MLM Passive Income
Capital Gains On Sale Of Home Knowledge Base
does she have to pay full capital gain on sale of vacant lot? In early 2012 my friend sold 2 small vacant lots; not adjacent to her home. She cleared just under 185K for the sale of both properties. She is 80 yrs old. Since she has been deducting expenses on the both lots for the past 40yrs (property taxes, maintenance, etc) ~ Does she have to pay federal income tax on 185K (the full amount she received) ?
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?
Do I have to pay US capital gains on the sale of a foreign home, where the country (China) already taxes sal? I am a US Citizen, my wife is a Chinese citizen, and a US permanent resident. We own a home in Shanghai that we plan on selling soon. Shanghai charges capital gains tax on homes sold within a certain period (2 years I think). Would we _also_ be responsible for paying additional capital gains on the sale of the home for US tax purposes?
CAPITAL GAINS ON HOME SALE INCOME TAX QUESTION? The situation is as follows a mother and son are both on title of two properties. They file separate returns being a mother and son. They sell 2 properties in 2008 can each one take a separate capital gain exemption on their income taxes the mother claims one sale and the son takes the other sale remember they file separately and they are both on the titles of the two homes sold thank you
Will I Pay Capital Gains on Home Sale in Canada? I inherited some money and bought a home in my third year of University. I lived there for two years while I finished my undergrad and had all my bills (gas, hydro, phone, credit card, and cable/internet) delivered to my house. However, I did not change the address listed on my driver's lisense or Social Insurance Number because I knew my time there would be relatively brief. Does this mean I will have to pay capital gains on the house now that I am selling it, or is that enough proof that I did in fact reside there?
Do I pay capital gains on sale of main home in UK now I am an Australian citizen? Husband and I jointly own home in UK. Now wish to sell as we have become Australian Citizens (3yrs). What is Australian position regarding bringing the monies into Australia.
Capital Gains Question on sale of my home? I bought a home in AZ (as a second home) in March 2005. I was told that if I sold the home 2 years later, you would not have to pay capital gain taxes on this. Is this true? I bought the home for $180,000 and the going market value is about $240,000....... Please help! I don't want to pay capital gain taxes on this home.. Are there any other options? Wait, I rent this property out.... I don't want to buy another house.. I already know the "exchange 1031 rule".. I just want to take the money to the bank.. Are there any other options??
Do I have to pay capital gains tax on $75k home sale profit if owned < 2 years? I'm selling my house for $75,000 profit. It's my primary residence, but I've only owned it for 14 months. I'm not moving b/c of any special circumstances (no job change, no health reasons, no life changes, etc). I'm planning on using all the proceeds towards buying a new home. Do I still have to pay a capital gains tax?
what is the time limit to reinvest money from the sale of a home before capital gains are imposed? Im selling a house and want to know how long I have to reinvest before i have to pay capital gains tax on that money???? also what are the guidelines for the reinvestment?
Will there be a capital gains tax on the sale of your home inthe new health care reform bill? I have heard that there will be a 3.8% capital gains tax on the sale of your home under the new health care reform bill effective 2013. Is that correct?
Can my parents claims the $500,000 capital gain home sale exemption if the sell their house to me? Example: My parent's own a home that they paid $75,000 for several years ago. I wish to buy it from them for say $100,000. Will they be exempt from capital gains on the sale of their home under the IRS sale of primary residence exemption ($500,000 for married and $250,000 for singles) or would the $25,000 gain be taxable to them since it is a sale to a relative? I can only find information relating to this in Pub 529, but it is vague and refers for "remaining interest" which I am not sure applies. In additional to Pub 529, I can't seem to find anything in IRC 121 which not allow the exclusion due to a related party sale other then the following part: (8) Sales of remainder interests For purposes of this section - (A) In general At the election of the taxpayer, this section shall not fail to apply to the sale or exchange of an interest in a principal residence by reason of such interest being a remainder interest in such residence, but this section shall not apply to any other interest in such residence which is sold or exchanged separately. (B) Exception for sales to related parties Subparagraph (A) shall not apply to any sale to, or exchange with, any person who bears a relationship to the taxpayer which is described in section 267(b) or 707(b). Does this section even relate as it is talking about the "remaining interest" similar to Pub 529 which I am not familiar with?
