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Real Estate Agent Tax Advice

Real Estate Agent Tax Advice

Real estate agent tax advice in 2014 will include a new complicated formula on high end home sales. The Net Investment Income Tax is imposed by section 1411 of the Internal Revenue Code. The NIIT applies at a rate of 3.8% to certain net investment income of individuals, estates and trusts that have income above the statutory threshold amounts. In general, investment income includes, but is not limited to: interest, dividends, capital gains, rental and royalty income, non-qualified annuities, income from businesses involved in trading of financial instruments or commodities and businesses that are passive activities to the taxpayer (within the meaning of section 469). To calculate your Net Investment Income, your investment income is reduced by certain expenses properly allocable to the income.  This 3.8% tax is on investment income for “high earners.” The tax which went into effect in 2013 will be dedicated to the Medicare Trust Fund. “High earners” are defined as individuals whose gross income is $200,000 or more, or married couples filing jointly with...

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