Questions tagged [capital-gains-tax]

Questions related to the tax liability from the appreciation of assets, e.g. stocks, mutual funds, real estate.

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UK taxation for options and futures trading

I live in UK and I see that there are 2 taxes when trading: CGT to be paid on capital gain and is 18% or 28% depending if you are basic tax payer or not income tax on any interest or dividend ...
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1k views

Do you pay taxes on stock gains that are just returning to their original purchase price?

If a stock that I purchased in 2013 lost money overall in that year but then in 2014 the stock increased to the amount I paid for it, do I pay 2014 taxes on the stock increase? My account history ...
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1answer
363 views

How do we calculate the gain on primary residence that was converted to rental for two years?

I'm helping some relatives with taxes, and am looking at a situation I'm not completely familiar with. The primary residence was owned for 7 years, but after living there for 5 years, they moved into ...
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Could CRA consider income from frequent trading of listed stock options as regular income, not capital gains?

I trade options on U.S. stocks frequently, several times a month. The income has been taxed as capital gains. I am quite worried that the CRA could turn around and say that I am operating a business ...
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1answer
80 views

Is there a way to avoid short-term capital gains taxes on bond funds?

It appears that most bond ETFs pay out monthly distributions from interest earnings. Is there a way to directly reinvesting the earnings on the fund without triggering a taxable event? Are there any ...
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taxes, ordinary income, and adjusted cost basis for RSUs

My company offers RSUs — restricted stock units — as a benefit. These vest after a certain amount of time, and in 2013, my first chunk vested with a value of about $6400. As I understand it, at that ...
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3answers
726 views

Saving tax for long term stock investment capital gain by quiting my current job?

Hypothetically, if I were about to cash out 1 million from the long-term stock investment (holding for at least 5 years), what is the best way to pay less tax? Let's say if I quit my job, will that ...
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1answer
313 views

tax consequences on selling rental property for citizens living abroad

We moved to New Zealand in 2012 renting out our house in Colorado from September 2012 until the present time. We want to sell it and heard that if we sell it within three years of renting it, it is ...
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Can I avoid tax on sale of home after only 1 year of residence? [duplicate]

I'm selling my home just one year after purchasing it (to move into a home with my husband). I might make as much as $6,000 profit. I intend to use this money for improvements on the new home. Will ...
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1answer
2k views

How do taxes work when your only income is from capital gains?

Let's say I don't have ordinary income, so I'm at the 10% tax bracket. If all of my income is from capital gains, how much of it do I pay in taxes? My understanding is that if I'm in the 10% tax ...
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1answer
150 views

Taxes on offshore funds held in UK investment account

I am an italian citizen but UK resident and have an investment account with Fidelity in UK. I would like to invest in the Fidelity Euro Cash fund to gain exposure to EUR without adding other risks (e....
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1answer
689 views

Does the death of a spouse affect capital gains calculation of the jointly owned home?

Say a couple jointly owns a primary home free and clear, and then one of them dies. The title is then transferred to the survivor. Does the fact the title transferred reset the clock for when the home ...
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2answers
2k views

My father, an NRI, sold inheirited land in India. He wants to move the money to the USA, with minimum tax. How to go about it?

I've read that it's possible for him to gift me the money, because I am a US citizen and he isn't. Would that be a viable option? It's a sum of 2 crore 15 lakh, so I'll have to file it. I'm not sure ...
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1answer
780 views

Capital gains and flow through tax treatment

If I am in a limited liability partnership or in a limited liability company (which receives flow through tax treatment), how are the assets and income of the LLC taxed? I think the way it works is: ...
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2answers
2k views

How to sell a worthless option

I have a call option that will expire as worthless in January but I'd like to sell it now and realize the loss this year to lower this year's capital gains taxes. I would be happy to dump it at $0.00 ...
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1answer
129 views

Any minimum 1% tax on taxable-income for low bracket and large capital gains?

Is there any 1% minimum tax on taxable-income [similar to AMT for high-income] when you are in low 15% bracket and have substantial long term capital-gains? e.g. US, single, std-deduction, 2014. ...
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1answer
220 views

For my self assessment do I need to fill out both the Capital Gains Summary and Tax Return?

