Sentences with phrase «for regular tax purposes»

Suggestion: If the adjustment is from a rental property, consider using slower depreciation methods for regular tax purposes to eliminate an entry on this line.

Using the IRS definition: You may have to pay the AMT if your taxable income for regular tax purposes plus any adjustments and preference items that apply to you are more than the AMT exemption amount.

Your basis in this stock is now $ 300 ($ 3 x 100) for regular tax purposes, but $ 3300 ($ 33 x 100) for AMT purposes.

If you exercise an Incentive Stock Option (ISO) but do not sell the stock in the year of exercise, the transaction is not taxable that year for regular tax purposes.

The gain on the sale of this stock is 50 percent excludable for regular tax purposes, but 7 percent of the excluded gain is added back for AMT 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.

Medical expenses Medical expenses can be deducted for AMT purposes, but they must exceed 10 % of adjusted gross income, instead of 7.5 % for regular tax purposes.

For regular tax purposes, you don't report any income on the exercise of the incentive stock option.

So, you might have to add back amounts you deducted for regular tax purposes, like personal exemptions.

For regular tax purposes this is a $ 100,000 long - term capital gain taxed at 15 % for a tax of $ 15,000.

Example: In the preceding example, you held stock with a basis of $ 24 per share for regular tax purposes and $ 80 per share for AMT purposes.

You may have to pay the AMT if your taxable income for regular tax purposes, combined with certain adjustment and tax preference items (including interest on certain private activity bonds), is more than the following exemption amounts below:

Not exact matches

For tax purposes, your home is your regular place of business, regardless of where you live.

«If you use the money for purposes other than education, you are taxed regular income taxes on any gains plus a 10 % penalty,» notes Benedict.

Both Tailor and Dirk Van Beek, representing Dixmoor voters, argued that the park district could be dissolved under state law since the district failed to hold regular meetings for the last five years, failed to acquire and maintain land for park purposes, failed to have a planned program of recreation and failed to pass an annual budget and act to levy taxes.

Things get tricky when there are purchases and sales in the same year, but the main idea is that it's important to distinguish between regular expenses and capital expenses as they are treated differently for tax purposes.

For purposes of the regular income tax you report gain of $ 45 per share ($ 80 minus $ 35).

For purposes of the regular income tax your basis is simply the amount you paid to buy the stock.

For example, you may have to use a less favorable depreciation schedule for AMT purposes than you use for the regular tFor example, you may have to use a less favorable depreciation schedule for AMT purposes than you use for the regular tfor AMT purposes than you use for the regular tfor the regular tax.

An investment in The Fund may therefore not be suitable for investors seeking a regular income stream for financial or tax planning purposes.

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.

Personal exemptions While personal exemptions are allowed to reduce your regular tax, they are not allowed for AMT purposes.

When you later sell the stock, you will have an entry on Line 18, Disposition of Property Difference, to account for the difference in your tax basis for regular and AMT purposes.

What with the currency risk, currency - 0conversion fees (or hassles of avoiding them like making phone calls) and drawbacks of RRSPs (e.g. convert capital gains and dividends to regular income for tax purposes, etc), it's not surprising I often hear Canadians say they don't do much foreign diversification!

Proceeds of these bonds can be used for the most of the same purposes as proceeds of regular tax - exempt government bonds.

Under the special rule, the initial tax basis of the building portion of the property for purposes of calculating depreciation write - offs equals the lower of: (1) the building's fair market value (FMV) on the conversion date or (2) the building's «regular basis» on the conversion date.

For regular income tax purposes, the «spread» or «bargain element» — the difference between the price paid and market value of the stock — is not taxed when the option is exercised.