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Do you have to pay capital gains tax on a house you sell and have not lived in?
Wiki User
∙ 15y ago
In simple answer...yes, presuming you had a gain (and it was an investment property, not a business in which case it would be ordinary income). There are ways to mitigate it and something called Section 1031 exchanges that may defer it for a while.
Wiki User
∙ 15y ago
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Do you have to pay capital gains tax on your deceased fathers house when you sell?
Do you have to pay taxes on deceased mother's house when it sells
Do you have to pay capital gains in California when you sell a house for the first time and have lived in it for over five years?
If the house was your main home for any two of the five years before you sold it and you owned the house for any two of the five years before you sold it, the first $250,000 of capital gains is excluded from income. If you file a joint return and the house was also your spouse's main home for two of the five previous years, the exclusion goes up to $500,000. You can use the exclusion once every two years. Any capital gains above the exclusion amount are taxable.
If you have two houses can you sell them both and buy another house and not pay capital gains tax?
No. And if neither house is your main home (primary residence) you will have to report the sale of both houses on your income tax return and be subject to income taxes on the sale of the capital gains on both houses.
Do you have to pay income tax on a home equity loan?
I don't believe you do. You will pay income taxes when you sell the house--this is called capital gains.
Do you have to pay capital gains tax if you refinance your home and sell it within two years and have already lived in it for four years?
The first $250,000 of capital gains is not taxable if 1) You lived in the house for any two of the five years before you sold it. -AND- 2) You owned the house for any two of the five years before you sold it. -AND- 3) You have not claimed the exclusion on another house during the previous two years. The exclusion jumps to $500,000 if 1) You are married filing jointly -AND- 2) Your spouse also lived in the house for two of the previous five years. Financing or refinancing makes absolutely no difference. Forget about refinancing. As long as you lived in and owned the house for two of the previous five years, you are entitled to an exclusion. If you owned the house for those four years you lived in it, you have no problem. If you are saying that you lived in a house for four years, but bought it less than two years ago, then you don't qualify for the exclusion unless you meet one of the exceptions for moving due to circumstances beyond your control.
Do you have to pay capital gains tax on your deceased fathers house when you sell?
Do you have to pay taxes on deceased mother's house when it sells
Do you have to pay capital gains in California when you sell a house for the first time and have lived in it for over five years?
If the house was your main home for any two of the five years before you sold it and you owned the house for any two of the five years before you sold it, the first $250,000 of capital gains is excluded from income. If you file a joint return and the house was also your spouse's main home for two of the five previous years, the exclusion goes up to $500,000. You can use the exclusion once every two years. Any capital gains above the exclusion amount are taxable.
If you have two houses can you sell them both and buy another house and not pay capital gains tax?
No. And if neither house is your main home (primary residence) you will have to report the sale of both houses on your income tax return and be subject to income taxes on the sale of the capital gains on both houses.
Do you have to pay income tax on a home equity loan?
I don't believe you do. You will pay income taxes when you sell the house--this is called capital gains.
If I sell my home and buy another, will I have to pay capital gains tax?
If you sell your home and buy another, you may or may not have to pay capital gains tax based on what how much equity you have, what law is in your state about capital gains tax, and also your economic situation of how you spend your funds.
When you sell property less than you gave do you get to take it off your income taxes?
Not from current Income. But it can setoff the Capital Gains and hence Capital gains tax.
What is the Difference between revenue and capital gains?
Revenue is income from labor, services, etc. Usually it is taxed at the highest rate. Capital gains is income from buying a stock or a house at one price and selling it at a profit. Usually it is taxed at a lower rate due to the fact that some of the capital gain is due to the government printing money or expanding the money supply. In other words, you by a house and sell a house for more, but you really just have enough money to buy another house, that is more money but not more purchasing power. Where it gets tricky is in hedge funds where the manager is paid a management fee out of capital gains. It has similarities to revenue, but is taxed at the lower capital gains rate.
If you sell a stock for higher than you bought what do you have to claim on you taxes?
capital gains
Do you have to pay capital gains tax when selling a property?
Capital gains tax is a tax on capital gains if when you sell or give away an asset it has increased in value you may be taxable on the gain this doesnt apply when you sell personal belongings worth six thousand pounds or lesss nor will you have to pay capital gains taxwhen you sell your main home provided certain conditions are met but you will be required to pay cgt on any other properties which you own ie if you own a villa in forta ventura and decide to sll it then any profit you make will be taxable as a capital gain Whether you pay capital gains on a property is determined by a number of different variables. To get an explanation on capital gains taxes see: http://www.sellmyhomeinmetrowestma.com/Capital_Gains/page_2233154.html
Do you have to pay capital gains tax if you refinance your home and sell it within two years and have already lived in it for four years?
The first $250,000 of capital gains is not taxable if 1) You lived in the house for any two of the five years before you sold it. -AND- 2) You owned the house for any two of the five years before you sold it. -AND- 3) You have not claimed the exclusion on another house during the previous two years. The exclusion jumps to $500,000 if 1) You are married filing jointly -AND- 2) Your spouse also lived in the house for two of the previous five years. Financing or refinancing makes absolutely no difference. Forget about refinancing. As long as you lived in and owned the house for two of the previous five years, you are entitled to an exclusion. If you owned the house for those four years you lived in it, you have no problem. If you are saying that you lived in a house for four years, but bought it less than two years ago, then you don't qualify for the exclusion unless you meet one of the exceptions for moving due to circumstances beyond your control.
Do you have to pay capital gains taxes when you sell a house?
If you had the home as your primary residence within the past 2 years, you will not have the pay the taxes. This is as long as you did not gain more than $250,000 from the sale.Ê
Does a classic car count as income if you sell it for the price that you put into it?
No, if you make no profit on the vehicle then you had no capital gains.
