0
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
Wiki User
∙ 9y ago
Add your answer:
Earn +20 pts
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 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 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.
What if your son bought a house you are paying for the renovations and you plan to sell it and split the profit Should you form an LLC or pay capital gains tax?
At this time your son owns a house and you are paying for the renovations to your sons house and if and when the house is sold your son will have to report the sale of the renovated house on his 1040 income tax return. You do not have anything to do with the ownership of this house at this time. If you and your son are planning on this being a ongoing business operation then you and he should get the operation set up correctly the way that you both agree to do this. When you have any profits someone has to pay the income taxes and it may not be capital gain taxes.
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.
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 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 you sell a stock for higher than you bought what do you have to claim on you taxes?
capital gains
Are there capital gain taxes on matured zero munis?
Sure. If you sell them for more than you paid for them then you will incur a capital gain and therefore will incur capital gains taxes.
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.
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.
Can you avoid capital gains taxes if you sell a rental house and invest the proceeds in another rental?
If you can qualify the transaction as a Sect. 1031 deal...not always easy to do, but possible. Contact a specialist that handles these transactions.
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
If you buy a house how long must you keep it before you can sell it?
There is no specific time requirement to keep a house before selling it. However, short-term capital gains taxes may apply if you sell shortly after acquiring the property. Tax laws vary, so consult with a professional in your area. Ultimately, the decision to sell depends on personal circumstances and market conditions.
When do you pay Capital gains taxes?
Capital gains are taxes that you pay on profit as a result of selling an asset. Usually you reconcile these when you do your IRS tax returns. You get a credit for the cost of the house (and improvements), land, stocks or similar item (the "cost basis") and so just pay income tax on the remaining amount (the profit). Certain taxes on capital gains are also capped at a lower rate than the highest rate of tax on personal income. For example, if you owned the property for more than one year, you would calculate the tax based upon the "long-term" capital gains rates. Check out irs.gov for more information.
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.
What if your son bought a house you are paying for the renovations and you plan to sell it and split the profit Should you form an LLC or pay capital gains tax?
At this time your son owns a house and you are paying for the renovations to your sons house and if and when the house is sold your son will have to report the sale of the renovated house on his 1040 income tax return. You do not have anything to do with the ownership of this house at this time. If you and your son are planning on this being a ongoing business operation then you and he should get the operation set up correctly the way that you both agree to do this. When you have any profits someone has to pay the income taxes and it may not be capital gain taxes.
