 When are those 600 irs checks getting sent? |
| You know thos tax relief checks when are they getting ... |
|
 Corrupted taxes? |
To the government,
i go to school full time and working to pay for my school. Im barely sliding each semester so im limited to extra spendings. Now i owe $500 to federal and $200 for ... |
|
 If my wife has a home business Doesn't she get deductions for expenses? |
| I looked at the tax calculator and I don't see a box for personal buisness expenses. Will she really get anything back? We spent about 3,000 between gas, supplies,food and etc. Will we see this ... |
|
 I was recently paid some money for the sale of shares, now I am told I was paid in error do I have to repay? |
| I was entitled the shares with a previous employer, but learned that I would forfeit the shares if employed for less than 3 years. I left after 2.5 years. I was paid for the shares in a buy out and ... |
|
 Someone is working in another state under my ssn.....how do i stop this? |
| IRS called and i owe back income taxes.......I am on disability and do not file taxes......they insist that i have been working in Missouri.....I live in Illinois......what do i do?... |
|
 National Service? |
| Would be a way to stop youngsters carrying knives, D... |
|
 How would I save money on taxes from this damn gov? |
ok here is the scenario:
My gross pay per year is $70,000. After taxes I receive only $2000 every bi-weekly. So gov is chewing off about $695 every bi-weekly from my paycheck.
(... |
|
 If my CPA made mistakes on my return do I have to pay her? |
| My CPA is charging me $250 for filing this year's return, which I don't feel is too expensive, however she made several mistakes. I don't feel I should have to pay her the full amount ... |
|
 How do you cash a paycheck?? |
| its my first pay check and i need some help. thanks.... |
|
 Is taxation legalised theft by the state? |
| If I refused to pay my taxes to Blair's corrupt partner in crime Gordon 'Stalin' Brown, I'd end up in prison. But has anyone ever challenged the Government in a court of law with ... |
|
 Do you get money back from taxes if you have a child? |
| I have heard that the government gives you money at the end of tax season for having a child providing that you worked that taxed year.... |
|
 What good is the IRS and paying taxes? |
Bush gets flack for lowering taxes to the rich yet Clinton signed treaties that allowed our corp. to take their profits off shore to pay no taxes and he pardoned hundreds of tax evaders.
What ... |
|
 Do you think the UK economy could collapse like a house of cards next year? |
| I hate to be pessimistic, but I'm beginning to wonder just how bad a slump we are facing before the economy begins to recover. Already, two or three major retailers have folded and banks have ... |
|
 What should I tell the cashier when I buy my next lotto ticket, cash or annuity? |
| Would it be best to take a lump sum payment or take it over a long term for a lotto player that is in his 30s?... |
|
|  |
rosecitylady | 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?? |
 |
 
AngeloElectro
 |
Since your father lived in his home 2 years, he will be allowed an exclusion of $250,000 of capital gain from the sale of his house. He also qualifies for an exclusion because the sale is due to health reasons (you say he needs to move to assisted living facility).
"A sale will be considered because of health if the primary reason is related to a disease, illness, or injury of a qualified person. If a physician recommends a change in residence for health reasons..."
http://www.irs.gov/newsroom/article/0,,id=105042,00.html
Since he qualifies due to medical reasons, if he had lived in the home for less than two years, the exclusion amount could be pro-rated. The example given in the article: If he had lived in the home only one year instead of two, his exclusion would be 50% of $250,000 or $125,000 of gain.
He only has to report gain on his tax return in excess of $250,000. If he itemizes, he should still include real estate taxes, mortgage interest, and other allowable deductions on his Schedule A. If he realized a capital loss due to the sale of his home, unfortunately, the loss is not an allowed deduction. |
|
Process Guy
 |
The law reads you must live in the home as your primary residence for two out of the past five years. That means only two years, but it also means that if you live there for two years, than rent it out for three years, you would still qualify for tax exemption as long as you didn't sell another tax exempt primary residence during that period. |
|
Rico
|
The accountant told you right, occupy as principle place of residence for 2 of the last 5 to avoid capital gains. |
|
E B
|
In Virginia, you do not have to pay capital gains if you've LIVED in your home for at least 2 out of the last 5 years. |
|
Judy1
|
You have to own the home for two of the five years prior to the sale, and also occupy it for two years of the previous five (don't have to be the same two years), to avoid paying capital gains tax. You definitely do not have to own it five years. |
|
pk39allstar
|
my mom says that could be true |
|
Joey K
|
It's not 5. Just call the IRS, seriously, they are not always out to get you. |
|
Blondie
|
no capital gains applies if it is your only home, even if you had it only 72 hrs.. it just needs to be your permenant residence |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
8 | 22 minutes(s) ago
| | | |
8 | 1 hour(s) ago
| | | |
8 | 6 hour(s) ago
| | | |
8 | 8 hour(s) ago
| | | |
8 | 10 hour(s) ago
| | | |
8 | 1 day(s) ago
| | | |
8 | 6 day(s) ago
| | | |
8 | 2 week(s) ago
| | | |
8 | 2 month(s) ago
| | | |
8 | 7 month(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
