Sentences with phrase «same taxable year»

If a student is enrolled in grades eight and nine in the same taxable year, the deduction must be split for the amounts of tuition paid in the respective grades, up to the $ 4,000 and $ 10,000 caps, respectively

Not exact matches

We're in the same position, a 1987 $ 72k property went to $ 475k with only $ 45k in Cap Cost added over the years Instead of selling we opted for a 1301 exchange to avoid the immediate (taxable) Depreciation recapture being added to a (taxable) Cap Gain due on sale.

The County Executive has proposed a 2007 Library budget that keeps funding flat for the third year in a row $ 7 million less than we received 2 years ago, roughly the same level of funding we received ten years ago $ 35 less per average $ 100,000 taxable property than the Library received in 2000!

I understood that to mean I could still put it back later the same year, though any gains from the earlier part of the year would be taxable.

It also continues its focus on increasing the taxable income coming out of small business corporations, and raises EI premiums in the same year that CPP premiums are expected to rise.

In addition, only your net investment income is taxable, meaning if you gain $ 500 from one investment but lose $ 500 on another in the same tax year, your net gain is zero and you are not required to pay any additional taxes.

Cindy's present $ 346,790 taxable account would, again with the same assumptions, generate $ 17,700 per year.

Otherwise the itemized deduction for that payment won't fall in the same year you have this boost in taxable income.

Not only can this amp up retirement savings, it also lowers your taxable income for the year by the same amount.

An exemption is a fixed amount that is subject to change each tax year and reduces your taxable income in the same way deductions do.

For example, if you have other capital gains and losses from stock trading in the same year, you would include the mutual fund capital gain distribution in the overall calculation used to determine the net amount taxable at favorable rates.

As long as no additional gifts are made by the donor to the same beneficiary during those five years, no taxable gifts will have been made.

Once you meet the requirements to have your loan forgiven, the amount is written off, and becomes taxable income on your tax return the same year it is written off.

b) If you face a year of abnormally low taxable income, you can «use up» the lower tax brackets by withdrawing RRSP money to create taxable income, then re-contribute the same dollars the next year at a higher tax bracket.

The LIRA withdrawal will be deemed as taxable income in that same year.

If you earn that same 5 % in a taxable account and have a 10 % drag (assuming a mix of dividends and capital gains that got deferred to the 35 % bracket point), then you'd have $ 100 in your RRSP to start in year 2, and $ 39.50 in your taxable account (and all else is equal — future RRSP / non-reg room filled by future earnings).

If you sell an investment that is in the red, the loss can be used to offset capital gains you realize in the same year; up to $ 3,000 in excess losses can be used to reduce your regular taxable income.

If that same 25 year old young saver invests $ 4000 a year into a regular taxable savings account earning 8 % interest, he would grow a nest egg of $ 800,000 upon retirement (at the age of 65)-- assuming a 15 % tax rate.

Their taxable accounts, worth $ 1,320,900, with the same assumptions (but with a reduction of $ 100,000 for home improvements) would generate cash flow, including return of capital, of $ 63,627 a year.

So, if our 70 - year - old couple, who have an annual RMD between the two of them of $ 24,000, can instead direct $ 10,000 of it to charity as a QCD, it will reduce their taxable income by $ 10,000 and they still get to claim the same $ 26,550 standard deduction.

Any refund of State income tax received as a result of your 2013 State income tax return (which perhaps you also submitted in 2015 at the same time as the 2013 Federal income tax return) will be taxable income to you in the year in which you receive the refund (2015 or later), not 2013 or 2014.

The bottom line: When you pay your kid $ 10,000 a year to run business - related errands (and they actually do the work), you can reduce your taxable income owed by that same amount.

The taxpayer is allowed the same number ofpersonal exemptions claimed allowed under section 151 of the Code for the taxable year.

In the extreme, if deductible household expenditures (e.g., property taxes, charitable giving, the deductible portion of advisory fees, etc.) continue while there's no income for the year, taxable income could even be negative, which means the partial Roth conversion would be tax - free just absorbing the otherwise - unusable deductions (which are permanently lost if not offset against negative income in the same tax year!).

Among these requirements are the following: (i) at least 90 % of the fund's gross income each taxable year must be derived from dividends, interest, payments with respect to securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income derived with respect to its business of investing in such stock or securities or currencies and net income derived from an interest in a qualified publicly traded partnership; (ii) at the close of each quarter of the fund's taxable year, at least 50 % of the value of its total assets must be represented by cash and cash items, U.S. Government securities, securities of other RICs and other securities, with such other securities limited, in respect of any one issuer, to an amount that does not exceed 5 % of the value of a Fund's assets and that does not represent more than 10 % of the outstanding voting securities of such issuer; and (iii) at the close of each quarter of the fund's taxable year, not more than 25 % of the value of its assets may be invested in securities (other than U.S. Government securities or the securities of other RICs) of any one issuer or of two or more issuers and which are engaged in the same, similar, or related trades or businesses if the fund owns at least 20 % of the voting power of such issuers, or the securities of one or more qualified publicly traded partnerships.

But the same holds true if you followed these strategies within a taxable account (at least on any positions held less than one year).

The tax credit may be increased to 90 % of the contribution made, up to a maximum of $ 750,000 per taxable year, if the business agrees to provide the same amount of contribution for two consecutive years.

Keep in mind that while 2010's tax brackets are the same as 2009's, where you fall depends on both your filing status and your taxable income, so your bracket might be different this year if your situation has changed.

If taxable value increases one year and the budget requirements stay the same, tax rates will fall.

Under Section 1231 of the Internal Revenue Code, if the property is held for the long - term holding period, gain on the sale, with some exceptions, will be taxable as long - term capital gain to the extent that the gain exceeds the losses in the same year from the sale of other Section 1231 property.