Capital gains on home sale IF I sell do it FSBO? Okay, I have the chance to sell this house for sale by owner. The lady needs 6 months to come up with the money due to divorce. I want to sell it to her with a down payment, 6 monthly payments at 6% and then balloon payment in July. Will this mess up my capital gains exclusion under the tax laws? I understand on sale normally, there is no capital gains on the gain. Have done that before and I have lived here 3 yrs so all is okay. Just not sure of FSBO etc. I would assume its important to get it all done in one year so I dont have any carryover, etc. Nora and Kevin
What does "acceleration" of taxes mean and how does it work? Can I accelerate capital gains on home sale? I am selling a home. Long term capital gains tax is currently 15%. I anticipate that in 2012 the capital gains tax rate will be raised to 20% plus about 4% for the health care law, making it 24%. The house as yet is unsold. Now while it is yet unsold, can I "accelerate" my capital gains tax by estimating the amount that will be due, and then paying it at the current 2011 rate of 15% in 2011, instead of paying the 2012 rate if my house ends up selling in 2012? I meant to say 2012 and 2013 respectively.
How long after a sale of a home do you have to purchase your next home before you have to pay capital gains? How long after a sale of a home do you have to purchase your next home before you have to pay capital gain taxes on those earnings from your home sale? With in that same year? Or is it calender year, or longer?????
Will I need to pay capital gains taxes on the sale of my home? Military move.? We purchased our home in Ada County, Idaho November 2006 and lived in the home. My husband received orders and for the Army to move to Alabama for over a year. He left the end of February, 2007. I stayed in the home until the middle of June 2007. From the end of June 2007 to present we have been receiving rent for our home that is significantly less than the mortgage payment. If we decide to sell the home without using an agent, will we need to pay any taxes for the gains? We expect to receive approximately $20-25k more than we paid due to the extras we added. Are there any exemptions from Capital Gains due to military move? What if we purchase another less expensive home, but put the gains into other debt? Your responses are appreciated. Also, on what portion of the proceeds will we need to pay taxes? The money remaining after paying off mortgage? The new sale price minus the old sale price? Can we deduct any expenses, such as improvements, from the gained amount?
Capital gains tax on sale of home owned less than 2 years.? We live in SC and are moving to NC. Not been in our home 2 years yet. Profit around 15,000. How much capital gains will we have to pay, and what makes you exempt?
Will I have to pay capital gains taxes on the sale of my home? This is the first home my husband and I have owned, it's a condominium that was purchased 10 months ago. We just experienced a flood due to an improperly installed valve. We are selling the condo back to the builders (as it was brand new when purchased and this was VERY unforseen). We will be purchasing a new home and rolling all equity into it (there will be about $20,000 in equity with the buy-back due to current market value). Will we have to pay capital gains on the $20,000? Will this fall under "Unforseen Circumstances" and qualify for a lower exclusion? Or is there something else??? THANKS!
If Obama gets elected, is it true that capital gains taxes on your profit on your home sale will be 28%? Right now if you sell your home at a profit you are not taxed at all as capital gains. Obama wants this to become a tax of 28%. So if you make 100,000 on the sale of your home, 28,000 is going to the government. I heard this and I'm trying to see if it's absolutely true.
When might capital gains on the sale of your home apply? a. When you use your home as office space and you have deducted that on your taxes. b. When you use your home as office space and have not deducted that on your taxes. c. When you have created business loss for a deduction. d. When you have created business profits as a deduction. So A? :)
How do I aviod capital gains tax on the sale of my home? I'd like to sell my home but I've only owned and lived in it for 2 years. If I sell now, only after 2 years, can I avoid payng the capital gains tax?
