Tax FAQ
 

Is Capital Gain Tax On Forex Trades Executed With A Cdn Dealer Due In Canada?And With A Foreign Dealer?

Question by Ivaylo Y | Posted in Canada

I am interested in trading forex but don't positive if capital gain tax is due in Canada on such trades? And what if I use a US based broker? I saw that some brokers are based in Swiss and other places and accounts unlock with them are capital tax exempt. Does anyone know more about it? Thanks.

Answer: The Tax law in Canada and the USA both need cap gains on earnings from forex trades.

Currently there is no IRS form that is sent from ther stockjobber to you but is you do not report earnings it is against tax law...

Good luck
 
 

How Big Is The Capital Gain Tax When Selling Stock In Less Than One Year After Purchase?

Question by Kaytee | Posted in Investing

I may essential to sell some of my stocks whic I bought 6 months ago. What capital gain tax (%) will I pay? What would be the tax if I sell after 1 year from foothold?

Answer: In a word-term capital gains are for stock held one year or less. They are taxed at the same rate as your set income, from 10% to 35%. Long-term capital gains are on stock held more than one year. The tax on these will be anywhere from 5% to 15% depending on what tax console the rest of your income is in.

Sometimes however, even if you have held he stock for not more than one year you will still get long-term capital gains. For archetype if you inherited the stock any gain is automatically

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How To Save Capital Gain Tax On Account Of Property Sold Today Purchased 29 Years Back. I Am Working Woman?

Question by jcnnangia | Posted in India

What is age frame to save capital gain tax either by way of deposit in bank or bonds. Upto which period trafficking proceeds have to be reinvested in housing. What is the best option. My husband who is retired already owns a lodge where in v r living.

Answer: Element 54 - Long-term capital gains on sale of residential house invested in buy/ construction of another residential house (subject to certain conditions and limits).

Section 54EC - Capital gains on hand on of long-term capital assets invested in specified assets (bonds).

From 1.4.2006, investment can be made only in notified bonds of NHAI and REC.

Portion 54F - Capital gains on transfer of long-term capital asset other than residential house, invested

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What Would My Capital Gain Tax On My House Be?

Question by Ryan E | Posted in United States

I bought a building in Aug 2008 and plan to sell it in June 2009. I don't understand how the tax works. I paid $50,900 and it appraised at $103,500. Now If I trade in it for $130,000 then what is my capital gain tax? do i pay it on the profit I make from the appraisle and sale price or the difference between my first expense and sale price?

Answer: The appraisal is inapposite.

You will pay taxes on the difference between what you bought it for ($50,900) and what you sell it for ($130,000). You can also deduct a sales expenses from the gain.

How did it go up so much? If it was due to repairs that you made (ie Drudgery Equity), you may actually owe self-employment taxes on the gain also.

See a professional in your area!

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How To Avoid Or Reduce Capital Gain Tax For A House Owned Less Than A Year?

Question by woodpen | Posted in United States

We well-grounded bought a house in Nov. last year with an intention to expand it and move in. Before expansion, we did lots of change for the better. Now we have buyers for it and we could gain a handsome profit. Though lease-to-own option will lower our capital gain tax rate when we exchange this coming Nov., we prefer to have it sold right now instead of waiting for another half year.

Any suggestions on how not paying tax on the gain? Can we produce a Family liability partnership

Answer: Have you checked to see how much tax you'll indeed have to pay? It may not be as much as you think.

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How to Avoid Capital Gains Tax in 2011, 2012

How to Refrain from Capital Gains Tax in 2011, 2012 www.harborfinancialonline.com
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