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This form is required for Kansas residents and corporations to report intangibles income for the tax year 2008. It includes sections for personal information, income earned from intangible sources,

How to fill out local intangibles tax return

How to fill out LOCAL INTANGIBLES TAX RETURN

1. Gather necessary financial documents, including records of intangible assets.
2. Obtain the Local Intangibles Tax Return form from the appropriate local tax authority's website or office.
3. Fill out personal information, such as name, address, and contact details on the form.
4. List all intangible assets owned during the tax year, such as stocks, bonds, and other securities.
5. Calculate the total value of intangible assets as of January 1 of the tax year.
6. Apply any applicable deductions or exemptions as specified by local tax regulations.
7. Review the completed form for accuracy and completeness.
8. Sign and date the form.
9. Submit the form to the local tax authority by the designated deadline, either by mail or electronically if allowed.

Who needs LOCAL INTANGIBLES TAX RETURN?

1. Individuals or entities that own intangible assets within the local jurisdiction.
2. Residents who hold stocks, bonds, or other investments subject to local intangibles tax.
3. Businesses that possess intangible assets as part of their operations in the local area.

People Also Ask about

What is intangible tax on mortgage?

There are two types of mortgage tax: Documentary tax on mortgages is calculated at $. 35 per $100.00 or a fraction thereof of the mortgage amount, i.e., if the amount is $101, the fee would be . 70 cents. Intangible tax on mortgages is calculated at $2.00 per 1000.00 mills per dollar amount of the mortgage.

How do I know if I had a state or local tax refund?

Contact your state's taxation department to learn about tracking your state tax refund status.

What is the local intangible tax?

The intangibles tax is a local tax levied on gross earnings received from intangible property such as savings accounts, stocks, bonds, accounts receivable, and mortgages.

Where do I find state and local income tax paid on 1040?

As an individual, your deduction for state and local taxes (SALT) (lines 5a, 5b and 5c on Schedule A of Form 1040) is limited to a combined total deduction of $10,000 ($5,000 if married filing separately). You may be subject to a limit on some of your other itemized deductions also.

What is local tax in income tax?

A local tax is an assessment by a state, county, or municipality to fund public services ranging from schools and highways to garbage collection and sewer maintenance. Local taxes come in many forms, from property taxes and payroll taxes to sales taxes and licensing fees.

What are intangible tax returns?

These taxes apply to assets that are devoid of physical substance yet possess value i.e. intangible assets. They can be anything from legal rights and intellectual property to mortgages, stocks, and business goodwill.

Where is local income tax on tax return?

As an individual, your deduction for state and local taxes (SALT) (lines 5a, 5b and 5c on Schedule A of Form 1040) is limited to a combined total deduction of $10,000 ($5,000 if married filing separately). You may be subject to a limit on some of your other itemized deductions also.

For pdfFiller’s FAQs

What is LOCAL INTANGIBLES TAX RETURN?

The Local Intangibles Tax Return is a form used to report and pay taxes on non-physical assets, such as stocks, bonds, and other financial instruments, that are held in a specific local jurisdiction.

Who is required to file LOCAL INTANGIBLES TAX RETURN?

Individuals and businesses that own intangible assets, such as stocks, bonds, or other forms of investments, in a jurisdiction that imposes an intangibles tax are typically required to file this return.

How to fill out LOCAL INTANGIBLES TAX RETURN?

To fill out the Local Intangibles Tax Return, taxpayers should gather information about their intangible assets, complete the form with details including the value of each asset, and submit it to the appropriate local tax authority by the designated deadline.

What is the purpose of LOCAL INTANGIBLES TAX RETURN?

The purpose of the Local Intangibles Tax Return is to assess and collect taxes on intangible assets owned by individuals and businesses, thereby contributing to local government revenue.

What information must be reported on LOCAL INTANGIBLES TAX RETURN?

The return typically requires reporting information such as the types of intangible assets owned, their total value, the owner's identification details, and any applicable deductions or exemptions.