Are there any ways to avoid paying capital gains on a home I lived in for 10 months and then rented out? I've searched for a multitude of ways to avoid paying capital gains, but was unable to make the tax laws/breaks work in my favor. Has anyone been in the same situation and been able to avoid paying capital gains on the sale of their home turned investment property? Without resorting to the 1031 Starker Exchange. I've searched for a multitude of ways to avoid paying capital gains, but was unable to make the tax laws/breaks work in my favor. Has anyone been in the same situation and been able to avoid paying capital gains on the sale of their home turned investment property? Are there any other ways outside of the 1031 Exchange?
will I have to pay a capital gains tax on the sale of my home? if so how much? I purchased the house 10/06 for 52K, it has been my primary residence since, I will close on the sale of the house next month(May) the sale price of 79.9K.
How does IRS handle the sale of a home (Capital Gains Tax) when one of the rooms is rented to our business.? We have our own business and use 10% of the house as a rental to the business. We will be moving to another state next year and wondered about how this will affect our tax return since I had heard at one time that you would have to declare something on the gain in the sale process because of the business rental tax deduction we've been getting.
Capital gains - tax question (sale of home)? I am not sure how I will handle this situation regarding possible taxes (capital gains?) that I may have to pay, (or not). What happened is: my mother had a manufactured home she bought for cash ($110k) about 3 years ago. About 2 years ago we transfered the home into my name (removing mother's name from house) because we knew she'd have to go into a nursing home somewhere down the road. This past summer in Aug '08 she finally had to go into a nursing home (she has alzheimers which was slowly getting worse). Now I have the empty house in my name which I need to sell soon. I will only be able to get about $80k for it now with market drops this past year. My question: Once I sell the home and get the proceeds, will that be reported to the IRS and will I have to pay any kind of short term or long term capital gains, or any other type of taxes, on the sale of this property - considering the time frames are fairly short, for example its only been in my name for about a year. Thanks to any tax/finance experts who can help me with answer this question (or anyone who's been in the same situation).
How does a reverse morgage affect capital gains on a home sale? If you take a reverse morgage, you get tax free income initially, and then part of the proceeds from the sale go to the financial institution. How does that affect the capital gains (in cases where you have more than the $250/$500k exclusion). For example, let's say a single person bought a house for $100k and sold it for $400k. Usually, he would have $50k in taxable capital gains ($300k profit less $250k exclusion). If before the sale he took a $100k reverse mortgage, would that eliminate the taxable capital gain?
Will I have to pay capital gains on money from the sale of my home? I made a decent profit from the sale of my home. I intend to use half the money to pay off credit card debt and use the other half as a down payment on a new home. My question is will I have to pay taxes on the money I used to pay off credit card debt?
What are the capital gains taxes on the sale/purchase of a summer home? I am considering selling a beach house and buying another beach house. I would realize about a $500K capital gain on the house I sell. If I buy another beach house with the proceeds of the sale, will I be liable for capital gain taxes when I roll the money into a purchase of like kind?
Are there any tax strategies for dividing home ownership to reduce capital gains on sale of spec home? I built a spec house which has been on the market since August. I was informed that in order to receive the long term capital gains rate, the holding period started the moment I put the house up for sale (not when I acquired the land to build it on). I was wondering if there are any tax strategies for reducing the capital gains by as much as possible. Any loopholes? Could I possibly transfer 50% ownership to a relative to reduce the tax when the house is sold. If so, how would I go about doing this. Also what repayment methods if any exist for him to repay me the profit on his 50%? Another question, would transferring ownership of the house to business entities like an LLC reduce the tax. Also, I anticipate the capital gains tax will rise in 2013. Is there any way for me to prepay taxes at the current 15% rate before the house sells, or any method to avoid paying the gains at the 2013 rate if it's sold in 2013?
Capital Gains on the sale of a home.? I am considering selling my home but had a question about capital gains tax. I purchased and have lived in the home since last spring (about a year) and I want to sell it before the 2 year mark. I expect to make a gain of $30-$60k on the home and plan on immediately using that profit as a down payment on a new primary residence. Will that gain still be taxed if it is used entirely as a downpayment. How long do I have to buy a new home before having to pay taxes?
