0
If you just sold your home in Texas and did not put all of the profit into your new home will you have to pay something at tax time?
Wiki User
∙ 16y ago
According to the IRS, you don't have report capital gains if you made a profit of 250,000 (if you're single) or 500,000 (if you're married).
Wiki User
∙ 16y ago
Add your answer:
Earn +20 pts
How do you use nonprofit in a sentence?
non profit means like its not doing something to make money. like a organization to help africans can be "nonprofit" The commerical said that the organization was a non profit organization and they just wanted to help the sick and needy.
If i leave my home in my nephew's name can he take over the mortgage?
This is something you must discuss with your nephew. If he is a minor then state in your Will that so much money is left to pay for the monthly payments on the mortgage. If he is not a minor then ask him if he would be willing to take over the mortgage. I am sure he would because he could always sell the home for a profit just for the property alone. You need to discuss that matter with your lender.
Can capital gains on a house be reinveted without being taxed?
The answer to this is no. You are referencing an old tax method of reinvesting profit in order to not report income on a home. The laws have changed on sale of a home. The first issue of importance is was this your primary residence or not. Of it was your primary residence and it was never used for rental (never), then you now have a lifetime exclusion of profit on your residence of $250,000. You may use part or all of this exclusion at once or in combination of more than one home sale. If you have a business of moving into homes, renovating and selling then you do not qualify for this exclusion. It is also of note that if the home is you and your spouses name then you each have the exclusion for a total of $500,000. Profit would always be used equally by each of you. This means that a $40,000 profit would be $20,000 from each of your exclusion amount. Sale of a rental house or if you are in the business of flipping homes would have to be reported as business income whether or not you lived in the home. Either way the sale must be reported on your tax return and exclusion claimed if desired. You can't just not report it then claim exclusion if audited.
What is a does not pay?
Your question is not clear but I assume you mean what does 'does not pay' mean. In short if someone in business cannot make a profit or just makes evens (i.e no profit or loss) then it is said it does not pay. Hope this helps.
What are the main differences between a business and a nonprofit organization?
They are both the same, it just depends on what you are comparing to. A non-profit organization doesn't make any profit and just sends it to greater causes. Other types of business are sole proprietorship, partnership, and more. Sole proprietorship is one person running a business. Partnership is two people running a business. But again, it depends on what you are trying to compare to.
Where is the Super Bowl XLV city?
Arlington, Texas is home of the Cowboys Stadium. It is just outside of Dallas, Texas.
Are there any entitlements that helps with buying a home and on or home buying?
In Texas there are several Down Payment Assistance Programs it just depends on what part of Texas you are purchasing a home in. The My First Texas Home's "Taxable Mortgage Program" (TMP-79) is available all over Texas. Find out more about this program and many more on our website.
I am tring to find a place for an elderly couple to stay. They moved form California to texas with no home to go to Is ther any one who can help them. they get a gov.ck so they will be able to find a house just need something temp.?
Tell me more about the couple please I'm in killeen texas
Is it better to get a masters in public administration with a non profit emphasis or just get a certificate in non profit management?
If you do not have a master's degree, the master's would be something to consider. The higher the degree, the more doors of opportunity will be open to you.
What is the description of profit organisation?
Something that you do in order to make money. You make an investment and hope to get it back plus a profit. By the fact that you asked this question I figured that you did not need a long drawn out explaination, just a simple basic answer.
Is Home Profit Masters a work at home scam?
Just look at the link below for a report of them ripping off someone pretty bad...
Is there only 99 Texas Rangers or was that just something that Walker Texas Ranger had?
The most recent numbers found published are from 2009. As of 2009, there were 144 commissioned members of the Texas Ranger force. The Rangers are a division of the Texas Department of Public Safety.
How do you use nonprofit in a sentence?
non profit means like its not doing something to make money. like a organization to help africans can be "nonprofit" The commerical said that the organization was a non profit organization and they just wanted to help the sick and needy.
How does an insurance company earn profit?
They take money just incase something goes wrong, if nothing goes wrong, they keep money. If something goes wrong $$$ > Income, insurance prices go up.
Which states are home to more than half the foreign-born population?
California New York Texas just like this
Which state are home to more than half of the foreign-born population?
California New York Texas just like this
Which states are home to more than half of the foreign-born population?
California New York Texas just like this
