MLM Passive Income
Real Estate Capital Gains Knowledge Base
Does the government audit real estate capital gains? I've heard that for decades the government has not tracked capital gains on real estate transactions. Instead they hassle the middle class wage earner who was W-2's filed but the millionaires who buy and trade real estate are left to an "honor" system. Please - no uneducated guesses. And please state your expertise or reference. Does the IRS even try to monitor real estate transactions for tax compliance?
Real Estate Capital gains tax in Philippines? I need clarification regarding capital gains tax for a real estate transaction. I read generally 6% of selling price of the property or fair market value of the property received in an exchange transaction. Does this mean 6% of the difference between sell price and previous buy price (the profit) or 6% of gross sale price (which is a lot!)? That is, does capital gains have a different meaning than the normal? The definition of Capital gains I know: Final price minus buying price = Capital gains Is capital gains definition different for this transaction?
If I sell real estate I must pay a federal capital gains tax. Is there a California capital gains tax? If there is a California capital gains (real estate) tax, what is the rate?
What are the real estate capital gains tax rates for short-term investment (rental) properties? I have purchased a foreclosed property and I am not sure I'll be keeping it long-term. I may decide to sell it immediately upon fixing it up, or within 18-24 months. It is a SFR, I will not be living in it. I realize I can do a 1031 exchange, but in the event I decide NOT to reinvest all of my gain, I'd like to know about what I'll owe in taxes. Thanks in advance for your help! where can I find the income tax brackets? And where can I find the short and long term gains tax rates in writing from the IRS? Can a 1031 exchange be done for a partial amount of the gain? I.E. If I realize a $50K gain and I reinvest 25K while keeping the other 25K, am I taxed only on the portion I keep uninvested? Where can I find this information documented? Thanks! how is mortgage interest and property taxes on rental/investment properties treated on your tax return? Is it deductible like on your main home? Is it only partially deductible- what percentage?
Do I have to pay a Capital Gains Real Estate Tax? I live in Kentucky and bought two adjoining pieces of property three years ago. I am going to sell one piece on a land contract for a monthly payment over 15 years. I am selling the second piece to a different buyer for cash. Only the second piece has a house. I have never owned or sold a property before. Do I have to pay the capital gains tax on the profit of the second piece? What about the first?
real estate capital gains tax USA? I am selling a condo for $200,000 on the east coast. I purchased it 3 years ago for $85,000. I lived in it the last three years. I plan to sell it and move to the Mid west where I plan to buy a house for between $110,000-$150,000. How does the capital gain tax work? Will I have to pay taxes on $115,000 for the difference between buying and selling price on condo? or will i only be taxed on the difference bewteen selling price of condo and buying price on house in the Mid west? Please help.
Real estate capital gains tax question? For years now, I've heard there are no capital gains taxes due on the sale of one's primary residence, if they've lived in it for at least a couple of years, up to $500,000. The other day, somebody told me if one doesn't buy another piece of real estate within two years from the sale of their primary, however, then suddenly capital gains taxes become due from the sale of their primary two years earlier. Is that true, or misinformation? I've never heard that before. Thanks Many thanks for these informative answers. What that person told me was hard to believe and rather troubling, certainly glad to hear the answers here are the real facts!
Why is the Philippine Gov't doing double taxation on real estate transactions? Specifically capital gains!!? Why are Filipinos not complaining on the Philippine Government doing double taxation on Real Estate capital gains? Example is below: Bought land for P1M cash (paid cash which was already taxed via income tax) After 4 years, I sold it for P1.5M. Why do I have to pay 6% tax from total sale of P1.5M. I should only pay 6% of P.5M. Why do I have to pay taxes on the P1M when I already paid taxes to earn it. Is this the govt scamming the people again?
Question regarding Ownership and Use test for Real Estate Capital Gains Exclusion...? Many of you may know the home sale exclusion act which allows a $250k capital gains exclusion ($500k if married) if you lived in your house and owned it 2 of the last 5 years. My question is what happens if you rented an apartment for 2 years, then bought it, lived in it for a year, and then rented it out for 3. IN this circumstance you owned it for 4 years, but rented it out for 3, bbut have lived in the house for 2 of the last 5 years. would u qualify for this exclusion? Or would you have to move in and live in it for 1 more year. thanks!
