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Capital assets are generally those held for investment. Stocks, bonds and mutual funds are some examples. If there is a gain on the sale of these assets, a capital gains tax is due.
It’s time for business owners to file their 1099′s.
Here are 5 Easy Steps to do this:
Form 1099 is due to any independent contractor who is unincorporated and you pay $600 or more to in a year. Additionally all payments for legal services must be issued a 1099 regardless of whether the … Continue reading »
Recently a new client came to us. The Internal Revenue Service ("IRS") was looking for $262,532 in back taxes. This was from the sale of their home two years ago.
Attorneys that handle real estate closings must report the proceeds on IRS Form 1099-S, Sale of Real Estate Property. There is an exception to this however. If the seller of the real … Continue reading »
Long-term capital gains are for capital assets held longer than a year. Capital assets include stocks, bonds and mutual funds. Collectibles and certain Real Estate are subject to special rules. The stated rate on long-term capital gains is currently 15%. If Congress fails to take any action, this will increase to 20%. The … Continue reading »
Originally under the Small Business Jobs Act, those who received rental income from real estate were going to be considered, to be engaged in a business, and were going to be subject to the requirements to issue 1099 information returns. This act was going to make owners of rental properties report payments totaling $600 or more during the course of the year for any expenses relating to these properties. The provision required even the smallest property owners — those who … Continue reading »