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Additional Details
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Additional Details
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sunshine1964 | I paid $96,000.00 for my home. if i sell for $129,000.00 would i have to pay capital gains.? |
i haved owned the home for 1 year 8 months.i have put about 10,000.00 dollars into it. |
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kadel
 |
I agree with the others but if you have receipts for improvements to the property that gets deducted from the capital gains amount |
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jedi0002
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check with a accountant ... they know this better than I would ... but I would say you would only have to pay if you bought it fixed it up then re-sold it for better value or when you lived in it .. sold it for more then turn around and imediatly re-invest that money into another home i dont think you would have to. |
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a_j_edwards2002
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you must live in the home for 2 years to avoid cap-gains taxes. you may be able to get around the taxes by doing a 1031 exchange. otherwise you will have to pay cap-gains on $23,000 (33,000(gain)-10,000(cost of improvments)) |
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=^.^=
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no |
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kat
 |
you have to wait TWO years for sure. My friend was ONE DAY short of two years and had to pay capital gains. |
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monkey
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I believe you have to live in it for 2 years to avoid cap gains. Check with a tax professional to be sure. You can hold on another 4 months, can't you? Or put it up for sale but ask for a longer closing. |
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maulen45
 |
If you sell before 2 years, you will have to pay capital gains on any profit. $96K + $10k(improvements)+(any other costs to sell such as commission to real estate agents, titlework, transfer fees, etc) subtracted from sale price. Best to wait 4 months, but if you can't, figure on approximately 25% of selling price minus expenses in taxes. |
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ftic_99
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A 1031 exchange will let you keep the gain for up to 2 years to reinvest in a property of greater value than the one sold ($130K or more). the statement of the gain being only $23K is correct. |
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Ray
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For a Single person you are tax exempt up to $250,000 captital gain if you have own and reside in that property for a min. of 2 years. and $500,000 for married couple.
My suggesting is to ask for a longer escrow period so that by the time it closes you have already pass the 2 years requirement. Or simply wait 2 more month before selling it (usually it takes 1 to 2 months to sell the house and min 30 days for escrow to close) |
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