Real estate capital gains? $250K exclusion? 1) So, I have lived in my home for 7 years. in '99 it was purchased for $155K. it is now worth $290K. I simply want to live in an apartment and invest this money in mutual funds. How can I calculate the capital gains I need to pay out? 2) $290K-$155K=$135K That is under $250K, what exactly is the $250K exclusion?
real estate capital gains? If I sell my primary residence(only property I own) in less then 2 years from date of purchase, and use that money to buy a new house, will I have to pay capital gains?
Can I use my stock loss to off set my real estate capital gain ? I lost 36,000 in 2008 and around 45,000 in 2009. Can I use those loss to off set my future gain in real estate investment ? I have a 401k and wanted to convert to Roth IRA, can I use my stock loss to off set the tax liability from converting from 401K to Roth IRA ?
Real Estate Capital Gains? I have the opportunity to rent my house for a period of 3 years, after which the house would sell to the renters. My question is would I have to pay capital gains tax in NB Canada at that point. I would have lived in the house as principal residence for 5 years before selling, but not for the last three. The sell price has been determined as what the market value would be at that time. The difference between my original purchase and the eventual sale will be $34,500. The difference Between the current mortgaged term and sale is $14525. Does it really matter what I will owe on the mortgage when the three years are up? ...OK strike the detail about mortage balance. Isn't there exceptions where it was principal residence and was not purchased with intent to profit?
Do I have to pay capital gains on real estate? I have lived in my condo for about 5 years. I would like to move and rent it out for a couple of years before selling. Would I still have to pay capital gains when I sell it? This unit is in ONTARIO CANADA.
Capital gains tax real estate? I've read in other questions about Capital gains tax in primary real estate home but how about investment property....Many home are bank owned and I'm interested in getting a home & fixing it to sell. I know how todays market is and it won't be a turnover like in 2005. My question is what are the tax implications for a project that I want to do?
How is real estate capital gain profits calculated? If I bought a house 4 years ago for 500,000, put in 150,000 in upgrades, and now sell it for 1000,000. Is my gain 500,000 or 350,000? I'm talking about my primary residence.
real estate, capital gains missouri? i recieved a house through inheritance, it is paid off. i have lived here 22 months but the house went into my name around 10 months ago. can i show with utilities that i have lived here as main residence for 22 months or will they go by the day it went into my name which would show me as being here for only 12 months?
1099-S real estate/capital gains? If I sold a home, from whom should I expect the 1099-S form to be sent from? Thanks!
is it possible to trigger an IRS audit on someone that I know under-reported capital gains on real estate? A friend purchased property off someone and the purchase price reported on the settlement statement was supplemented quite a bit with a cash payment. First, how can this person be reported? And secondly, can my friend get in trouble since the settlement statement has the lower amount? And how can they prove the cash payment?
Real Estate Capital Gain tax on land profit? My husband and I own a home and a piece of land that we intended to build on, and sell our house. We have instead decided to sell the vacant land and our current home (lived in for 6yrs) and put a down payment on a house with the land profit money. My question is, will we have to pay a capital gain on our land profit if we are putting it back into the new house? If so how much will we be taxed on our profit? Is there any way to avoid being taxed on the land profit?
California capital gains tax on real estate? Is it true for a married couple that we can realize a profit of up to $500,000 without being taxed with the "capital gains tax"? We plan to put the money back into another house (and we're not even close to making the $500,000 anyway,). Thanks for any help you can give.
