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If anyone could recommend a site (internet) that really explains how to calculate your Capital gains or other sources,,,want to do my homework before seeing tax attorney. Live in SoCal, want to sell principle residence in 2013 and move back to Massachusetts and possibly pay cash for a home there....
We're considering selling our home after 1 year of living in it after receiving a surprise offer from a neighbor. However, we're very confused on the capital gains tax. Here's some specific information: After improvements and other costs, we'll make $50,000. We're a married couple that makes a combined income of $96,000. We lived here for 12 ...
Capital gains tax rates of 15% are favorable compared to regular income tax, so you'd have a tax burden of $1050. Of course, if you had any other expenses involved in the sale of the house, or if you did certain upgrades to the house, that could lessen your tax bill even more.
i am looking to sell a rental property i own for $35,000. Can someone tell me how much capitol gains tax i will have to pay or if there are any
To qualify for capital gains, you have to hold an investment for over 1 year. For me, the tax savings are not worth the lost opportunities from tying up the $$$, so I sell in a few months and end up giving the gov't a little "something extra", 'ya know, so they can get themselves something nice.
Now, the gotchya is that since it's before 2yrs, would I have to pay the taxes on the capital gains or is there any fine print I can use to my advantage to exclude myself with the 250k/500k since it'll be about 18months since my purchase when we plan to move?
As 2bindenver mentioned, a 1031 tax deferred exchange is used for the purposes of deferring tax on investment property, i.e. rental, commercial, raw land, house, etc held for investment purposes. If you're really in the "fix and flip" business - buying houses and getting them turned ASAP, then you're probably doing this as a "business".
*My tax guy is in the hospital, so calling him at this time would be heartless. House#1 purchased in 2005 for $160 selling at $340 BUT I put approx. 60k worth of renovations into this baby & have receipts to prove it. House#2 purchased in 2001 for $180 selling at $320 BUT I put approx. 10k into this house too.
I thought the capital gains exemption on primary residence sale was bumped up to 300K/600K for married. Did it drop back down? Also, how does the IRS determine "primary residence", anyone know?
A job transfer can sometimes eliminate some of the capital gains, but my understanding has been that it has to be some sort of hardship circumstance, such as you were laid off from your job or your employer closed this branch and you were forced to transfer to another location, etc. IMHO, it would definitely be worth paying a CPA for a 1/2 hr ...