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You can sell your primary residence and avoid paying capital gains taxes on the first $250,000 of your profits if your tax-filing status is single, and up to $500,000 if married and filing jointly.
Net capital gains from the sale of collectibles like coins or art (28%) ... you can avoid paying capital gains tax. If you sold the property for $500,000 and are a single filer, you have a capital ...
Capital gains tax is not only applicable to stock investors -- if you're one of the many who sold their home for a major profit this year, you might owe the IRS. See: 32 Insider Tips for Buying and...
In most cases, a 1031 exchange proceeds as described above, where the relinquished property is first sold, then the replacement property is purchased. The IRS has also determined that the reverse sequence also will avoid capital gains taxes, provided certain requirements are met. This is called a "reverse 1031" or "reverse Starker".
When you sell your primary home, the IRS allows you to exclude a significant portion of the profit from your taxes. This exclusion – $250,000 for single filers and $500,000 for married, joint ...
Short-term capital gains are from selling assets you’ve held for less than a year. On the other hand, long-term capital gains come from selling assets after holding them for a year or more ...
In this case, you could exempt up to $250,000 in profits from capital gains taxes if you sold the house as an individual, or up to $500,000 in profits if you sold it as a married couple filing ...
If you sell your primary residence the IRS allows you to exempt a certain lifetime amount of profit from taxes. Single taxpayers can exempt the first $250,000 of capital gains from the sale of ...