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i dont have a link. it is what i understood. if im wrong then please let ... |
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 Tax Rebate? |
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salsaandi | I used the profit ($30,000) from selling my home to pay off credit card debt. Will we be taxed? |
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bostonianinmo
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Not enough information to say for sure.
If you lived in your home as your primary residence for at least 2 of the 5 years immediately prior to the sale you can exclude the first $250,000 in gain on sale ($500,000 if married filing jointly) as long as you have not used the exclusion previously within 2 years.
If you do not qualify for the exclusion the tax bite will depend upon how long you owned your home. If you owned it for at least 1 full year, the gain is taxed at the lower long-term capital gains rate. If you owned it less than 1 full year, the entire gain is taxed at your marginal tax rate.
The first poster is wrong. The old rollover rules were replaced with the current full exclusion about 10 years ago. The third poster is wrong because it's not automatically tax free for everyone; you have to meet certain qualifications. The two below me here are complete gibberish! |
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hk2kds
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How you spend the profit doesn't determine if it taxed or not. To not be taxed on profit from selling a house, you had to live in it at least 2 of the last 5 years and not made more $250,000 in profit if single or $500,000 if married. Those are the basics of the taxation on housing profits. There are always more the IRS has to say about it but this covers it for the most part. |
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Judy1
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Geez, what a mess of answers. Gls_merch is wrong, telling you about old rules that haven’t been in effect for years. Hk2kds is basically correct – there are a couple other rules, but if you meet the ones he listed, you’re probably OK, but check out the rest of the rules to be sure. Photoloft - since he doesn’t say WHO is wrong, is hard to tell what he’s saying. Bostonian has it right. Whimsical sagacity is talking about the old rules, and not even real accurately. Brad B is missing the picture. And Sub t is just plain spam.
Sheeeeeesh!!!!!!! |
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Sub t
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if you're in debt, i suggest you take a look at this site. just fill out the form and take it from there. |
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gls_merch
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Yes, the gain on selling the house is fully taxable unless you roll-over the proceeds and purchase another home assuming this was your primary residence (within a certain time widnow). |
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Professor Jelly Tot
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Nope he's wrong. It's tax free. |
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Brad B
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Only capital gains will be taxed. just because you had 30K "profit" doesn;t mean that was all capital gains. Capital gains is the price you sold the house for minus the buying price and any improvement expense. SO if you bought a house for 150K and sold it for 200K you would make 50K in capital gains. However if you only owed 100K on that original 150K you would make 100K on the house...only 50K of which would be taxed as capital gains.
Hope that was understandable...but for sure you should contact a CPA |
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whimsical sagacity
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YEs. There is a provision to allow the profit of the sale of your home to go untaxed once in your life... but 30K ain't enough to merit using it. |
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