Capital Gains: Real Estate? I am thinking of moving out of state, personal choice, however I have lived in my current residence for 15 months. If i decide to sell my home prior to the 2 year mark will I be subject to capital gains taxes? If so what percentage would it be? Yes I do have equity. Roughly $80k. The market here has not taken a huge hit, just like it never had a huge boom like others.
capital gains tax real estate? This is in california? I have a friend who is buying a house from an elderly lady. He will pay a little over what she owes on it (750K) What are her tax consequences?
capital gains real estate canada? my family has just started to build homes for a living. we are just about done the first one and it should be sold early fall. then we plan to build approx 4 a year. i would say after all costs land and all we will profit $100,000 per house. there are 4 of us. now someone asked me if we were gonna live in this first one for a year to help with capital gains....what are we talking about??? i know this is some sort of tax thing but no clue what we might be getting into here...starting to worry! can someone tell me in plain english what is gonna happen with this capital gains thing? and maybe any suggestions of business structure that we should look into? how bad is all this?
How much is capital gains tax on real estate sold? Going to sell a house I've been renting. Going to make a little profit to pay off some unexpected expenses. How much do I have to save for income tax? Is there a creative way to sell to minimize taxes?
when you pay capital gains tax on real estate, is the tax figured on the sale price, or your profit? for example, i buy a condo for $130,000, and sell it for $180,000;do i pay the 15% on the $180k, or on $50k?
Do real estate agents fees get deducted before any capital gains liability on home sale? We believe we are liable for taxes on the sale of our main home as it has risen more than the $500k allowance for a married couple (see earlier question). Can we deduct real estate agent fees before calculating the capital gains tax liability?
Real Estate and paying Capital Gains Tax? If i buy a house for $30k and sell it for $70k within a year, i know i have to pay capital gains taxes already but how is it calculated if im taxed at (ie 15%)? 15% from profits or what? Please give a simple break down, thanks
Capital gains on real estate sale? I own a condominium with my brother. He is now married and we talked about me selling my share (50%) of the condo to his wife. If I do sell out my share, and dont reinvest the gains into another property, would I have to pay taxes on the capital gains or can I put the cash into my bank and pay nothing in taxes? I heard that I could just take the money without any tax liabilities, but that sounds too good to be true. Facts: 1) I've lived in the condo for the last 3 years. 2) The appreciation of my share (50%) is about $50K. 3) I live in California. Thanks in advance!
Real Estate and Capital Gains Tax Question? I have lived in a condo for just under 4 years. I have owned the place for 19-20 months and my place is on the market. I moved in with an agreement with the developer to buy the place on certain terms. The developed reneged and we had to litigate for a year to get the original terms. If I had bought when I should have, I would have owned my place for nearly 3 years by now. According the IRS I meed the usage test but I do not meet the ownership test when considering the actual date of purchase. Is there some type of exception for someone like me who was in litigation with the developer and seller to exclude some of the capital gains on the property?
Complex capital gains question concerning real estate sale? I am almost done building a house that my wife and I intended to move into, but it looks like based on the current real estate market that it will be much easier to sell the new house instead of the old one. I've owned the lot for over a year so it would qualify as a long term capital gain, but the house is new (started about 8 months ago, finished next month). I'd like to understand the tax consequences of selling this property. The basis for the lot will be $8,000 and current market value would be closer to $30,000. The improvements will probably run me close to $40,000, but add close to $100,000 in value.
Capital gains tax on real estate, Obama plans? I was curious about capital gains tax on owner occupied residences in California. Is Obama working on trying to use this form of tax a private residences instead of only second homes and income property in the near future? I have heard this may happen. Any insight is greatly appreciated! Thank you.
What is the capital gains income tax on sale of investment real estate? What is the capital gains income tax on sale of investment real estate?
capital gains on real estate? To avoid capital gains the irs says you must live in home 2 of last five years. Does that mean i have to live there for 5 or 2? I just bought a house and am wondering if I can sell in two years and not have to pay taxes?
Should I take advantage of the real estate capital gain exemption? We are getting ready to purchase another house as our new primary residence. Our plan at the moment is to keep the current house and rent it out. Since we bought this house 10 years ago it has appreciated nearly $170K. My understanding is that we have a $250K tax exemption from capital gains available as long as we sell the old house within three years of moving into the new house. So my net question is: What is the key criteria for making the decision to keep the old home beyond the three year threshold? I guess the trade-off is between the capital gains exemption and potential longer-term appreciation on the rental house. But I want to make sure I am not missing anything else...
