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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:
Are Airports Eligible for New Market Tax Credits (NMTC)?
The New Market Tax Credit (NMTC) was created in 2000 to encourage investment in low-income, economically distressed areas by allowing federal income tax credits for investments in Community Development Entities (CDEs). The NMTC was initiated by PL 106-554 (the Community Renewal Tax Relief Act of 2000) and has distributed credits worth $26 billion through 2020.
Where Do I Put My REIT Income on a Tax Return?
Real estate investment trusts are one way investors can own interests in commercial real estate without having to navigate the common management and operational issues that are associated with direct property ownership.
How Are REITs Taxed?
Real Estate Investment Trusts, or REITs, can offer investors many of the potential benefits associated with real estate investments without the common pitfalls of direct property ownership.
What Is A Tax-Free Savings Account And How Does It Work?
Canadians looking to build their wealth for the future have many options. One of these is a tax-free savings account, or TFSA. Not only does this function as a savings account, but it also can serve as an investment vehicle. Here’s what you need to know about Canadian tax-free savings accounts before you open one.
How To Use an LLC as a Tax Shelter
Investors may look for ways to reduce income, which has the effect of reducing taxes. Investors can do this by claiming expenses and deductions against income. Usually, this process is the result of running a business or being involved in a specific type of investment. In other words, there is some structure over the assets that produce income along with expenses and deductions. This is called a tax shelter.
What Are the Advantages and Disadvantages of a Tax Haven?
While a tax haven may sound like a secret tax scheme available only to the wealthy, it’s actually a method for saving on taxes that’s available to nearly everyone. There are a lot of misconceptions about tax havens. Some think it’s an elaborate scheme designed for the rich to hide their income from the government. Others believe it’s an efficient way to avoid taxes completely. Both are untrue.
What Is the Penalty for Filing Taxes Late?
When you’re late filing taxes without filing for an extension, you could end up paying penalties or interest to the IRS. Penalties for filing taxes late can add up quickly, so it’s in your best interest to file on time, file as soon as possible, or file for an extension before the deadline.
How Is a Tax Shelter Calculated In Real Estate?
Investing in commercial real estate offers many unique tax benefits, primarily the ability to claim depreciation deductions on income-producing properties and defer capital gains from the sale of an investment property by completing a 1031 exchange.
Who Pays Net Income Investment Tax (NIIT)?
In a previous article, we discussed the concept of net investment income tax (NIIT). We outlined the fact that the 3.8% NIIT under the auspices of 26 U.S. Code § 1411 - “Imposition of Tax,” and is applied to net investment income (NII).
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