Realtorspk.com’s Post

Tax Implication on Sale & Purchase of Immovable Property for Seller & Buyer The sale or purchase transaction of immovable property carries specific tax implications. Immovable property means land or buildings or both. Land or building or both can be categorized as either capital assets or stock-in-trade. The sale of property is subject to both income tax and stamp duty. In this process, both buyers and sellers, as well as the registrar, bear certain obligations. The determination of the full value of consideration for calculating capital gains in the hands of the seller is stipulated by Section 50C. This comes into play when the actual sale consideration is lower than the stamp duty value. Section 56(2)(x)(b) outlines the taxability of such transactions in the hands of the buyer, and Section 194-IA places the responsibility on the buyer to deduct tax at source when the value of property exceeds specified threshold. Read more at: CONTACT : 9650946707 & 9690198901 https://lnkd.in/dPaci5TQ #Tax #Implication #Sale #Purchase #Immovable #Property #Seller #Buyer

We know some business owners are confused about the Annual Tax on Enveloped Dwellings (ATED), so here’s what you need to know.

🚨 New Sales Tax Rate ABC can help with making sure you are charging your clients the correct rate so you aren’t losing out on potential profit and also filing the correct amount. 📢 PSA if you live or do business in the following counties: Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, and Washington. A new sales tax for the metro area will begin October 1. The 0.75% tax, called Metro Area Transportation Sales and Use Tax, applies to retail sales made in the counties mentioned above. You can read more about it here, including who must register and collect the tax: https://buff.ly/44WaTaD #bookkeeper #minnesota

The countdown is on for companies to submit their Annual Tax on Enveloped Dwellings (ATED) return and pay any taxes owed by 30 April 2024 🏡 💸     But what is it, and who has to pay it? Our latest article shares an insight to ATED and companies’ obligations.    Please don’t hesitate to reach out to Esther Ollech (esther.ollech@mgr.co.uk) or Joel Calitchi (joel.calitchi@mgr.co.uk) for guidance tailored to your situation!    #ATED #propertytax #commercialproperty #LondonAccountants  

Tax Implication on Sale & Purchase of Immovable Property for Seller & Buyer The sale or purchase transaction of immovable property carries specific tax implications. Immovable property means land or buildings or both. Land or building or both can be categorized as either capital assets or stock-in-trade. The sale of property is subject to both income tax and stamp duty. In this process, both buyers and sellers, as well as the registrar, bear certain obligations. The determination of the full value of consideration for calculating capital gains in the hands of the seller is stipulated by Section 50C. This comes into play when the actual sale consideration is lower than the stamp duty value. Section 56(2)(x)(b) outlines the taxability of such transactions in the hands of the buyer, and Section 194-IA places the responsibility on the buyer to deduct tax at source when the value of property exceeds specified threshold. Read more at: https://lnkd.in/dYZusAkK #Tax #Implication #Sale #Purchase #Immovable #Property #Seller #Buyer

Attention Commercial Property Owners! 🏢💰 Did you know that most commercial property owners are unaware of a powerful tax credit called Cost Segregation? This can mean a substantial addition to your bottom line or help reduce your tax liability. 💡 What is Cost Segregation? Cost Segregation is a tax strategy that allows property owners (or those leasing commercial property) to accelerate depreciation on specific components of their property, leading to significant tax savings. 🔍 Why Should You Care? • Increase Cash Flow: More money in your pocket now instead of later. • Tax Savings: Reduce your tax liability significantly. • Boost Your Bottom Line: Reinvest those savings back into your business. ❗ Important: Many CPAs do not mention this because it requires a specialized study to qualify for the credit, and most CPAs are not set up to perform this study. 💁🏾♀️ If you have commercial property with a purchase price, buildout, or remodel price of $25k or more… YES, ONLY $25k or more, let me know! I want to get you the information you need to take advantage of this tax credit NOW. At least get the info so you can get what the IRS says you should have! 💵 Comment below or message me today to learn more about how you can benefit from Cost Segregation! #TaxCredit #CostSegregation #CommercialProperty #TaxSavings #RealEstateInvesting #BusinessFinance #FinancialPlanning #yourbusinessproblemsolver #commerciallease #propertyowner

Attention Commercial Property Owners! 🏢💰 Did you know that most commercial property owners are unaware of a powerful tax credit called Cost Segregation? This can mean a substantial addition to your bottom line or help reduce your tax liability. 💡 What is Cost Segregation? Cost Segregation is a tax strategy that allows property owners (or those leasing commercial property) to accelerate depreciation on specific components of their property, leading to significant tax savings. 🔍 Why Should You Care? • Increase Cash Flow: More money in your pocket now instead of later. • Tax Savings: Reduce your tax liability significantly. • Boost Your Bottom Line: Reinvest those savings back into your business. ❗ Important: Many CPAs do not mention this because it requires a specialized study to qualify for the credit, and most CPAs are not set up to perform this study. 💁🏾♀️ If you have commercial property with a purchase price, buildout, or remodel price of $25k or more… YES, ONLY $25k or more, let me know! I want to get you the information you need to take advantage of this tax credit NOW. At least get the info so you can get what the IRS says you should have! 💵 Comment below or message me today to learn more about how you can benefit from Cost Segregation! #TaxCredit #CostSegregation #CommercialProperty #TaxSavings #RealEstateInvesting #BusinessFinance #FinancialPlanning #yourbusinessproblemsolver #commerciallease #propertyowner

There’s will be a 2.5% decease in business lease tax from 4.5% to 2% it’s expected to start June 2024. It was reduced last year from 5.5% to 4.5%

Taxes on Selling Your House? Here’s a Plain-English Breakdown #FinancesTaxImplications #Logistics #capitalgains | BidBuddy.com

The property market is tricky at the moment to say the least so congratulations on selling your property! But, are you aware of what you need to report to the taxman and the deadlines you need to pay your Capital Gains tax by? If you have gained a profit from the sale of your property (which isn’t your home) then this must be reported to HMRC. If the completion date of the sale of the property was on or after 27th October 2021 then you need to report and pay the tax owed within 60 days of completion. If the completion date was between 6th April 2020 and 26th October 2021 then this should have been reported within 30 days of the completion date. Read more here: https://lnkd.in/euDKXWGv