Sentences with phrase «treated as income»

However, we're hopeful that the act will be extended before it expires on December 31 so sellers don't have to pay taxes on forgiven mortgage debt, which would be unfairly treated as income for owners who are selling under duress,» Thomas said.

DLA is not means - tested or treated as income for other benefits.

Any maintenance payment ordered by the court is treated as your income and you have to pay tax on it.

The death benefit is treated as income and taxed.

Monthly pension receipts will be treated as income in the hands of the assessee and taxed accordingly.

If you get life insurance coverage through your work and your employer is subsidizing the cost, any coverage over $ 50,000 is treated as income and you'll be taxed accordingly.

HMRC assessed the taxpayer to income tax in respect of the dividend paid to his wife in 1999 — 2000 of # 25,767.25 on the basis that the taxpayer was liable to income tax on the dividends paid to his wife from the company as «income arising under a settlement» which was to be treated as income of the taxpayer as settlor pursuant to ICT 1988, s 660A (1).

«The dues are not treated as income, so there is taxpayer subsidy to a degree.»

The case concerns whether dividends paid by a company, Arctic Systems Ltd, to a working shareholder, Mrs Jones, consisted of income arising under a settlement as defined by s 660a (1) of the Income and Corporation Taxes Act 1988 (TA 1988) and so should be treated as the income of the company's director and her husband, Mr Jones.

The court also noted that payments received pursuant to a structured settlement annuity were analogous to disability benefits, which was another reason they should be treated as income.

The Court ruled that structured settlement funds should be treated as income in divorce proceedings.

The money was not to be treated as income for the purposes of spousal support.

The Court of Appeal allowed the appeal, set aside the original trial decision, and made an order declaring that for the purposes of the Family Law Act, the structured settlement money is to be treated as income paid to the wife, and not as property.

On the other hand, «When a customer receives a gift for opening a bank account — whether cash, a toaster or airline miles — the value of that gift is generally treated as income and subject to tax reporting.

It is a little known fact that a forgiven student loan is usually treated as income for tax purposes.

If you get life insurance coverage through your work and your employer is subsidizing the cost, any coverage over $ 50,000 is treated as income and you'll be taxed accordingly.

I think you confirmed there is not much of a «penalty» in taking an IRA early other than 10 % more tax thru the penalty given a 25 % tax bracket as the withdraw is treated as income.

Interest amount credited during the financial year is not treated as income and hence it is exempted from income tax.

now, this taxable income will be treated as her income or else mine.

With a few exceptions, canceled debt is treated as income.

Short - Term Capital Gains or STCG are treated as income and taxed accordingly.

Since the IRS requires that these benefits be treated as income, you must document your rewards on the 1099 form.

If you don't repay the money, it is treated as income and you will have to pay tax on the money you withdrew as though it were income.

For life insurance, any gain is calculated as the cash surrender value minus the adjusted cost base and treated as income, not capital gain.

The amount that the creditor does not receive will be treated as income when you file your tax return.

At the end of 25 years, the remaining balance forgiven will be treated as income, meaning that you will have to pay income tax on the remaining balance.

A proposed bipartisan bill aimed at amending the tax code so that debt forgiveness relating to principal home mortgages is no longer treated as income will soon be working its way through the U.S. Congress.

If there is scrutiny of say bank account, all Credits are by default treated as income.

When a debt is forgiven, that forgiven amount is typically treated as income.

Norm responds: Generally speaking U.S. dividends are treated as income outside RRSPs / TSFAs.

If you do make the loan, make sure it's clearly documented so you can show in future why the repayment shouldn't be treated as income.

The key is to remember that when you withdraw money from your RRSP in retirement, that money is treated as income, and you are taxed on it just as if you had earned it that year.

The gain in value is not taxed at the capital gains rate but is treated as income.

The amount is capped at $ 25,000 and you have to repay it slowly over the next 15 years, otherwise it will be treated as income and you'll have to pay tax on it.

Compensation in the form of wages, salaries, commissions, and self - employment are always treated as income belonging to the marital community.

PFRDA in its circular has clearly mentioned that as per the provisions in the Income Tax Act, the amount transferred from Recognised PF / superannuation fund to NPS will not be treated as Income of the current financial year and is hence not taxable.

They indicated the same as you did that rental income would not be treated as income for loan as it would be less than 2 years.

A major exception to the general rule that inheritances are not subject to the income tax — and one that is taking on more and more importance — is that money in traditional IRAs, employer - sponsored retirement plans including 401 (k) s and 403 (b) s, and annuities is treated as income in respect of a decedent, and therefore taxed to the heir.

The remaining items refer to deductibility of charitable contributions, gifts and bequests, which are otherwise taxable — deductibility not to the recipient nonprofit organization, but to the donor, on the rationale that what the donor gives away to a charitable organization should not be treated as income for purposes of taxation since, unlike taxable income, it does not represent the consumption or accumulation of income for the donor's personal aggrandizement.

When all income are treated as income and not divided into BS categories with different rates, maybe paying taxes isn't such a bad thing.

If you buy an annuity with non-qualified after - tax dollars, the Exclusion Ratio is the percentage of your lifetime income payments that you will not have to treat as income (for federal income tax purposes).

The taxman can, however, fairly easily track unconditional rewards received for opening a checking or savings account, and treat those as income.

Don't treat it as income... pretend you didn't have the money in the first place.

I am a small part time real estate investor and have owned condo rentals for 7 years and treat them as income producers... don't really expect appreciation.

That means you will treat those as income on a Schedule C or other business entity if incorporated.

Not exact matches

Net tax rates (treating transfers as negative taxes) are -47.7 percent for the lowest income group and 34 percent for the highest income group.

Some tax credit programs treat these savings as a capital gain for federal income taxes, so make certain to discuss any tax ramifications with a certified public accountant before investing in one of these credits.

While such numbers should be treated skeptically, the surplus — whatever it is — eventually ripples through the economy, making its way back to the government as income tax paid and costs avoided.

If the 8,000 Canadians who received stock options as part of incomes over $ 250,000 paid taxes on this money at the same rate as the rest of their income — treating executive compensation the same way you treat the income of any other working stiff — it would have raised $ 337 million for federal coffers in 2009, a down year for options.

It would be treated as a capital expense under the income tax act.