Sentences with phrase «cost for tax purposes»

Any capital expenses or renovations over the years would be added to the cost for tax purposes.

If you inherited the cottage, as many people do, the fair market value when you inherited the cottage would generally be your cost for tax purposes, Terry.

The ACB is used to determine a security's cost for tax purposes

When you buy a stock in a non-registered, taxable investment account, your cost for tax purposes is your original investment.

If you sell some or all of the shares, the average cost for all the shares accumulated to that point is your cost for tax purposes.

That said, between 1974 and 2015, there may be other adjustments to the original purchase price that may impact the cost for tax purposes.

Not exact matches

Here's where things get complicated: In order to calculate the taxes you owe, you need your cost basis — that is, the original value of the asset for tax purposes — and this information can be hard to find.

But if you then leave those securities to your heirs, their cost basis for tax purposes will be «stepped up» as of the date of your death, and your capital gains liability simply evaporates.

We calculate cash EBITDA for bonus plan purposes as cash flow from operations, adjusted to add back acquisition and sponsor - related costs, interest, taxes and certain one - time costs, such as executive severance.

NNN Lease — Often times big businesses do not want to own the building they use (for tax purposes), but instead rent the building and pay all costs associated with the building such as maintenance, taxes, insurance, and more.

The amortized cost is reported material annually for tax purposes.

It was the Red Sox signaling that they had their first baseman, not just for 2018, but also for 2019 if necessary, and that filling that hole with someone cost - effective for luxury tax purposes was important to them.

For tax purposes, camps can deduct the cost of the tangible assets they purchase as business expenses; however, camps must depreciate these assets in accordance with IRS rules about how and when the deduction may be taken.

Hence, one of the purposes of the estate tax is to tax these potentially unrealized gains — the difference in cost bases ($ 45K) would otherwise be unaccounted for and hence untaxed.

On average, the federal government contributes about 10 percent to the total amount spent on public education, but these dollars account for a larger portion of many high - poverty districts» budgets.11 For example, Los Angeles Unified School District and Chicago Public Schools — both high - poverty districts — receive about 15 percent of their budgets from the Education Department.12 These dollars serve essential purposes, such as supplementing services for low - income students, defraying the cost of individualized education programs for students with disabilities, and compensating for a loss of property tax due to federally owned lafor a larger portion of many high - poverty districts» budgets.11 For example, Los Angeles Unified School District and Chicago Public Schools — both high - poverty districts — receive about 15 percent of their budgets from the Education Department.12 These dollars serve essential purposes, such as supplementing services for low - income students, defraying the cost of individualized education programs for students with disabilities, and compensating for a loss of property tax due to federally owned laFor example, Los Angeles Unified School District and Chicago Public Schools — both high - poverty districts — receive about 15 percent of their budgets from the Education Department.12 These dollars serve essential purposes, such as supplementing services for low - income students, defraying the cost of individualized education programs for students with disabilities, and compensating for a loss of property tax due to federally owned lafor low - income students, defraying the cost of individualized education programs for students with disabilities, and compensating for a loss of property tax due to federally owned lafor students with disabilities, and compensating for a loss of property tax due to federally owned lafor a loss of property tax due to federally owned land.

In addition to the base tax of 1 percent of assessed value, property owners often pay additional school taxes for two purposes: to pay off bonds issued to fund school construction and to fund ongoing education costs through what are called parcel taxes.

Upon written request, copies of sales drafts and other documentary evidence of transactions made with your Card are available for income tax and other purposes at a reasonable cost.

Cost basis is the original value of an asset for tax purposes, usually the purchase price, adjusted for stock splits, dividends and return of capital distributions.

Future growth in the shares would be taxable to the grandchildren, with the grandchild's adjusted cost base for tax purposes being the fair market value at the time of transfer.

The market value of the mutual fund upon removing your mother's name would then become your new cost base for your own capital gains tax purposes.

But CCA (Capital Cost Allowance — depreciation for tax purposes) isn't so straight forward and may actually increase the taxes you pay when you sell later on.

Some offer down payment and closing cost assistance and some may offer mortgage credit that allows borrowers to reduce their withholding tax and free up more income for qualification purposes.

MACRS refers to «modified accelerated cost recovery system,» which is the default depreciation method used for tax purposes.

