When an investment or asset is sold for an amount that is greater than what was originally paid. Recognizing gains on an asset will trigger a capital gains situation, but only if the asset is deemed to be capital in nature.The amount of any capital gain will need to be reported for income tax purposes, and is measured by the selling price minus the purchase price. Recognizing gains on an asset simply means that you made money on selling a piece of property or an investment. Depending on the nature of the asset and the tax laws of your jurisdiction, the gain on the sale may or may not be taxable.
A gain resulting from selling an asset at a price higher than the original purchase price. There may be tax consequences for a realized profit.
Any property that is attached directly to land, as well as the land itself. Real property not only includes buildings and other structures, but also rights and interests. Real property can be either rental or residential. Any structures or improvements that are attached to the land must not be movable in order to be considered real property. Natural resources such as oil, gas and timber also qualify, because they are considered to be part of the land.
A method for determining when and how much income was earned over a period of time. The ratable accrual method can be used to compute the interest income for tax purposes. This is opposed to the payment method, and could be used to find the accrued market discount of a discount bond traded in the secondary bond market. It can also be used to determine property tax on real estate held over several tax periods. The ratable accrual method usually results in a greater accrual of discount than the other method for determining accrued market discount, which is the constant yield method. However, it also uses a simpler calculation: market discount is divided by the number of days from the bond's maturity date minus the purchase date, multiplied by the number of days the investor actually held the bond. For example if you bought a $20,000 bond for $18,000 with 400 days until expiry, then you sold that bond 300 days later for $19,500. To compute interest income you would multiply the portion of the days held by the increase in value. 300/400 = 0.75. $19,500-$18,000 = $1,500. 0.75 x $1,500 = $1,125 interest income for tax purposes.
A federal tax filing status available to widows and widowers for two years after their spouse's death. In the year the spouse dies, the widow or widower can (but is not required to) still file as married filing jointly; he or she could then file as qualifying widow/widower for the two years after that unless he or she remarries during that period. While the surviving spouse cannot continue to claim an exemption for the deceased spouse, he or she can take the same standard deduction as a married couple filing jointly. This filing status can ease the financial sting of losing a spouse. To claim this status, the IRS also requires that the taxpayer have a child who will be claimed as a dependent, that the child live in the home with the widow/widower all year, that the widow/widower will pay over half the cost of keeping up his or her home, and that the widow/widower was eligible to file a joint return in the year the spouse died.
A payment from the government for an individual's overpaid taxes. An individual in this situation is said to be "over-withholding". Federal income tax refunds are not taxable. A refund occurs when the government owes some of the taxes you paid throughout the year.
A tax credit that is not limited by the amount of an individual's tax liability. Typically a tax credit only reduces an individual's tax liability to zero. Refundable credits go beyond this and so really can be considered the same as a payment. In other words, you'll still get the credit even if you don't owe any tax. The earned income credit is a good example of a refundable credit in the United States.
A foreigner who is a permanent resident of the country in which he or she resides but does not have citizenship. To fall under this classification in the U.S., you need to either currently have a green card or have had one in the last calendar year. You also fall under the U.S. classification of resident alien if you have been in the U.S. for more than 31 days during the current year along with having been in the U.S. for at least 183 days over a three-year period that includes the current year. Resident and non-resident aliens have different filing advantages and disadvantages. For example, a resident alien can use foreign tax credits, whereas a non-resident cannot. However, in general, a resident alien is subject to the same taxes as a U.S. citizen, while a non-resident alien only pays tax on income that is generated within the U.S, not including capital gains.
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