Capital Gains Tax on Tenants in Common Sale of Inherited Home? Brother & I own my Mom's house in Pennsylvania as tenants in common 50/50 since her death in 1998. Since then, my brother has lived in her house while I lived in Indiana. We are now selling home. Brother will take his 50% PLUS half of my 50% to purchase his new home which will leave me with 25% in cash after the sale. Home was appraised at $100,000 when we inherited it..now we plan to sell for $200,000. If we sell for $200,000, at closing we each get $100,000. I give my brother $50,000 of my portion (for reasons involved with upkeep/taxes of home, etc.) and am left with $50,000 in cash (I assume the closing would work like this, but correct me if I'm wrong). I'm fairly certain that my brother won't have to pay a capital gains tax since he lived in the home and is rolling his portion into another home. But what about me? QUESTIONS Do I owe capital gains on my half since I'm not rolling it into a new home for myself? And if so, do I owe it on the full $100,000 even if I'm giving my brother $50,000 of my portion to go towards his new home? And if I do owe a capital gains tax, I assume I would have to pay federal & Pennsylvania tax. What about my home state of residence...Indiana? Finally...if I do owe tax, is there a way around it? With perhaps a 1031 exchange...or putting my cash into another sort of investment? Could I use the cash to help pay down the mortgage of my current home to avoid the capital gains tax?
What's best way to avoid Capital Gains Tax on sale of commercial building? We are selling a commercial building and will make a profit. The profit will only be about $100k, does this fall under the $250k/$500k tax exemption, or is that just for home sales? Can we avoid capital gains tax by reinvesting it in a second home we rent out? What is the time limit of renting before we can live in it as a primary residence?
How long do I have to reinvest capital gains from the sale of my primary residence? OK, if that sounds easy, let's see how many variables I can throw in. I bought a Fannie Mae foreclosure house last September and undertook a host of extensive renovations myself. I couldn't finance the house and renovations through a mortgage, so my parents co-signed a line of credit that needs to be rolled into a mortgage before this September. After spending seven months subletting an apartment during construction, I moved in to my house. I attached utility bills and building permits to my '08 tax return to document that, for purposes of the first-time homebuyer credit, my project should be considered a site-built house with the applicable date for the credit being the day I moved in--I got the $8K grant as if I'd made a 2009 purchase (have to repay if it's not my permanent residence for three years). I'll be deploying to Iraq later this summer and am rushing to convert my loan into a mortgage before I leave town for pre-deployment training. But the refinance is going to cost me over $7000!!! I'm not happy about repaying all the fees I paid during my cash sale closing last year and am considering selling vice the refi. I plan to put the house on the market at a price to net me $15K after sales fees and construction expenses; for various reasons I'll refinance if I can't clear that amount. It is my understanding that if I sell, I would owe the IRS $8000 and roughly 25% of any capital gains (under my reading I don't qualify for home sales capital gains exemptions). However, I would put any money I save overseas and proceeds from this house into another fix-up foreclosure home when I return next summer. a) how can I minimize my tax liability and maximize my funds towards a new residence? b) if I can avoid cap gains tax and the credit pay-back by reinvesting in a new primary residence, how long do I have to reinvest? Will I be able to convince the feds that time spent for military service in a combat zone should be tacked on to that clock? c) I did most of the work, from demo'ing a pool in the backyard, replacing wood paneling with sheetrock, installing hardwood floors, relocating kitchen, etc. with my labor and the help of great friends. If I had bids for some of the projects I undertook, can I expense my labor to reduce capital gains? The profits aren't coming through speculation (not that I philosophically object to that), but through nine months of my blood and sweat. It doesn't seem right that I could deduct paying someone to texture my walls but get hit if I buy the sprayer and do it myself. d) should I be doing anything during the sale or refi to make something else in the process easier? Thanks for reading my novel, and I really appreciate any tips! Thanks for the advice. I'm asking here for ideas, previous experiences and hopefully some sources (I've checked IRS pubs but they, of course, don't expand on all the variables here). I'll be verifying whatever counsel I receive but can imagine some valuable feedback from this community.