I received a documents through the post from the HMRC, a Capital Gains Summary and a Tax Return. The thing is I just want to tell them my gains/losses in shares using the Capital Gains Summary ...
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2answers
1k views

What are the tax implications of selling shares inherited by me from my father and sharing the proceeds with my sister?

My father passed away recently leaving behind 65 lakhs in shares and 25 lakhs in FDs (Fixed Deposits). I am the joint holder in both the shares as well as the FDs. This amount has to be shared by me ...
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1answer
182 views

As a french tax resident, do I have to pay french capital gains tax on a UK property

I have had a UK property for 11 years (currently let out) I live in France and have been tax resident here for 6 years. If I sold the property today, would any Tax be due anywhere?
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226 views

Taking partial capital loss purely for tax purposes

I have a position in asset that I plan to hold for a long time. Currently its market price is on a downtrend and could possibly turn into a capital loss. I am not concerned about the near term price ...
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1answer
1k views

Are distributions from an S corp taxable as long term capital gains?

We have several shareholders. As needed, we will do a distribution for taxes. We are being told that these distributions are taxable as long term capital gains. Is that right? Should shareholder ...
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1answer
506 views

After my father's death, how can I transfer 50% of an account to my sister in the most tax efficient way?

My father has some shares in his demat account with me as a joint holder. He expired recently. Now I will have to transfer 50 percent of the total value to my sister. Will it attract short term ...
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2answers
3k views

Tax consequences of partially selling a stock

I bought a company for $71 5 months ago. It is now over $100 but I am afraid it might fall. I plan to sell only enough to get back the money I put into the stock and own the gained amount until it is ...
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1answer
1k views

What are the tax implications of selling an investment property in india?

I am living in UK for last 10 years. I have an NRE and NRO account in Bank of Baroda. I want to sell my flat in India and will deposit the cheque of 50 lakh in my NRO account. I have bought this ...
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1answer
1k views

Capital gains for agricultural land converted to non-agricultural land for the purpose of sale?

I held some agricultural land in Gujarat state for 14 years, and sold it on 20th August. As per the law in Gujarat, a non-farmer cannot hold agricultural land, so the land status was changed to non-...
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1answer
214 views

What will be the capital gains tax after we sell a rental home?

I'm in desperate need of some help. I've been asking different tax consultants about this situation, and I keep receiving different answers. My parents purchase a Tudor style home about 30 years ago ...
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2answers
1k views

Short Term Capital Gains tax vs. IRA Withdrawal Tax w/o Quarterly Est. Taxes

So I had to pull funds from my IRA account earlier this year. I had taxes withheld and realize there is a penalty, however, my question is two part: with penalties and taxes for early withdrawal, I am ...
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1answer
58 views

In the US, do brokers or mutual fund managers typically help clients calculate capital gains for tax purposes?

I realized the calculation may be a bit complex to do manually, specially when you buy/sell several times during the year at different prices, set dividend to "reinvest", etc. They should be able to ...
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1answer
431 views

What are the Long Term Capital Gains for this real estate sale in India?

I purchased a site for Rs85,000/- in 30/03/2001 and planning to sell it this year(2014-15) for Rs35,000,000/-. What will be the long term capital gains for this? If I invest in bonds for 3 years, will ...
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1answer
17k views

How does tax withholding work for capital gains of selling stock?

I am new in the United States, and before I moved here I did not deal with the concept of tax withholding and capital gains tax. I understand my employer withholds part of my salary to pay taxes, and ...
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2answers
559 views

How are long term capital gains taxes calculated?

I currently am in the 15% tax bracket for 2014 as I am a college student employed as a summer intern. However, if I am hired as a full time employee by next year, I would move into the 25% tax ...
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1answer
7k views

Are futures options eligible for the 60/40 tax rule?

How are options taxed when the underlying asset is a futures contract. Futures contracts in the US have a favorable tax treatment known as the 60/40 rule, where 60% of profits are taxed at the long ...
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1answer
12k views

Tax implications of selling part of land associated with main home

My wife and I are considering splitting off a portion of the land attached to our main residence. Will this be taxed as a capital gain? Can the money be put towards the mortgage and not be taxed? ...
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2answers
572 views

What if I don't have records of capital gains?

