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.
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
capital gains
In UK tax law a capital gain is when you sell shares, land, property etc, at a higher amount for which you acquired it. Capital Gains Tax is charged at different (generally lower) rates than Income Tax and is subject to generous allowances, so unless you regularly sell property etc you are unlikely to have to pay CGT but you still have to declare capital gains, even if there is no liability calulated.
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.
When you buy an investment and then sell it in less than a year, the held longer than one year. Short term gains are taxed at your current federal tax rate and a state tax rate. Long term gains are taxed at 15% for the feds and a state tprofit you've made is called short-term capital gain. Long term capital gain is profit from investments ax(unless you're in the 10% or 15% fed.income tax bracket, then the federal LT gain tax is ZERO in 2008!).
Two years or you will have to pay uncle sam capital gains.
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.
No, not if you roll your profit into your new home. Additionally, serving overseas doesn't exempt military folks from capital gains tax.
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
I don't believe you do. You will pay income taxes when you sell the house--this is called capital gains.
Not from current Income. But it can setoff the Capital Gains and hence Capital gains tax.
capital gains
Generally, yes. The mortgage interest is going to be deductible. On top of that, if you live in the house for 2 years you usually can exclude almost all of the capital gains from tax when you sell the home and use the money for your next home. If you continually sell every 2 years, you can keep cashing in on tax free equity. There are not a lot of investments out there that won't tax you on capital gains.
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
No, if you make no profit on the vehicle then you had no capital gains.
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.
They are not deductible as expenses, but you should keep a record of them. Improvements increase your basis in your house, which means they will reduce your capital gains tax you pay when you sell the home.