 I know this is a stupid question here it is i am claiming incapacity benefit and not income support why ? |
people on income surpport get a discount on there glasses and i cant (income surpport nothing wrong with them)
(incapacity benefit ill)
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i can see half the wallys ... |
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I am a student in debate and I am trying to relate the IRS to the phrase "search without probable cause" in the Constitution. I know that they randomly ... |
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 Do i have to pay federal income taxes if I earn UNDER $20,000 a year? |
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 To fill out tax return form do i need an accountant? |
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amieretto | Question about taxes when selling a house and not buying another home...? |
I purchased a condo 5 years ago. When I made the purchase I put a down payment of $25,000 down. I sold the condo in 2007. After closing, I walked away with $22,000. I did not purchase another home. Am I going to have to pay taxes on this money even though I really lost money in the end? If so, any way to minimize them? |
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taximomuv3
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You are exempt from taxes on the profit of your home sale (the difference between the amount you paid and the amount you sold it for - NOT the amt you walk away with after paying off mortgages) You're allowed 250,000.exemption for a single person, or 500,000 if married. You must live in the home 2 years out of the 5 also. You should owe nothing on your profit in your case. |
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Judy1
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No. First of all, the rule about having to reinvest the gain in order to defer taxes went away about 10 years ago. Secondly, if you didn't have a gain on the sale, there never was, and isn't now, tax on the sale.
So quit worrying about how to minimuze taxes - you won't owe any if you truly had a loss, and probably not if you had a gain. The fact that you put down $25,000 and walked away with $22,000 from the sale does not necessarily mean you had a loss, it depends on what happened in the meantime. But if you lived in the condo as your main home for at least two of the last five years, you can exclude up to $250,000 of gain on the sale if you had a gain. From what you say, it probably was a loss, but doesn't seem likely at all that you had a gain bigger than that! |
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porkchop
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That is not how you calculate your gain or loss. The basic calculation is this:
Sales price - selling expenses = amount realized
amount realized - purchase price + improvements = gain/loss.
You can exclude up to $250,000 of the gain on the sale of your main home if all of the following are true.
You meet the ownership test.
You meet the use test.
During the 2-year period ending on the date of the sale, you did not exclude gain from the sale of another home.
This means that during the 5-year period ending on the date of the sale, you must have:
Owned the home for at least 2 years (the ownership test), and
Lived in the home as your main home for at least 2 years (the use test). |
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Michael R
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Capital gains only applies if you sold a house you owned for less than 2 years... you also have to make money out of it to get taxed...
Gains after 2 years of owing a home are nontaxable as well..
In your case no since you owned it for 5 years and most importantly you didn't gain anything to be taxes! |
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turkus07
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it is called capital gains for a reason |
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oopiedoopiegirl
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It's called Capital Gains Tax. We did the exact thing 20 years ago and ended up paying the IRS 5000.00
I think they did away with it but my husband says they didn't |
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SuperCactus
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Gain from the sale of apersonal residence is exempt from income tax. |
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andrew s
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tytyty |
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