global affairs
How are capital gains calculated on property?
To calculate the capital gain on the property, subtract the cost basis from the net proceeds. If it’s a negative number, you have a loss. But if it’s a po...
Mar 11, 2026 2 views
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global affairs
Do I pay capital gains if I make less than a year?
The profit on an asset sold when owned for less than a year is generally treated for tax purposes as if it were wages or salary. Such gains are added to y...
Mar 11, 2026 2 views
global affairs
Is Montreal a good real estate investment?
Canada’s “most European city” is experiencing a real estate boom. Over the last 5 years real estate prices have risen by 5%. With prices still within most...
Mar 11, 2026 2 views
global affairs
What are my rights if my name is not on the deeds?
Beneficial Interest In single name cases (as opposed to situations where both owners’ names are on the deeds) the starting point is that the ‘non-owner’ (...
Mar 11, 2026 2 views
global affairs
Do you have to have primary residency to sell your house?
In order for the sale to be exempt, the home must be considered a primary residency based on Internal Revenue Service (IRS) rules. These rules state that ...
Mar 11, 2026 2 views
global affairs
Do I have to report gain on sale of home?
If you receive an informational income-reporting document such as Form 1099-S, Proceeds From Real Estate Transactions, you must report the sale of the hom...
Mar 11, 2026 2 views
global affairs
Do you pay taxes if you use cash?
Even though you’re paid in cash, you still need to pay Social Security and Medicare taxes. If you are an employee, your Social Security and Medicare taxes...
Mar 11, 2026 2 views
global affairs
Is sale of partnership interest passive income?
Gains on the sale, exchange, or other disposition of property used in an activity is characterized in the same way as the activity itself. If the activity...
Mar 11, 2026 2 views
global affairs
How do I know if I inherited land?
To find records of land inheritances, check probate records as well as land records for the names of relatives from whom the land may have been inherited....
Mar 11, 2026 2 views
global affairs
Do you have to pay capital gains tax when you sell your home?
It is true in most cases. When you sell your home, the capital gains on the sale are exempt from capital gains tax. Based on the Taxpayer Relief Act of 19...
Mar 11, 2026 2 views
global affairs
How much money can you gift to a family member?
In lean financial times, money can help your family members make ends meet. But are you required to report these gifts on your tax return, or are monetary...
Mar 11, 2026 2 views
global affairs
What if you Overcontribute to RRSP?
You can overcontribute, over your lifetime, $2,000 without penalty. If you overcontribute more than that you will pay a tax of 1% per month on the amount ...
Mar 11, 2026 2 views