Capital Gains on a Real Estate sale - Taxes...? I have lived in my house for more than 2 years - enabling me to avoid taxes on the gains from the sale. I know that if I utilize all the gains to aid in the purchase of another property, I do not have to pay taxes on the gains. However, my question is: do I have to pay taxes on the gains that I do not reinvest into another property? Example - say I made 100K on the sale and only want to reinvest 80K - do I pay taxes on the remaining 20K?
Is direct selling / MLM, Real estate investment and Stock market investment all subjected to income tax? Best answer 10 points! All active or earned income from employment and business are subjected to income tax. Do passive income from real estate and stock and direct selling business / MLM subjected to income tax? Note: Forget about stock and real estate capital gain tax because there is none in Malaysia.
is there any way to avoid capital gains tax on real estate? if not , how do i calculate the tax on my gain
What are deductibles for the capital gains tax for buying real estate? My out of trips?gatrips, motels? We bought land in VT and just sold it. Can we deduct the travel expenses to attend the closings, i.e., mileage, motels, ???
When does the 1 year 'holding period' begin to qualify for long term capital gains tax on real estate house? I would be very grateful if someone helped clear this up for me -- when exactly does the holding period begin to qualify for long term capital gains treatment on a real estate investment home? A friend of mine asked his tax preparer this question and the answer was "the holding period begins on the day I first list the house for sale." I bought a vacant lot in Spring 2010 and completed my first spec home in October 2011. The house was listed for sale in July 2011 before it was completed. According to the definition above I only recently dodged a bullet. I was $1,000 away from meeting a buyer's offer. If the sale had went through I would have had to pay nearly 30% of my profit in taxes to the federal government, not to mention what the state would try to take from me. I want to avoid the blood sucking thieves of the federal government as much as possible. Am I correct in assuming then that I cannot close on the house until July 2012 if I want to qualify for the long term capital gains tax rate of 15%? And if this is true, none of it makes sense to me. To qualify for this rate I have to wait until the house has been listed for sale for an entire year and not sell it until 365 days are up? What is the point of putting it on the market and then rejecting offers in the meantime until the year is up? This just seems like another case of the oppressive garbage that we have for a federal government making it as difficult as they can for investors to eke out a living without having to pay them most of your income. They don't front any of the risk. I don't think they should take so much of the reward. I think I was pretty clear about the details. This is also my FIRST house and it may be the last depending on how much money I will have to pay in taxes if I continue this. From information I've gathered I WILL NOT be charge the self employment tax if this is a one time deal and not a business. If I can't, I will just move into the house and tell the IRS it is my primary home even if I won't qualify for a full or partial exclusion of tax on sale of a primary home. I think I was pretty clear about the details. This is also my FIRST house and it may be the last depending on how much money I will have to pay in taxes if I continue this. From information I've gathered I WILL NOT be charge the self employment tax if this is a one time deal and not a business. If I can't, I will just move into the house and tell the IRS it is my primary home even if I won't qualify for a full or partial exclusion of tax on sale of a primary home. I think I was pretty clear about the details. This is also my FIRST house and it may be the last depending on how much money I will have to pay in taxes if I continue this. From information I've gathered I WILL NOT be charge the self employment tax if this is a one time deal and not a business. If I can't, I will just move into the house and tell the IRS it is my primary home even if I won't qualify for a full or partial exclusion of tax on sale of a primary home.
Will this help me avoid capital gains tax on real estate? ? I have my primary residence right beside my former business property. Now the business is closed and just a work building remains. The business property is now zoned Residential. If I get approval from the township, I would like to add the business property to the Residential Property. Thus making one Primary Residential property. Then sell the Residence property to get another one to use as my primary residence.
Capital Gains tax on real estate, Detailed explanation please.? I'm just thinking ahead to that "someday" when I sell my house. Can someone give me a detailed description of how capital gains taxes work, or a link to a good site that describes it? I've heard that you should keep track of all your expenses, because all the money you spend on improvements to the house or repairs can be deducted from your profit when figuring capital gains taxes. Is that true? if so, where can I find a detailed list of qualified expenses?
