You get it from the estate, and its value at that time is your basis. (Establishing value with somethings can be tough, like art work, but must be done. Stock is easy, just look up the historical price). If you sell it after you get it...the amount you sell it for above what it was worth when you got it is a reportable capital gain by you.
No. The SSI income would be your son's, not yours.
Filing single age 65 or older must file an income tax return if your gross income was at least 10750 excluding social security benefits and you would have a federal income tax liability when you file your income tax return. Gross income would include all of your worldwide income pensions, interest, dividends, capital gains, rental income, etc and possibly some of your social security benefit's.
When you file your income tax return for the year of the sale.
Return on Capital Employed.
No a ordinary individual taxpayer can not carry back a capital loss for the sale of assets using the 1040 federal income tax return.
The two components of return are income and capital appreciation. Income includes dividends, interest payments, and rental income generated by an investment. Capital appreciation refers to the increase in the value of an investment over time.
return on capital employed (ROCE) is net income/(debt&equity) whereas return on equity is income/equity (without debt).
Yes long term capital gains on the sale of real estate would be subject to your income tax return. Capital gain taxes would be a part of your income tax on your 1040 income tax return.
No. The SSI income would be your son's, not yours.
Revenue is new income. Reimbursement is a return of expended capital.
If you have income from sources other than work, yes. Other forms of taxable income include interest, dividends, investments, rents collected, royalties, capital gains, pension, sometimes Social Security, etc.
Filing single age 65 or older must file an income tax return if your gross income was at least 10750 excluding social security benefits and you would have a federal income tax liability when you file your income tax return. Gross income would include all of your worldwide income pensions, interest, dividends, capital gains, rental income, etc and possibly some of your social security benefit's.
Yes. A child's income is taxable and a parent must file a return if it exceeds a certain amount. A parent can include the income on their return or file a separate return.
Return on Capital Employed.
When you file your income tax return for the year of the sale.
No. You will not pay income tax in addition to capital gains tax if I understand you correctly. However, capital gains tax for an individual is reported and paid on your 1040 income tax return. The only difference is that the rate for capital gains taxes is lower than the regular income tax levels.
If your children have enough income for you to be concerned about this, you should consult a tax professional instead of relying on possibly incorrect information from the internet, but under some circumstances you can opt to include your minor dependents' income in your own return instead of filing independent returns for them.