E PDF 2018-2025 Form

Talk to a tax advisor. That treatment may be only for a primary residence. The 2nd house may be considered investment property.

Ancestral property belongs to family and in case of Hindu religion to Hindu undivided family. Therefore the return on sale of its property should be separate from your individual return and should be in name of your family HUF. In such case, the investment in capital gain bonds up to Rs. 50 Lakhs shall be exempt from capital gain. The remaining amount exceeding investment in capital gain bond shall be taxable @ 20% plus applicable cess on the amount of capital gains.

Yes. As long as you meet the ownership and use tests for the residence, you can exclude the gain even if you do not purchase another residence.

Hi Ricky,Drop shipping product affects how you would track inventory. Typically, one would invoice after the shipment is made. Do you produce inventory or just buy/sell/rep for products? If you produce the inventory yourself, you would want to capture the materials purchased, the assembly, the increase in inventory when built. Then when you ship, you can invoice and it decreases your inventory value and increases your Cost of Goods Sold.QuickBooks is a powerful tool to track all of the transactions that occur. From prepaying your vendor, customer deposits, receiving a vendor bill, invoicing your customer, receiving payments and making deposits. Can you tell I love my accounting software?

The US income tax system has two purposes, sometimes contradictory: collect revenue for the use of the Federal government, and to advance social policy. One of those social policies is income redistribution. Other policies, for example, are to encourage charitable giving, encourage investment in certain kinds of assets and encourage home ownership.There are persons who believe that making the income tax highly progressive fulfills both objectives of raising maximum revenue and also income redistribution. Others believe that that lower marginal rates increase net governmental revenues and also stimulate the economy, leading in better income redistribution. Those advocates will point out that while marginal rates increased at the beginning of the Obama administration, income inequality grew. In other words, there is disagreement on the “golden mean.”Others also believe that income redistribution is not an appropriate social policy.The reason I state the above is that the answer to this question depends on one’s ideological and policy preferences between these choices.It is an axiom that a tax discourages the activity which is taxed. There is rarely an absolute correlation. A tax on food would not deter people from eating, although it probably would deter obesity. Taxes on soft drinks, alcohol and tobacco are examples of taxes employed to reduce consumption. Yet people still smoke, and drink whiskey and Coca Cola.A national sales tax is a tax on consumption. It encourages saving and investment. There would be people who now consume as much as they want, and a sales tax would not affect them very much. Those are usually thought of as being mostly rich people but this also includes the thrifty among us. No income tax would benefit them.The poor presumably would be affected negatively, but for many people, there would be little effect. The savings from no income tax would be spend on consumption.There is no model sophisticated enough to forecast the effect of a national sales tax to replace an income tax. Would people consume less? Probably, but prices of goods pre tax might be lower, since an income tax is inherently built into the price of the product. Would a lower income tax increase investment and spur the economy, increasing net income? Not if you believe that rich people keep money under their mattress, or dive into mounds of gold coins like Scrooge McDuck. All economic growth is “trickle down” to some degree or another.Possibly one could examine jurisdictions with no income taxes. There are countries where government is funded solely by consumption taxes. BVI, Bermuda and the like come to mind (although most have pension deductions from salaries). Those countries seem to be doing not too bad. Some states also have no income tax, and seem to do just fine. Nevada receives 80% of its state tax revenue from sales taxes, 10% from licenses and 10% from other sources (California receives 59/34% from income/sales taxes). To what extent are Nevadans benefited by the expenditure of Federal monies? Nevada’s budget is met 24% from Federal monies, which is just about the same as Medicaid expenses. So, a welfare state probably will have more difficulty funding expenditures without an income tax. This might also be good for those who believe that welfare expenditures are not good social policy.If the poor spend all the money they receive, then raising sales taxes cannot make them poor. They already have no money left over and by definition someone with no money is poor. All it could do is decrease spending on non-essentials. The claim that a tax regime makes the poor, poorer and the rich, richer is to some degree nonsensical unless you believe that income redistribution is a good policy.(Anecdotal evidence warning) My family income is near the median for the area in which I live. But, the car I drive is a 1985. It works for me. I don’t turn on the air conditioning unless it is over 100 F. So I never have a bill over $150 even during the hottest summer. In the Fall, I collect acorns and make my own bread. Acorns cover two weeks of food equivalent for me. I grow most of my own vegetables in pots on the porch. I also constantly see people using public assistance debit cards to buy soda and processed foods, while I tend to buy almost all basic ingredients. So, I spend a lot less on food than the typical poor person. I am in a medical insurance co-op. Pre existing conditions are covered. My insurance cost is a fraction of what I would pay with the ACA and one-sixth of the per capita spending of the Medicaid program. I think poverty is a state of mind.

No.Any taxable gain on the sale of the stock would depend on the basis in the stock of the donor.If the donor paid $10 per share, the donee then has basis in the stock of $10.Sell for more than $10, the donee would have a GAIN.Sell for less than $10, the donee would actually have a tax LOSS.

Again depends on which State you are referring to, each state had its own forms but pattern were monthly returns & then combined annual returns.Like in Karnataka VAT 100 was monthly form with Annual form of 140. Hence refer to your local state forms.After GST all states taxation has been centralized.

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