Q. Hi,
I have been in the US for the last 2 yrs, first on a F-1 and now on an H-1B visa.
I recently sold a property in India and had some capital gains which I plan to invest in another residential property there. As a result I am claiming a capital gains exemption in India.
Is there any tax liability on these capital gains in the USA? I would appreciate if you could also send me the sources for your response.
I have been in the US for the last 2 yrs, first on a F-1 and now on an H-1B visa.
I recently sold a property in India and had some capital gains which I plan to invest in another residential property there. As a result I am claiming a capital gains exemption in India.
Is there any tax liability on these capital gains in the USA? I would appreciate if you could also send me the sources for your response.
A. You may be considered a US resident alien. If so, US residents are taxed on their worldwide income. You would have to report the capital gain on your US Form 1040, Schedule D. If you held the land for over a year, you would have a "long-term" capital gain on the sale. Long-term capital gains are taxed at either 5% or 15%, depending on what tax bracket you are in.
http://www.irs.gov/businesses/small/international/article/0,,id=96493,00.html
http://www.irs.gov/businesses/small/international/article/0,,id=96493,00.html
I will like to know about five of USA most populous free nation wide classified?
Q. i have my properties for sale and i want a classified that will give me many response so that i can easily sell my items faster.
A. Interview several realtors. Ask about their marketing strategy for your home. Ask if they have a buyback policy. Ask if they are part of a team...there is strength in numbers. Ask how many houses they sell a year. and finally, price it correctly for the current market that you are in in your locale.
You will not regret your decision...and no, I am not an agent. Just observing the fact that we are in a buyers market and that many areas in the country have 10-12 months of inventory available.
You will not regret your decision...and no, I am not an agent. Just observing the fact that we are in a buyers market and that many areas in the country have 10-12 months of inventory available.
What is the specific law that established a personal income tax in the USA?
Q. 'm tired of these idiots saying there is no law behind the personal income tax in the USA.
Can anyone point me to the initial law that establishes a personal income tax in the USA after the 16th Amendment was ratified?
I was really hoping for the text of the initial (first) congressional legislation passed, establishing the personal income tax.
Can anyone point me to the initial law that establishes a personal income tax in the USA after the 16th Amendment was ratified?
I was really hoping for the text of the initial (first) congressional legislation passed, establishing the personal income tax.
A. The legislation you want would depend on what you think is the "first" income tax.
The very first income tax on individuals was created by the Revenue Act of 1861 to fund the Civil War. It did not last long after the war. The Wilson-Goram Act of 1894 established the second income tax, but was declared unconstitutional.
The first individual income tax imposed after ratification of the 16th Amendment was imposed by the Revenue Act of 1913, Section II, A. subdiv. 1, 38 Stat. 114, 166.
The 1913 Revenue Act provided in part,
"Subdivision 1. That there shall be levied, assessed, collected and paid annually upon the entire net income arising or accruing from all sources in the preceding calendar year to every citizen of the United States, whether residing at home or abroad, and to every person residing in the United States, though not a citizen thereof, a tax of 1 per centum per annum upon such income, except as hereinafter provided; and a like tax shall be assessed, levied, collected, and paid annually upon the entire net income from all property owned and of every business, trade, or profession carried on in the United States by persons residing elsewhere."
For purposes of the Revenue Act, "income" was defined at Section II B of the Act:
"Subject only to such exemptions and deductions as are hereinafter allowed, the net income of a taxable person shall include gains, profits, and income derived from salaries, wages, or compensation for personal service of whatever kind and in whatever form paid, or from professions, vocations, businesses, trade, commerce, or sales, or dealings in property, whether real or personal, growing out of the ownership or use of or interest in real or personal property, also from interest, rent, dividends, securities, or the transaction of any lawful business carried on for gain or profit, or gains or profits and income derived from any source whatever."
Under current Title 26 of the Internal Revenue Code, the statutes that specifically provide for the tax are 26 U.S.C. sections 1, 63, and 61.
Section 1 says, "A tax shall be imposed on the taxable income of...." and then it lists the various tax rates for married people, single people, etc.
Section 63 defines "taxable income" as gross income minus allowable deductions.
Section 61 defines "gross income" as income "from whatever source derived," including, but not limited to, a long list of items. The very first item on the list is "compensation for services," which includes wages.
Don't waste your breath, though, on the tax deniers. Nothing you can say will change their minds.
The very first income tax on individuals was created by the Revenue Act of 1861 to fund the Civil War. It did not last long after the war. The Wilson-Goram Act of 1894 established the second income tax, but was declared unconstitutional.
The first individual income tax imposed after ratification of the 16th Amendment was imposed by the Revenue Act of 1913, Section II, A. subdiv. 1, 38 Stat. 114, 166.
The 1913 Revenue Act provided in part,
"Subdivision 1. That there shall be levied, assessed, collected and paid annually upon the entire net income arising or accruing from all sources in the preceding calendar year to every citizen of the United States, whether residing at home or abroad, and to every person residing in the United States, though not a citizen thereof, a tax of 1 per centum per annum upon such income, except as hereinafter provided; and a like tax shall be assessed, levied, collected, and paid annually upon the entire net income from all property owned and of every business, trade, or profession carried on in the United States by persons residing elsewhere."
For purposes of the Revenue Act, "income" was defined at Section II B of the Act:
"Subject only to such exemptions and deductions as are hereinafter allowed, the net income of a taxable person shall include gains, profits, and income derived from salaries, wages, or compensation for personal service of whatever kind and in whatever form paid, or from professions, vocations, businesses, trade, commerce, or sales, or dealings in property, whether real or personal, growing out of the ownership or use of or interest in real or personal property, also from interest, rent, dividends, securities, or the transaction of any lawful business carried on for gain or profit, or gains or profits and income derived from any source whatever."
Under current Title 26 of the Internal Revenue Code, the statutes that specifically provide for the tax are 26 U.S.C. sections 1, 63, and 61.
Section 1 says, "A tax shall be imposed on the taxable income of...." and then it lists the various tax rates for married people, single people, etc.
Section 63 defines "taxable income" as gross income minus allowable deductions.
Section 61 defines "gross income" as income "from whatever source derived," including, but not limited to, a long list of items. The very first item on the list is "compensation for services," which includes wages.
Don't waste your breath, though, on the tax deniers. Nothing you can say will change their minds.
What does the average American taxpayer pay in tax every year?
Q. All forms (income, sales, property, etc).
How much does the goverment collect in taxes divided by the population of the U.S?
Thanks
How much does the goverment collect in taxes divided by the population of the U.S?
Thanks
A. There are 213 various taxes in the USA, from income to property, sales to gas, your phone has 9 taxes alone.
According to several sources, which are easy to find on the internet, we pay about half our income in all the various taxes. Some sources put that as high as 70%. I suspect, when things like tariffs, import taxes, business taxes that are passed onto the consumer, the 70% figure is not out of the realm of possibility.
That is the result of a bi partisan effort over the last 75 years or so.
EDIT
I believe the average person in the USA makes $40,000 or so. That would mean $20,000 to $27,500 would go for taxes based on what I posted above.
According to several sources, which are easy to find on the internet, we pay about half our income in all the various taxes. Some sources put that as high as 70%. I suspect, when things like tariffs, import taxes, business taxes that are passed onto the consumer, the 70% figure is not out of the realm of possibility.
That is the result of a bi partisan effort over the last 75 years or so.
EDIT
I believe the average person in the USA makes $40,000 or so. That would mean $20,000 to $27,500 would go for taxes based on what I posted above.
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