate and apart from your spouse because of a breakdown in the relationship for a period of at least 90 days, assuming you have not reconciled.If a parent is required to make child support payments in relation to a specific dependent, they are not eligible to claim that dependeFor income tax purposes, you are generally considered separated when you start living separate and apart from your spouse because of a breakdown in the relationship for a period of at least 90 days, assuming you have not reconciled.If a parent is required to make child support payments in relation to a specific dependent, they are not eligible to claim that dependefor a period of at least 90 days, assuming you have not reconciled.If a parent is required to make child support payments in relation to a specific dependent, they are not eligible to claim that dependent.

The IRS website confirms that if you receive the proceeds under a life insurance plan as a beneficiary, the benefits are not considered income and do not have to be reported for the purposes of income tax.

For constitutional purposes, payroll taxes, gift taxes, and estate taxes are considered forms of income taxes.

Death benefits are paid income - tax - free to your beneficiaries, but proceeds are generally considered an asset of the estate for estate tax purposes.

Dividends are considered return of premium paid for tax purposes, and are therefore not included as income.

This means that SARS does not consider cryptocurrencies as a currency for income tax purposes or Capital Gains Tax rather, they are regarded as assets of an intangible natutax purposes or Capital Gains Tax rather, they are regarded as assets of an intangible natuTax rather, they are regarded as assets of an intangible nature.

Further, Michigan's real estate statute defines an «independent contractor relationship» as a relationship between a real estate broker and an associate broker or real estate salesperson where there is both a written agreement between the parties stating that the associate broker or real estate salesperson is not considered an employee for federal and state income tax purposes and not less than 75 % of the annual compensation paid by the broker to the associate broker or real estate salesperson is from commissions from the sale of real estate.

For income tax purposes only, salespersons working in a 100 per cent house are not considered to be employees, but operate as independent contractors.

Interests in an entity that is considered to be a disregarded - entity for Federal income tax purposes, such as a single - member limited liability company; this entity must hold either legal title to the property or other Qualified Indicia of Ownership.

It's considered portfolio income for tax purposes and is taxed at ordinary rates.

To be more specific on the 2 years comment, you would need to get 2 years of tax returns showing this property's returns in order for banks to consider the income it generates as part of your total income for purposes of qualifying on a new mortgage.

For example, a single member limited liability company (LLC) is considered by the Internal Revenue Service (IRS) to be a disregarded entity for income tax reporting purposFor example, a single member limited liability company (LLC) is considered by the Internal Revenue Service (IRS) to be a disregarded entity for income tax reporting purposfor income tax reporting purposes.

This means that the LLC is ignored for income tax reporting purposes and the underlying single member (the Sole Member / Investor / Owner) is considered to be the actual buyer or titleholder of the real property.