Word: taxed
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With the stock market in a slump, chances are you're not fretting about owing taxes on stock gains come April 15. In fact, your only gain is probably in your house. But if you bought and sold a home for a profit over the past five years, here's some welcome tax-season news: recently issued guidelines from the Internal Revenue Service say you may have shelled out capital-gains taxes unnecessarily, and you should get the money back...
Here's why. The big tax-rule overhaul of 1997 let married homeowners filing jointly pocket up to $500,000 of their home-sale gains tax free, while single filers could keep $250,000. Until then, sellers could defer taxes only by plowing gains into a new house, then taking a once-in-a-lifetime exclusion of up to $125,000 at age 55 or older...
...says it doesn't know how many people have paid the tax needlessly. Capital gains are taxed at a maximum rate of 20%, which, while lower than the maximum rate for income, is still a big bite. Those who have sold since 1999 and paid taxes by mistake may be able to claim a refund by filing an amended return on Form 1040X. But hurry: there's a three-year deadline for tax refunds--which in most cases means a tax filing for a 1999 home sale should be amended by April 15. Here's what the new guidelines...
...Silva's ambitious antipoverty program. The team's gesture reflects, for the moment anyway, a rare sense of unified national purpose in Brazil. Last week's headlines also included all 27 of the country's state governors pledging to help Lula and his Workers' Party (PT) achieve crucial tax and pension reforms that will make it easier to fund his social projects - and even Brazil's dysfunctional Congress looks poised to cooperate. "I have to prove I'm capable of doing what previous Brazilian Presidents couldn't," said Lula, who took office Jan. 1. Lula's challenge is to make...
...inflation to single digits. Lula won praise across the political spectrum when, instead of trying to please everyone, he postponed the purchase of fighter jets in order to boost funding for Zero Hunger. Perhaps the most important - and most immediate - steps that Lula needs to take are pension and tax reform. Brazil has a millstone public bureaucracy: its salaries and pensions take more than 8% of the nation's $1 trillion gross domestic product. Reining in the corrupt pension system, simplifying Brazil's baroque tax code and combatting massive tax evasion could help Lula drop interest rates and free...