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 How do you claim a domestic partner on your taxes? |
Additional Details
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greekmom08 | I sold a rental property last year and made $150K on it. DO I have to claim this income on my taxes? |
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Azuka
|
Definately. And.... most people who buy rental property write off depreciation on their taxes while they own it. When you sell, the depreciation is subtracted from the basis of your property.
For example. Let's say you bought the property for $200,000 and sold it for $$350,000. While you owned it, you depreciated $100,000 of the cost on your taxes. Your taxable income from the sale is $250,000 which is made up of the $150,000 gross profit on the sale, plus the $100,000 that you took in prior years as depreciation.
It all comes home to roost, and they eventually get their share.
This is all outlined pretty clearly in the tax instructions.
Best of luck. |
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fairydust07
 |
i wouldnt take a chance on that maybe you should ask a professional |
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Wayne Z
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Yes.
Is $150k the amount over the purchase price you paid for it? If so, your taxable gain is probably much higher than that. |
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sloemoe
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yes,if you dont you will have to penalties. It falls under the reported income section in your tax return. put it in an ira, that is your lowest tax bracket. |
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kristie350
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Yes....its money you made so of course |
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Joanna G
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I would expect so. |
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CMF AL
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Hell yes you do. |
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Laissez-Faire Guy
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The rule is if it was your primary residence for at least 2 of the last 5 years, the profits are tax free.
If that is not the case, then yes, you need to do some calculating to figure your net profit on the deal, including things like depreciation if you took it on previous years taxes. The net profit is taxable as a capital gain if held over 1 year. |
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deeppost
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Well you don't have to claim it, but you should. Ha Ha. Remember a good accountant doesn't tell you that 2+2 =4, a good accountant will say 2+2= whatever you want. |
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