This calculation is an estimate for informational purposes only, and does not include CMHC Insurance Premiums, applicable sales taxes, closing costs, or other fees that may be required.

What should you know before you calculate the cost basis of stocks for tax purposes?

This calculation is an estimation for informational purposes only, and does not include surcharges, applicable sales taxes, closing costs, or other fees that may be required.

Your cost per share for tax purposes is $ 22 (150 shares at a total cost of $ 3,300).

I want to be sure that what I do is the most efficient for tax purposes (for example my roof needs re-shingling next year, costing approximately $ 10,000).

Now, when you finally sell your cottage, the calculation of your cost base, for tax purposes, will be equal to your original purchase price, plus closing costs on acquisition and the capital expenses you've paid for over the years.

A separate restriction pro-rates deductible lease costs when the value of the vehicle exceeds the amount that is deductible for tax purposes.

For tax purposes, your spouse will be deemed to have acquired the shares from you at a cost of $ 1,000.

A silver lining: When you sell a fund, your cost basis for tax purposes includes not only the amount you invested, but also any distributions you reinvested in additional fund shares.

He can not claim a tax deduction for this expense but it will form part of the «cost base» of the property for capital gains tax (CGT) purposes when he sells the property.

If the value of an account is below its cost basis, investors can sell their shares and claim a capital loss for tax purposes.

If you paid more than half the cost of maintaining the home where you and your child lived all year, you're considered unmarried for tax purposes.

When an asset passes to a surviving spouse on death, by default, it is transferred at its adjusted cost base for tax purposes, meaning no capital gains tax is payable at that time.

Many Canadians who owned taxable capital assets like cottages at that time filed an election to claim a deemed capital gain based on the then fair market value of their cottage, which would generally become your new adjusted cost base for capital gains tax purposes.

When a property is purchased for the above purposes, all costs associated with improvements and development of the asset can be deducted from taxes up to some extent.

When an asset is sold, its cost basis is used instead of the actual purchase price to determine the accurate capital gain or loss for capital gains tax purposes.

For U.S. federal income tax purposes, the cost of securities owned, gross appreciation, gross depreciation, and net unrealized appreciation (depreciation) of investments at May 31, 2011 were as follows:

«Income» for the purposes of the premium assistance tax credit and the FPL is based on modified Adjusted Gross Income (AGI), which means AGI increased by any income not reported due to the foreign earned income or housing cost assistance exclusions, any tax - exempt interest (i.e., municipal bond income), and any Social Security benefits that were otherwise excluded from income.

These distributions should be accounted for by investors for tax purposes by adding the distribution amount to the adjusted cost base of the units held.

Many Canadians took a deemed capital gain on their 1994 income tax return that pushed up the tax cost of certain capital assets for tax purposes — including their cottages — based on the market value at that time.

The ACB isn't necessarily just the original purchase price — it may be that you have made capital improvements or renovations over the years that have increased the cost of the property for tax purposes.

You can make an election under IRC section 59 (e) to write off intangible drilling costs over 60 months for regular tax purposes, and eliminate an entry on this line.

I track cost basis separately, which is calculated with the dividends of course for tax purposes.

For example, if you live in Nova Scotia, and you pay tax at the top combined federal / provincial marginal tax rate of 54 per cent, your tax cost of borrowing $ 100,000 for investment purposes, using a secured line of credit at bank prime rate (currently around 3.45 per cent), is only $ 1,587 annually, assuming the interest is fully tax deductibFor example, if you live in Nova Scotia, and you pay tax at the top combined federal / provincial marginal tax rate of 54 per cent, your tax cost of borrowing $ 100,000 for investment purposes, using a secured line of credit at bank prime rate (currently around 3.45 per cent), is only $ 1,587 annually, assuming the interest is fully tax deductibfor investment purposes, using a secured line of credit at bank prime rate (currently around 3.45 per cent), is only $ 1,587 annually, assuming the interest is fully tax deductible.

Knowing the «cost basis» of your property is important for tax purposes, but proving cost basis can be difficult.

It is recommended that you keep your own running record of your cost basis in each eFund for tax purposes as there are certain instances where your tax basis may differ from your capital account balance.

In many cases, the cost of these products may be tax deductible for purposes of Federal and / or State income tax.