Capital Gains Tax – Internal Revenue Code Simplified

Capital Gains Calculator For 2019 & 2020

February 24, 2020February 19, 2020 by Prashant Thakur

Capital gains calculator will help you to estimate tax on long term capital gains or short term capital gains

1031 Exchange Rules Modified : Here is A Fresh Look on Section 1031 .

February 11, 2020February 11, 2020 by Prashant Thakur

1031 exchange rule gets a heavy change vide the recently passed law-The Tax Cuts & Jobs Act. So, one of the major provision of law that was used by a taxpayer to save on capital gains tax requires fresh look and understanding. Fact is that heavy lobbying by various NGOs for preventing any change to section 1031 has given fruit as most of the benefits as far as real estate is concerned remained intact. But for the benefit of wholesome understanding of 1031 exchange rule in the context of newly passed Tax Cuts and Jobs Act, let answer basic FAQS on this rule

How to Defer Tax on Capital Gains ? – Here are 3 Definite Ways !

February 19, 2020February 11, 2019 by Prashant Thakur

If you sale a property, you are liable for tax on the gains earned out of the sale. You can use capital gains calculator on this site for a quick estimate of tax iability.The question is can you defer gains so that you don’t have to pay any tax on the capital gains earned during the …

Accomplish 1031 Exchange in 8 Steps !

October 29, 2019February 10, 2019 by Prashant Thakur

What are the procedure to achieve a perfect 1031 exchange. Follow these eight steps that will conclude property exchange as per IRC 1031

Long Term Capital Gains Rate- 2019,2018,2017

February 2, 2019February 2, 2019 by Prashant Thakur

Unlike other tax rates , long term capital gains tax rates were not much affected by the The Tax Cuts and Jobs Act.Here’s a three years -Tax Year 2019, Year 2018 and Year 2017 -long-term capital gains tax brackets. long-term capital gains tax brackets

Qualified Opportunity Fund (QOF) : New Way to Defer Capital Gains

October 21, 2018October 21, 2018 by Prashant Thakur

Anyone having Long term capital gains or short term capital gains can now save on tax by investment in qualified opportunity fund (QOF), which was created under the new code Sections 1400Z-1 and 1400Z-2 of the Tax Cuts and Job Act . This is in addition to Section 1031 exchange rule under which one can defer tax on capital gains now!The purpose of the introduction of Qualified Opportunity Funds is to promote investment in certain economically distressed communities in Qualified Opportunity Zones. What is Qualified Opportunity Funds? Basically, the QOF or Qualified Opportunity Fund is a special investment vehicle, organized as a corporation or a partnership for the purpose of investing in properties after December 31, 2017, within qualified opportunity zones.

How to claim capital gains exemption house property sale?

July 24, 2018May 1, 2018 by Prashant Thakur

Internal Revenue Code (IRC) has provision that will exempt capital gains on sale of house property under certain situation

Can IRS Mine Bitcoin Tax ?

July 28, 2018January 3, 2018 by Prashant Thakur

Bitcoin or crypto-currencies maybe virtual in form , but the tax event of virtual currencies are real ! Despite the huge claim about anonymity of the holder of bitcoins or crypto-currencies , IRS is very close to put in place the lid on any evasion that a person may plan to avoid paying taxes on bitcoin or taxes on ethereum transaction. IRS has taken position that any transaction in virtual currency -be it sale or exchange or barter -by any person in United States will have tax consequences .In other words , end to the question: is bitcoin.tax legit?