Do you need to report 1099-S if there isn't a capital gain on sale of primary residence home? Do you need to report 1099-S (Proceeds From Real Estate Transactions) if the sale price matched original cost of home. Does it need to be reported if there was not capital gain, all I had were $14,000 in losses!?
Capital gains tax on sale of home owned by father who recently passed away.? My father recently passed away and I am the executor of the estate. He owned a corporation that currently has only 1 asset...the home he was living in. The home is owned by the corporation. Over the years the home was written off at a loss to the point of it being fully depreciated....I really don't understand what that means. However, I need to sell the house to settle the estate. Will the corporation owe the full 35% capital gains tax? Is there any laws that allow the value to be 'stepped-up' since the owner of the corporation passed away and willed all of his assets to the heirs? To recap: - The sole owner of the corporation was my father. - The only asset held by the corporation was the house valued at approx 450,000. - The home is a 2 family rental. No member of the family currently occupies it. - The home was used as a write-off on the corporation's tax return; it is now fully depreciated.- At the time of death my father was 84 and had a fixed income. Thanks in advance.
What are the details on a home sale profit for capital gains? Still own a home we moved out of (someone renting from us now) in order to build our new home. We have been in the new home two years now, and the old home was just sold. I understand I will owe taxes on that profit, but also know if I put it into the next home we dont' owe taxes on up to 250k in profit. However it isn't a case where we have sold the old home, and are moving into new home (we have been in new home for 2 years). If the profit on the old home was 20k, can we just come up with 20k in receipts for work done on the new house over the course of the last two years, in order to not pay taxes on the 20k profit sale. Or do we need to put the profit down on the current home's mortgage? Basically I am asking how we can get out of paying captial gains on the 20k profit from the sale of the old home.
How does capital gains tax apply in this home-sale situation? OK. I know that to avoid capital gains tax on the sale of a primary residence, you have to have owned and lived in for at least 2 of the last 5 years. What if you lived there for 3 but owned it for one? A friend of mine asked his tax guy and he had no answer...(some tax guy, right?) He had been renting the house since around December of 2006, purchased the house January of 2009 for $239,400 (a deep discount even in this soft market) and sold it for $290,000 last week. Anyone know how this would be treated? He LIVED there for over 2 yrs, but didn't OWN it that long.
I AM 67 YS OLD DO I HAVE TO PAY CAPITAL GAINS TAX ON THE SALE OF MY HOME? I paid $49000 and selling it for 173000, but took out many loans in the time i lived in the home. I live in north carolina
do you still have to pay capital gains tax on the sale of your home if you roll all of it into a new home? In the state of california what is the percentage you must pay
would me recently widowed mom have to pay capital gains taxes on the sale of the home she shared with my dad? house has been lived in by them for 12 years,
Capital gains tax on the sale of a home, what can be done to avoid them? My parents bought this (in NY state) home in 00 for 48k. They lived here year round until march of 06 until they become residents of MO. Theyre selling it to us for 95k (still below value). Is there any way to avoid paying large capital gains taxes on their part? If it makes a difference theyre gifting us 25k of the sale price (our loan will NOT allow for it in a sellers concession, so it is a gift) Any accountants advice would be awesome :)
Do you need to report 1099-S if there isn't a capital gain on a sale of a home? Do you need to report 1099-S (Proceeds From Real Estate Transactions) if the sale price matched that of what it originally cost. Does it need to be reported if there was not capital gain?
Capital Gains Question for sale of mothers home that has my name on the deed? My name is on my mothers house. She is selling it. She lives in it. I do not live with her. An attorney said it was a good idea for estate planning to put my name on the deed. Now that she is selling the house, someone told me that I may have to pay capital gains on 1/2 of the profit. I need help knowing what to do. And I need to know if I will have any tax liability. Advice is appreciated.
sale of inherited home w/profit is long term capital gain so where on Schedule D does it go? sale of an inherited home w/profit is a long term capital gain, so where on Schedule D does it go? since I've been filling out schedule D for yeare but never sold real estate, the LINE # was the "bingo" answer being looked for.