Is there a way to avoid capital gains taxes when selling stocks, like investing the money in real estate? A family member does not want to sell his stocks because he does not want to pay capital gains. Is there a way to re-invest the money he makes when he sells the stock so he can avoid the taxes?
do the proceeds from long term capital gain sale(real estate) determine what income tax bracket one is in? my wife and I file jointly with a combined income of $35000. we have a land sale pending which would total around $500000. we paid $100000 15 yrs ago. would we remain in the 15% income tax bracket, and therefore be taxed 5% on long term capital gains?
In real estate, can I exchange two houses for one house in a 1031 exchange to avoid capital gains any way? I have 2 homes. One I live in, the other I rent out. I am retiring, and I would like to sell both the rental and my home to buy another home. Is there a way to do this to avoid capital gains?
Capital gain on real estate? I have a neighbor wanting to buy part of my farm land. Is the capital gains tax figured on the price I purchased it for ,or the total amount of the loan (intrest and bank fees)? I plan on having a new house built , will it help with the taxes?
How much capital gains tax on real estate will I have to pay? My grandmother willed the proceeds from the sale of her house to my sister and I (executer held title and was in charge of sale) we chose to have the deed to be signed over to us so we can sell the home ourselves. The town did a re evaluation of the home after my grandmothers death which was higher then the original value which the executer was given. Do we use the value at the time that we took ownership or the value at the time of my grandmothers death to calculate the Capital gains??? Also both my sister and I are in the lower tax bracket what percentage would we be paying? My sister would be eligible for the 250 exclusion (shes been living in the home) do the taxes come out during the closing or when we file our income taxes???? neither of us was on the deed before my grandmother passed. We have held the property for a little over 2 yrs now and my sister has lived in it during and before that time.
How do I calculate capital gains tax on real estate sold? I bought a house 35 years ago in Troy, NY for $15,000. I lived in the house for approx. 10 years then rented for 25 years. I am selling for $60,000. - During the 10 years I lived there, I made about $4500 in improvements, $3000 of that I do not have receipts for any more. Can I deduct the $3000 from capital gains earned? - How do I calculate what the capital gains tax is? - Does my tax bracket make a difference? Thank you.
What options are there in paying capital gain taxes on real-estate investment property? I am selling 3 acres of land for a substantial gain and would like to avoid paying 30 percent of my selling price in capital gain taxes. Are there tax breaks that allows for reinvesting without taking a big hit in taxes?
how to reduce capital gain tax on real estate? i live in the state of Utah, i own a home that i am trying to sell that i have been renting for the past year, this home was my primary residence but only for about a year and a half. my equity in the home will be around $30,000, how can i reduce my capital gain so i don't have to fork out so much money to the government? the home is in utah, and i have been trying to sell it for 1 year
Will I be responsable for New York capital Gains tax on real estate if I sell my cooperative unit.? I purchased the apartment in May 2004 (coming up on the 4 year anniversary) and I have made this my primary residence for the past three plus years to date. I am understanding that if I have lived there for at least two years of the past five years, I am not to pay tax on capital gains. However, I have not lived there for 5 years yet, so I am confused. I believe it does not matter if you lived there a full five years, as long as two of the past 5 years this was the primary residence. Is that correct, that it does not need to be a minimum 5 years.
I am confused by the 1031 law regarding capital gains. My husband and I want to start investing in real estate If we buy, improve and then sell, are we safe as long as we re-invest that money and the profits into another property of equal or greater value? These properties would probably all be sold within 4 to 6 months of the original purchase. Can you keep going re-investing your money without having to pay capital gains taxes? Or is this just a stupid question, considering the voracity if the IRS? Do you also pay State AND Fed Taxes on Capital Gains???
What are the possible ways to avoid capital gain taxes ......its over 200k in capital gain for real estate? the real estate was owned for over three years and has been a investment property....
saipan capital gain tax for real estate property on aligns? Where can I find tax related laws and regulation for Saipan?Is there any tax for align to invest in real estate properties in Saipan? Is it true that only native Saipan people may obtain real estate ownership?
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