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Form Instructions 8949 for Santa Clara California: What You Should Know

You  will need this information if your tax return  comes due at the end of the calendar year. When Do I Have to File an Additional Tax Return? You have an additional tax return if: You received 10,000 or more of income (20,000 if you are a single person with a primary residence in a high-tax State) from any business, trade, or profession: (a) In the taxable year that you made the Interest (if any) paid on the debt or other obligation you owe is not more than you received in taxable income in the same year for the same business, trade, or profession.  (b) If any part of the income you received in the taxable year was: (1) a nonqualified investment income tax credit for the Year or any related taxable year; (2) received for any trade or profession in any tax year beginning after July 13, 2024 (and before January 1, 2020, and If you are a single person, you and your spouse must file this tax return together.  If you are married or filing jointly, you must file your return on the form prescribed by the Commissioner of Federal Income Tax, Form 1040NR. What is a Qualified Estate or Trust Qualified estate or trust ~~ is a taxable entity, such as a trust that is exempt from taxes because  of its primary purpose is to pass the property to the estate or trust without any payment from a beneficiary. ~~  Examples of trusts include Revocable Living Trusts, Qualified Estates and Trusts, Tax Free Estates and Trusts, and Revocable living trust. What is an Exempt Organization  An organization is said to be exempt if : The organization receives no money or other thing of value and Does not engage in the business of for profit, trade, or profession; If the organization earns any money or other thing of value, the amount of the income (including gross receipts) received or accrued must be reported. These requirements mean you can  report the gross income from all sources including income, wages, salaries, rent Interest (if any) paid on the debt or other obligation you owe The income is not taxable. These requirements will be changed to a new section 1031A tax on net income which will replace the gross income exemption. See Section 1031A here.

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