If I'm unemployed but find a job 50 miles away, do I qualify for partial exclusion on gains from sale of home? I am selling my house and want to know if I will qualify for a partial exclusion of capital gains on sale of my primary residence. The language the IRS uses regarding changes in employment is: On employment changes that trigger early sales, the IRS rule is straightforward: "A home sale will be considered related to a change in employment if a qualified person's new place of work is at least 50 miles farther from the old home than the old workplace was from that home. This is the same distance rule that applies for the moving expense deduction. The employment change must occur during the taxpayer's ownership and use of the home as a residence. So, what happens in cases such as mine where I don't have an "old workplace," where I'm not employed but then I find employment at least 50 miles away from my home? Will this qualify me for the partial gains exclusion? Additionally I have had the house up for sale for a few months prior to finding employment. I put it up for sale because I can't afford it. Should I take it off the market, wait for a job offer 50 miles away to come through while I'm living in the home? In other words, will having it on the market prior to finding a job that would qualify me for the partial exclusion, disqualify me?
Is there a capital gains tax on the profit I make in selling the first home I have every owned and sold? I believe U.S. tax law waives capital gains tax on the sale of the first home that a person has ever owned.
How do I figure capital gains and state tax on the sale of a vacation home in Michigan? I purchased a vacation home from my grandparents in Michigan in 2001 for $60,000 (Probably $150K under the market). I have made some small improvements to the property (approx $10K). My wife and I have never declared this as our primary home. There is an estimated $10K in personal property being sold in this transaction. I am in the process of selling the property for $370,000. I want to make sure that I hold back enough funds for all the tax consequences that we will see in the next year. I am curious if I have to pay income tax in Michigan or my home state? How would this sale affect our federal filing? Capital Gains, Alternative minimum tax?? How much do you think we should save back for Uncle Sam?
I am Dual french and american citizen.Do I have to pay US capital gain on the sale of my home in France? i own my home for the last 24 years,as my principal home ,it is going to become soon a secondary residence
How do I account Home improvement costs during the time of sale of the property considering Capital Gain? If I have spent 5-6 lakhs on Home Improvements from the time I have brought this property and during the time of sale when I am calculating the Capital Gain, how do I account or show the expenses on Home improvement and also the cost incurred for advertisement, Chartered accountant fee etc? Please Advice
Capital Gains Tax on 2nd home? Adcive please re: sale? Can anyone explain CGT to me please? I have lived in my property for 12 years and paid off the mortgage in full. I then married and moved into another house, both names on the mortgage & still mortgaged. Basically the profit from my first home from purchase price to sale price will be approx ££75k if i sell (not taking into account fees) I have decided to rent the 1st home for 12 months maybe 2 years maximum. I have minimal rental income from this that is under the threashold for income tax at the end of the financial year. However I didnt realise I would pay CGT on profit from the sale because it has been rented... is this correct? Will i have to pay CGT on the whole profit from the sale or just part of the profit from date of rental to sale date?? Hope you can understand what im trying to ask.. please help!!
Regarding primary residence sale / exclusion of cap.gains? I'm doing a bit of hypothetical forward thinking here: I'm attempting to get a job that involves a lot of travel. For example, 3 weeks out of the month spent in various places. Because I will not be around a great deal, and don't need roaming space at home, I was thinking about renting out part of the house. How do these two factors, significant travel and renting, affect primary residency and the exclusion of capital gains on home sale in the USA?
How soon do I have to buy a new home after selling my old home to avoid Capital Gains Tax? My husband and I are getting divorced and splitting the proceeds of the house sale. I've heard I have to buy something else within 3 months or I will have to pay Capital Gains Tax on the profits.
Capital gains home-sale tax break? I am planning on buying a new house in a week and I am planning to sell my existing home within the next two months. Do I have to pay capital gain for my old house since the payment received from my old house will be used to pay for my new house?? Help would be appreciated
Will I have to pay capital gains on a home sale if I purchase another home during the same year? Will I have to pay capital gains on a home sale if I purchase another home during the same year? I plan to buy the new home first and then 3 to 6 months later sell my existing home, but both transactions within the same year. The home I will buy will be valued around 130K and the one I will sell will be around 80K. Any educated ideas or advice would be appreciated? Thank you.
