Councilwoman Kshama Sawant Introduced Legislation For Seattle Income Tax

IncomePassive income streams require an upfront funding and plenty of nurturing in the beginning. After some time and laborious work these income streams start to build and are able to maintain themselves, bringing you consistent income with out much effort on your half.

Example 1: A, a single filer, earns $210,000 in wages and sells his principal residence that he has owned and resided in for the last 10 years for $420,000. A’s price basis within the house is $200,000. A’s realized gain on the sale is $220,000. Under part 121, A could exclude up to $250,000 of achieve on the sale. Because this achieve is excluded for regular income tax functions, it is also excluded for purposes of figuring out Net Investment Income. In this instance, the Net Investment Income Tax doesn’t apply to the achieve from the sale of A’s residence.

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