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Not the entire proceeds, just the capital gain.
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∙ 14y ago
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Do have to pay capital gains tax on the sale of a prefabricated home?
Probably not...but there are many circumstances that you would. The main thing is, was it accounted for as your home (did you take homeowners deductions) or as something else (say as an investment). As a home, there are many ways the gain on sale isn't taxable at all...although it may even depend on what you did with the money from the sale (buying another home with it within a few years for example).
How much is taxable income on a primary home sale?
Your net proceeds, the net cash you received after all closing costs have been paid .. in other words, your total profit from the sale is taxable income unless you re-invest it within certain time limits in another real estate venture.
Can you avoid capital gains taxes from the sale of a second home you did not live in and used the proceeds to buy a new primary residence?
I can't think of any. Understanding that it is the sale of a primary residence that gets a tax break...not the making of income to purchase one. Except for the special conditions under Sect 1031, what one does with the money after a recognition event normally can't effect the taxability of the event preceding it.
Can i avoid capital gains tax if i convert a Rental Home to a 2nd Home?
No. It would become taxable upon the conversion. It is the same as a sale. You can at least defer tax on the section by complying with Section 1031 transacton needs. A highly complex thing that you should have a specialist help with.
Is gain on sale of rental property taxable to a non resident of New York state?
Yes, both at the Federal and State levels. Your business activity made you taxable on this, and possibly other income, too NYS whether you reside there or not.
Are sale proceeds of a car taxable income?
Only if you made a profit; i.e., you received more than you paid for it. Then you would pay tax on the gain.
When you sell home and get the proceeds from sale of the home and spend that money then can you receive medicaid without the liend?
no
Your house has bee sold at a sheriff sale the proceeds of the sale covered the first mortgage Are you still required to pay the second mortgage?
The second mortgagee can indeed go after you for payment.
Do you have to pay off your home loan before you sell your home?
The mortgage must be paid off at the closing from the proceeds of the sale.
Will the proceeds of Moms house sale have to be used for nursing home before we apply for medicaid even tho it was in me and my sisters name?
If as seems likely, your Mom was the owner of the house (i.e., her name was on the title/deed), the proceeds of the sale of that house will have to be used for her nursing home care or other medical care.
What can happen if you pay your first mortgage but not your home equity when selling your home?
You do not have the option of not paying off the home equity mortgage when you sell your home. The buyer's attorney has the legal obligation of clearing any liens on the property prior to the buyer taking title. Any unpaid mortgages will be paid from the proceeds of the sale before the net proceeds are paid over to you. If you owe more than the selling price that will impact the sale and must be resolved before the sale can take place.
What is a sentence with the word proceeds as a noun?
"The proceeds from the bake sale helped to buy new uniforms for the team."
Is divorce decre settlement agreement taxable?
Settlement was made out of court as part of a business sale is it taxable
Is the sale of mineral rights a taxable event?
Of course.
What if you pay your first mortgage but not your home equity?
If you have a first mortgage and a home equity mortgage, the home equity mortgage is a second mortgage. If the home equity mortgage is not paid, the lender can foreclose and take possession of the property subject to the first mortgage. The home equity lender can pay off the first mortgage and keep any excess proceeds from a sale.
Is it a taxable event when a home is sold that is in a life estate?
That will depend a great deal on the situation and the specific life estate grant. In most cases, the sale of property is always a taxable event, but there may be an exception depending on the grant.
Corporations receive the proceeds for the sale of their stock inwhat market?
The primary market is where corporations receive the proceeds for the sale of their stock. New securities are issued on an exchange by a primary market.