Possible to reduce capital gains tax on home sale? My parents are selling their investment property to fund their retirement. However upon my calculations they are looking at a 45K hit in capital gains. I was going to suggest that upon selling they use a seller financed mortgage so that they will not be taxed on the full amount at once along with providing them a steady investment without any risk. Would this work? What if they incoming payments were put directly into a Roth...would this still be taxable income? Is there any way to reduce this amount?
Reduced capital gains on home sale due to change in employment. However, I quit job after 1 week. Owe taxes? Can't seem to find anything on the internet or the IRS Publication 523 that says how LONG one needs to work for the employer to get the reduced tax benefit.
Do I have to claim home sale if exempt from capital gains? Thanks in advance - I sold my home and profit about 160,000 - according to IRS rules (primary residence at least 2 yrs, lived there, married file jointly, etc) I should be exempt from the cap. gains tax. Do I have to report it anywhere when I file my taxes? I did use the money to buy out my bro and sis on my late mom's house, which we all inherited.
How does capital gains tax work on home sales? What is the percent in WA state? I guess what I really need to know other than the percent in WA state is...Do you pay capital gains on the full selling price or only on any profit you make or??? I bought a little rental house, which I should not have done, because I do not understand the financial ins and outs. Now I would be happy to sell and just get my original investment back...Any help will be deeply appreciated. Thank you
Home sale capital gain examption!? Is the sale of principle residence still enjoy the gain of $250K/single or $500K/couple tax free?
Can I use profit from an investment sale to payoff a home equity loan to avoid capital gains tax? I recently sold an investment property with some profit and if I use this money to payoff an home equity line on my primary residence, will I have to pay taxes on it?
How does capital gains tax work on rental home sales? What is the percent in FL state? we own a duplex in Fl.we lived in one half for 6 years then turned both sides into rentals. We now need to sell to stave off bankruptcy. How do we calculate the capital gains tax?
Capital Gain on home sale? If I sell a house that I owned for more than a year is this considered long term capital gain? Therefore since I am in the 15% income tax bracket according to the IRS in years 2008 2009 2010 the two lowest tax brackets pay no cap gain tax. Am I understanding this right. I make about 35,000 at my job so could I sell my home in a year and pay no cap gian tax assuming it doesn't push me into the next highest bracket? Thanks Thanks vb i thought that is how it work work.
Any way to avoid capital gains tax from the sale of one biz and the purchase of another in CA? From what I understand, you do not have to pay capital gains tax from the sale of a home if you purchase another home. Is there a similar law for the sale of a business and the purchase of another business?
How much capital gains tax should I expect to pay in PA after making 19k after the sale of my home? What are the percentage rates in PA? And how much should I set aside of whatever I take home at closing?
Do you need to own your home 2yrs or 5yrs to qualify for tax-free capital gains? My dad sold his home after living there for 20+ years and bought a condo. 6 months later he sold that condo and bought a bigger condo for slightly more money (no capital gains at all with that sale). He's now lived in this last condo for 2 years but needs to sell it because we have to move him into assisted living. (He's lived by himself for all this time). We were told by his accountant that he would avoid the capital gains tax if he occupied his home for at least 2 years. But I've read some articles that say one has to own the home 5 years and occupy it for 2 of those years. What's the right anwer??
Capital Gains from Mutual Funds - Can I apply them to a new home? I am purchasing my first home and need to sell several of my mutual funds for the down payment. Unfortunately, I am going to take a big hit when I have to pay the capital gains tax from the sale of the mutual funds. Is there any way that I can apply these capital gains towards the down payment of the new house to decrease my taxes? If not, are there any other suggestions to decrease my capital gains tax? Frankly, having my mutual funds do well enough to require capital gains tax is not a bad problem to have. It means they have done well over the past few years. I just want to know if I can do anything to improve my tax situation.
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