 Where can I get a list of houses that are being sold for back taxes (tax liens)? |
| I am wanting to buy a house that has a tax lien on it so that I can get a large loan and pay a small amount for the house so that I can fix that house up the way that I would like it to be.... |
|
 I'm getting taxed...how do I claim my money back? |
| I'm 17, a college student, work part-time (15hours week) and I'm getting taxed for some reason. I shouldn't be getting taxed should I? How do I get my money back?... |
|
 Tax rebate question.? |
| I received a letter about a week and a half ago stating i would recieve my check by friday (june 27) but did not. my last 2 digits of my soc. are 75. has anyone received there payment or are they ... |
|
 Small income? |
income £670 per month no savings rent £200 per month.+elec+gas +council tax+food.
i am looking for work but until i get a job am i entitled to benefit's such as housing benefit etc etc in ... |
|
 Stimulus check sigs? |
Would a stimulus check require both signatures if the return was filed jointly?
We filed jointly and are now getting divorced- I have been told that he received the check ( it is suppost ... |
|
 Is it OK if my employer does not give payslips? |
| I have just arrived to the UK and I got a job but am not familiar with the system here. I know taxes will be deducted from my pay. I have not applied for a NI numer yet. Now then, something that ... |
|
 How do you give cash as a gift? |
i gace my step mom 500 as a gift how do i do that so i can claim it in tax. i can i gice that cash as a gift
Additional Details
how can i give her the money as a gift so i can claim it ... |
|
 If a credit card has been reported to the IRS for non-payment, can the IRS take my tax-return when I file.? |
I have credit cards that are being reported to the IRS for non-payment. When I file for my taxes and get a return back, can the IRS just take that money and apply it toward my credit card debt.
<... |
|
 I pay my friend to watch my son and I pay her everyweek, how do I write that off? |
| I pay her in cash, how do we claim that on taxes? do we need documentation? She is just a family friend, she doesn't have a special licencing for it.... |
|
 Inherited and sold a house, do I pay income tax on this? |
| A computerless friend of mine lost her parents this year and inherited her parents house throught a pre-signed quit claim deed. She has since sold the house and banked the money. Does she have to ... |
|
 Employer of 6 months has not paid tax to IRS, though they withheld it from me. Who is responsible to pay? |
| It's a new company and it was recently discovered they did not pay the IRS the taxes they withheld from all employees paychecks. Unfortunately, we have not been receiving pay stubs (I have 3 or 4... |
|
 Full Time - Tax? |
I'm 17, been working at my job for the past 3 years.. 2 and a half as part time, 6 months as full.. and im yet to get taxed.. i get paid monthly..
i think its the best thing to own up ... |
|
 Tax Q.. Please reply if you are a tax expert!? |
Let say if i made $ 14K this year. I paid $6000 in tution for my college. I m single with no dependent. Would I be eligible to have some money back (lumpsum).
Also if someone can explain what ... |
|
|  |
The MD | I am confused about capital gains...? |
I am selling my apartment building I have owned for nearly 4 years. Are my options to buy a new property or can I use that money to improve my home. Or does that not offset the gain.
Also,
just checking... tax on capital gains is based on your tax bracket or do they have a set taxable percentage.
Thanks so much! |
 |
 
jseah114
|
The only problem with doing a like kind exchange is that the buyer of your property has to be the one giving you ownership of the like kind property in exchange. You can't sell your building for cash, and then turn around and use the cash to purchase another building. That is not a like kind exchange. Taxpayer A owns building A. Taxpayer B owns building B. In the like-kind exchange, Taxpayer A gives ownership of building A to Taxpayer B, and Taxpayer B gives ownership of building B to Taxpayer A. That transaction would qualify as a like kind exchange. There may also be other ramifications, such as if you sell your property in a like kind exchange, but you receive cash (or other assets) in addition to the new property (your building is worth more than the building you receive in return), then you have taxable gain to the extent of the cash (or other assets) received.
In a straight sale, since you have owned the building for 4 years, the taxable gain would qualify as long term capital gains, which would be taxed at your marginal rate, up to a maximum rate. Also, if you claimed depreciation on the building over the years you have owned it, then you would need to recapture the depreciation and the amount of depreciation taken in previous years would be reported as ordinary income (taxed at your marginal rate). Your taxable capital gains would be reduced by the depreciation recapture (thereby changing the nature of taxable long term capital gains to ordinary income). |
|
Sonic is trying to stay Retired
 |
You would be taxed on the gain of the apartment building with the long term capital gain rate which should be 15% in your case.
If you use the money to improve your principal residence, it does absolutely nothing. You're still taxed on the entire gain.
If you buy a new rental property, then you want to talk to your real estate agent to suggest to you a good §1031 exchange facilitator. A §1031 is a nontaxable exchange of like-kind assets. In your case, rental property for a rental property. Your gain is deferred but the basis in your old building carries over to the new building. A good facilitator will walk you through everything to make sure it's tax free (there are certain times where you will still be taxed but normally, it's if you get any cash outta the deal). |
|
ninasgramma
|
If the apartment building was a business property then when you sell it you will have long-term capital gains (taxed at 15% if you are in the 25% or higher bracket). If you exchange the apartment building for a similar property then you may be able to defer some or all of the gain.
If you use the money to improve your home, that will not offset the gain.
If you lived in one of the units the situation is more complicated and not all of the gain will be taxed. Didn't seem like that was your situation though. |
|
Judy1
|
You may be able to put the money you gain from the sale into a new investment property, and defer the gain. If you put it into improvements on your home, you'll have to pay the capital gains tax for the year when you sell.
Capital gains tax for most types of assets has two types, long and short term. Short term capital gains, not held more than a year, are taxed like ordinary income, with tax percent based on your bracket. Long term (help over a year) are taxed either at 5% (if your bracket is under 25%) or 15% (if your bracket is 25% or higher).
Special rates apply to capital gains on certain types of assets: these are 25% (for unrecaptured section 1250 gain) or 28% (for collectibles gain or for gain on qualified small business stock minus the section 1202 exclusion). |
|
mattapan26
|
K Soze nailed it. Your facts call out for a like kind exchange. |
|
T J
|
Well, the thing is that you've been using it as an investment property - for a business.
You should check with an accountant if you can roll it into a new property (you may be able to) but if you want to realize the gains as profit and take it for your own home, you'll probably have to pay a tax. |
|
oakhill
|
Taking funds from your commercial property for use in your personnal property is not a taxable event. For the details of the rules on capital gains, etc, check the official IRS site. For this situation, the attached article should give you a starting point. |
|
boxersgirlbunny
|
This is not a question for this forum. Check with your financial planner or accountant, they will know better than we do. That is what you pay them for. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
8 | 20 minutes(s) ago
| | | |
8 | 25 minutes(s) ago
| | | |
8 | 41 minutes(s) ago
| | | |
8 | 51 minutes(s) ago
| | | |
8 | 2 hour(s) ago
| | | |
8 | 6 hour(s) ago
| | | |
8 | 8 hour(s) ago
| | | |
8 | 11 hour(s) ago
| | | |
8 | 2 day(s) ago
| | | |
8 | 6 day(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
