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06/06/2021

What does the OGE do?

What does the OGE do?

The United States Office of Government Ethics (OGE) is an independent agency within the executive branch of the U.S. Federal Government which is responsible for directing executive branch policies relating to the prevention of conflict of interest on the part of Federal executive branch officers and employees.

What is reportable non investment income?

What are some examples of reportable non-investment income? Report fees, salaries, commissions, retirement benefits, honoraria, scholarships, prizes, and gambling income.

What are examples of investment income?

Investment income is money that someone earns from an increase in the value of investments. It includes dividends paid on stocks, capital gains derived from property sales and interest earned on a savings or money market account.

What is reportable investment income?

Investment Income: “Investment income” includes interest, rents, royalties, dividends, capital gains, and other income derived from an asset. Report only your own sources of other non-investment income. Other non-investment income received by your spouse or dependent child is not reportable.

How do you declare investment income?

Form 12BB applies to all salaried taxpayers. Using Form 12BB, an employee has to declare the investments that they have made during the year. Documentary evidence of these investments and expenses have to be provided at the end of the financial year as well.

What is the tax rate on investment gains?

Long-term capital gains and qualified dividends are generally taxed at special capital gains tax rates of 0 percent, 15 percent, and 20 percent depending on your taxable income. (Some types of capital gains may be taxed as high as 25 percent or 28 percent.)

Do you pay taxes on investment gains?

You typically only have to pay taxes on the sale of investments when you receive a gain. To figure this out, you have to subtract the cost basis of your investment, which is normally what you paid, from the sale price to see if you had a gain. If you have a gain on the sale, you’ll have to see if you owe taxes.

What investments are tax free?

What investments are tax-free?

  • Municipal bonds.
  • Tax-exempt mutual funds.
  • Tax-exempt exchange-traded funds.
  • Roth IRAs.
  • Health savings accounts.
  • 529 plans.
  • UGMA and UTMA accounts.
  • Indexed universal life insurance.

Is anyone exempt from capital gains tax?

Single people can qualify for up to $250,000 of their capital gain being exempt, while married couples can have $500,000 excluded. However, this can only be done once in a five-year span.

Do I have to own my home for 5 years to avoid capital gains?

You probably know that, if you sell your home, you may exclude up to $250,000 of your capital gain from tax. To claim the whole exclusion, you must have owned and lived in your home as your principal residence an aggregate of at least two of the five years before the sale (this is called the ownership and use test).