A capital gains tax is charged, so to speak, on capital gains…go figure. In other words, it’s a tax calculated by the profit gained by selling a non-inventory asset which was purchased at a lower price. No you don’t owe capital gains tax on the Snickers Bar you sold your buddy for lunch. Check out the Q&A below: Q: What qualifies [...] […]
The $300 tax rebate can be received by taxpayers who typically do not file tax returns, such as those whose income is derived solely from Social Security. However, they must file a tax return with the IRS to qualify for the rebate even though no taxes are actually due. […]
Recent Grimmett & Co. Articles