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Is Depreciation Recapture Subject to Net Income Investment Tax?
Selling a rental property for a gain often means the investment was a success. However, as is usually the case, the IRS will take notice and want a piece of the action. In addition to taxes on capital gains, investors may owe depreciation recapture and net income investment taxes.
Is Rental Property Subject to Net Investment Income Tax (NIIT)?
Net rental income is subject to net investment income tax, or NIIT, but only on a portion of your modified adjusted gross income above certain thresholds. Additionally, gain from the sale of rental property may also be subject to NIIT unless the rental activity is part of an active trade or business.
What Is Tax Gain Harvesting?
If you are familiar with tax loss harvesting, tax gain harvesting is just the opposite. It looks at tax efficiencies available for gains rather than losses. We’ll walk through an introduction with some examples to give you a good idea of what tax gain harvesting is and when to use it.
What Is Net Income Investment Tax?
Net Income Investment Tax also referred to as NIIT, doesn’t apply to everyone. Certain conditions must be met. In this article, we’ll go through the details of what NIIT is and when you can expect to incur it.
Is There a Penalty For Filing a Tax Extension?
Sometimes situations occur when you might not be able to pay your taxes by the deadline. While there isn’t a penalty just for filing an extension, there are fines you might face for not paying on time.
What Is Tax Loss Harvesting and How Does it Work?
Tax loss harvesting is a type of portfolio rebalancing for tax efficiency purposes. Most people don’t perform tax loss harvesting manually. Instead, their broker does it automatically. While the process is automated, there are still some areas to look out for, such as the wash sale. Let’s go over how it all works.
What Is Excluded from Net Income Investment Tax (NIIT)?
What Is the NIIT? The Net Income Investment Tax was imposed beginning in 2013 to help fund the Affordable Care Act. The NIIT is contained in Section 1411 of the Internal Revenue Code and applies a tax rate of 3.8 percent to the net investment income of individuals, estates, and trusts that have income above specific thresholds. It applies to income from these sources:
What Is Net Operating Income in Real Estate?
To consider the potential profitability of a real estate investment, there is a calculation called the net operating income (NOI). The calculation is done by taking the revenue earned from the real estate investment minus any operating expenses.
How Much Is the Penalty for not Paying Estimated Taxes?
If you bring in income that doesn’t automatically have taxes withheld, you are expected to pay estimated taxes to the IRS each quarter. If you don’t, you will face penalty fines.
Is a Section 1231 Gain Subject to Net Income Investment Tax (NIIT)?
What Is the Net Income Investment Tax? The Net Income Investment taxNIIT is contained in Section 1411 of the Internal Revenue Code and applies a tax rate of 3.8 percent to the net investment income of individuals, estates, and trusts that have income above specific thresholds. It began in the 2013 tax year and affects higher-income earners. The NIIT includes income from these sources:
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