What are capital gains? [INFOGRAPHIC] Understanding investment terminology and principles is crucial to being fiscally savvy enough to be fiscally responsible, especially if you want to become financially independent.
If you sell one of these assets – such as vehicles, stocks, bonds, collectibles, jewelry, precious metals, or real estate – and you sell it at a gain, you’ll pay a capital gain tax rate on some of the proceeds. Capital gain rates can be just as high as regular income taxes. Therefore, it’s worth exploring every possible strategy to keep these taxes at a minimum.
There was a time when you knew that if you bought an asset, held it for at least 12 months and then sold it, you would only pay tax on 50% on the capital gain, this has been the norm since 1999. But now it seems that times maybe changing. There is talk that the capital gains tax discount for investment properties may be removed, resulting in a saving for the budget of about $4 billion a year. Just as there was previous talk about removing negative gearing, but for the time being that has…
1031 Exchanges: The Ultimate Guide [INFOGRAPHIC] What is a 1031 exchange? In this infographic you will learn how to defer your capital gains taxes utilizing a 1031 exchange, what kinds of properties qualify for 1031, what the basic 1031 rules and time limits are, and how to benefit your heirs by stepping up your basis.
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