 How do my boyfriend and I file taxes, I own the home & he pays me rent? |
Does that effect how much I get back, by claiming he's paying me rent?
Additional Details
We live together and share all expenses, but I'm the onlyone on the loan.... |
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 When should I expect to receive my tax bonus? |
| I know the fed gov't rolled out a rebate/bonus- when will the tax payers receive this? Will it be by check via USPS?... |
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 What does this mean regarding my taxes? |
H&R Block told me this. I'm a student and I'm not familiar with doing taxes.
Because your tax liability is less than the amount of your Education Credit, the amount of ... |
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 How can i find out if i have been overpaying my Tax?? |
| I am just wondereing how i can find out if i have been paying too much tax to HMRC. I have been self employed for the past 4 years. April 06 i received a letter stating that i have underpaid my tax, ... |
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 Can I still submit in my tax return from last year? |
| If I didnt file in my tax return last year, can I submit it along with my tax return this year?... |
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 Unpaid council tax bailiffs coming 2? |
| To all the people that aswered my first question regarding my friends unpaid council tax and that the bailiffs are to talk to her regarding a payment plan which has to be done in person. My friend ... |
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 Claiming a dependent? |
| My fiance and I had a son in September. We are not married yet so we will be filing single this year.. if I claim my son this year, can my fiance claim my son next year.. or does it have to be the ... |
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 Which form does the landlord have to fill out for renters for taxes??? |
Additional Details
Ok, I should clarify this because only a few of you are understanding (and I thank you for those who are!) When one rents an apartment, the landlord usually gives ... |
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 Can a mortgage company take your tax returns? |
| I had to move from one state to another. I have been trying to sell my old house for about a year. Finally I am going to have to do a short sell (I have a couple offers to pay less than what I owe ... |
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 Will i receive a stimulus check from the IRS if i owed them money? |
| I did receive a letter stating i would get a check by the 30th of May but have yet to get anything.... |
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 What is a rebate and who qualifies? 10 points ? |
Apparently if you earn less that the personal allowance you can claim a rebate is this the case?
Any extra would ... |
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 Anyone else think we Brits are Taxed to high heaven.? |
| PAYE, VAT, COUNCIL TAX, the budget!! where does it all end...We Brits are getting Taxed out of existence and these so called MP`s of ours have a cheek to claim thousands of pounds of tax payers ... |
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 Do I have to declare the following on my tax return? |
| I have a second mortgage on my house that I currently owe about $50,000 on. My mom has recently offered to help me out and pay it for me. In other words, she would write the check out to the ... |
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 My employer hasn't taken out any state and federal taxes, what do I do? |
By the time the year ends, my income will be about $10,000. Does anyone know what form(s) I need to file and what how do I find out the percentage that I need to pay?
Additional Details
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 If I am married what is the best way to file my taxes? |
| Well I got married in may 2005. Can I still file single and head of household or do I HAVE to file married. I want to know the best way to get the most money back.... |
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A L | Do you have to pay a capital gains tax if you are 65 (or older) at the time you sell your home? |
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NGC6205
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In this case, age is not a factor. The applicable section of the tax code is called a "Section 121 exclusion". Basically, $250,000 ($500,000 if married filing jointly) of a gain is excluded for tax purposes as long as you have used the property as your principle residence for at least two of the last five years. This is a tax exclusion and not a deferment. You will never be taxed on the excluded portion of the gain on the sale. Also, this exclusion can be used as many times as you want as long as you meet the principle residence requirement.
Example: A married couple buys a house in 1970 for $40,000. They live in the house continuously until 2007 when they sell for $400,000. Since they file taxes as married filing jointly, they can exclude the entire $360,000 and not be liable for capital gains taxes.
Example 2: Another married couple buys a house for $250,000 in 1996. They live in the house continuously until 2007 when they sell for $800,000. They file taxes as married filing jointly. This couple will have to pay capital gains taxes on $50,000 ($800,000 - $250,000 - $500,000 exclusion). |
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Judy1
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Being 65 doesn't have anything to do with whether you owe capital gains or not any more - that rule has been gone for years.
The current rules: If the seller lived in the house as his or her main home for at least two full years of the five years immediately before the sale, and owned the house for at least two full years of the same five, then up to $250,000 of gain is excluded from being taxable, $500,000 on a joint return. So unless there were huge gains, there wouldn't be any capital gains tax due. This is not restricted by age. |
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Mathew
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Your age has no impact on the tax liability that you may have. You have a $250,000 ($500,000 if married) if you have lived in the house 2 of the last 5 years. |
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acmeraven
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Get Pub 17. Sale of your main home in which you have lived for two years; married, filing joint, you can sell it and make up to $ 500,000.00 in profit and pay no tax whatsoever. |
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cybersharque
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If you resided in the home for two of the past five years, and you owned the home for two of the past five years (the ownership and use don't have to be concurrent), you can exclude up to $250,000 in gain from income ($500,000 if married filing jointly). Otherwise, it's taxable income, treated as capital gains if you qualify for that treatment, otherwise it's ordinary income.
There are a bunch of qualifications and limitations. Most importantly, you can do this only once every two years. Speak to a qualified accountant or other tax professional.
The idea of using a 1031 tax-deferred exchange is not as good because 1031 just defers the tax, while the primary residence exclusion for ever and ever amen. Also, with the bankruptcy of the largest 1031 exchange company, one could say that the bloom is well and truly off the rose. It makes sense for big corporations that have all sorts of financial risk management tools at hand; it makes no sense for an individual, who likely will be ruined if the house disappears into a deepdark bankruptcy hole. |
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renademarzo
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As long as it is your primary residence, usually no. However, check with a tax professional about YOUR specific tax standing. |
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greyguy
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As usual in these sorts of situations, the answer is "that depends."
If you or your spouse have ever used this exemption before (even if your spouse used it when not married to you), you may not use it again.
There are also limitations based on how long you have owned your home, how long you have lived in it, etc., and there is a maximum amount you can claim (it used to be $250,000, but it is now higher). |
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Aaron K
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no |
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