Answer:There will be no direct tax implications for these transactions
Explanation:
This transactions are only part of a whole his other business activities especially the core business activities will be added up to this transactions in order to determine his stand in relation to tax for the year.
<span>B. When the rent money coming in is more than the monthly mortgage, taxes, and maintenance, rental real estate is profitable.</span>
Roger is wrong by 3cm, so
3/15 X 100 = 20% error.
Answer:
transfer tax = $156.36
Explanation:
given data
sell home = $215,300
down payment = $27,000
mortgage = $85,000
state tax rate = $0.12 for each $100 paid
solution
we get here amount that subject to transfer tax is
amount subject to transfer tax = $215,300 - $85,000
amount subject to transfer tax = $130,300
and
now we get taxable parts
taxable parts =
taxable parts =
taxable parts = $1,303
so transfer tax is
transfer tax = $1,303 × $0.12
transfer tax = $156.36