What should I do if I don't have adequate records of my capital gains in 2013? What is the best course of action to mitigate any potential issues from an IRS audit? I have yet to submit my tax return....
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3answers
1k views

Should I sell shares to buy a home so I avoid a mortgage? [closed]

I'll be retiring next year, and I want to be in my own home (aging-in-place). Should I sell stocks to buy it outright and thus avoid a mortgage as I move to a fixed income. But what about capital ...
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2answers
364 views

Long-term capital gain taxes on ETFs?

Sorry if this is a very novice question. I couldn't find it by searching here or Bogleheads (I'm not really a 100% Boglehead either). Let's say I hold $30,000 in an ETF called BMT (Big Mike's Tech). ...
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2answers
236 views

What does “no adjustments” mean?

On Form 8949, Part I, it says You may aggregate all short-term transactions...for which there are no adjustments directly in Schedule D without reporting them in Form 8949. What does it mean for a ...
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1answer
85 views

After a stock dividend, how do you calculate holding periods for capital gains taxes?

The scenario is: You own a stock for six months, and then the company issues a stock dividend — the business splits into two entities. Can you sell both stocks after 6 months and a day after ...
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1answer
2k views

Is the amount taxable if my grandfather sells agricultural land

My grandfather who is around 80 years old selling agricultural land that he has acquired from his forefathers in Aligarh (Uttar Pradesh). He would the selling the land for 13 lakhs. Is this taxable. ...
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3answers
20k views

Capital Gains in an S Corp

In this question about s-corp distributions, the answer was given that an s-corp taxes all profit as personal income. That is, there are neither distributions nor dividends which can be taxed at a ...
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1answer
335 views

Offsetting capital losses against gains for stocks

Let us say I hold 4 stocks in a non tax sheltered account Stock A has capital gain of 10$. Stock B has capital loss of 20$. Stock C has gain of 10$ but it is intra day, hence counted as income, not ...
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0answers
83 views

capital gains on oversea property for non-resident of Canada

I live overseas in Belize and have for over 5 years and other than my Canadian Passport I have no other ties to Canada. I'm considering selling my house in Belize and with the proceeds from the sale ...
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1answer
1k views

Return of value to shareholders in an ISA

Note I am situated in the UK. I hold a number of Vodafone of shares in a stocks and shares ISA. My broker has issued the following message to me: Vodafone has confirmed plans to sell its stake in ...
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2answers
1k views

Capital Gains Tax with Multiple 'buy' Transactions per Stock (U.S.)

Suppose the following (in the U.S.): On 2014-01-01 I buy a single XYZ stock for $100. On 2014-06-01 I buy an additional single XYZ stock for $500. On 2014-12-01 I sell a single XYZ stock for $900. ...
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1answer
2k views

Tax applicable on selling of agricultural land in India

My father now aged 65 years, had purchased the agricultural land in Gurgaon area (Farukh Nagar) in 1987. He sold this land in 2011 at Government circle rate. The money was received by demand draft. He ...
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1answer
450 views

Capital gains taxes on share of inherited property?

I along with my cousins just sold some real property located in in Quebec that was inherited from our grandfather to our parents, and then to us. I received a 1/8 share of the proceeds which amounts ...
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2answers
2k views

Minimize capital gains on sale of investment/rental property

I bought the property in 1979 for $40K. It was zoned R4 and was a duplex. Several years later, the city camein and did a blanket rezoning of the entire street to C-2. I shared the house/owner-occupied ...
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1answer
6k views

What capital gains taxes do I owe on stock sales in India?

I would like to know about the tax details on selling stocks if I follow this procedure: Sold stock ABC after holding it for more than a year for INR 1000 for a profit of INR 100 Bought stock BCD for ...
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1answer
874 views

Capital Gains and Tax Brackets

Currently I am in a 25% Tax Bracket and I plan to sell stock and will incurr a capital gain of $200,000. Will this affect my marginal tax bracket? I know I will pay capital gains taxes on the $200,...
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1answer
8k views

Calculating capital gain tax on selling rental property I lived in for a while, and renovated?

I am finding it extremely difficult to get an answer to this question. I can understand if its not possible to give me an exact number but I am just trying to figure out, roughly how much I will be ...