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What are the tax consequences of selling a house or apartment in the US?
Wiki User
∙ 16y ago
If you live in the house for two of the five years before selling, the IRS exempts sale profit of up to 250,000 if you are single or 500,000 if you file jointly from income taxes.
Wiki User
∙ 16y ago
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Is a property tax bill same as rent bill?
Rent bill is for the lease or rent to live in an apartment or house and is paid by the person living there. A property tax bill is for taxes on the property and is paid by the owner.
How to calculate value added tax?
difference vat tax in purchase and selling
Do you get tax money when you buy your first house?
No, you do not get tax money (or a tax credit) when you buy your first house. As of July 2013, the tax credit for buying your first house is no longer in affect.
What costs will be involved in selling one's house?
When one sell one's house, a lot of costs will be involved. These include cost for cleaning the house in preparation for viewing, preparing a home report, estate agent's commission, bridging loans, and capital gain tax.
What type of tax is property tax on your house?
direct
Do you have to pay tax on apartment rental if apartment is secondary residence?
You should negotiate about tax with house owner
Should you use your tax ID or the estate tax ID when selling the house?
Should you use your personal tax ID or the estate tax ID when selling the house of a decendant?
Is there capital gains tax on selling a house left in an estate?
Yes this is possible.
Selling a new house in toronto Do I pay hat on selling my new home?
Yes, you may pay income tax for selling your new home in Toronto.
Is my apartment rental unit tax deductible?
No, you can not deduct taxes for an apartment rental. Even if you had to get a new apartment to be closer to a new job, travel and expenses are tax deductible, but not housing.
Can I get a business expense tax credit for an apartment I rent during the work week?
No. There is no tax credit available for personal apartment rental usage, even if the apartment is rented due to proximity to work.
Do I have to pay capital gains tax when selling a house?
If the house is your main residence, NO. If however it is a second home or another property you own (say to let out), YES.
Is a property tax bill same as rent bill?
Rent bill is for the lease or rent to live in an apartment or house and is paid by the person living there. A property tax bill is for taxes on the property and is paid by the owner.
How do you avoid paying capitol gains tax when selling a rental house in Canada?
You will have to complete your income tax return correctly and pay any income taxes that may be due when the income tax return is completed.
What are the tax consequences of a 401k rollover from my old job?
A 401k rollover is an option that comes with very few tax consequences. If you setup the rollover incorrectly you could face tax liability that is unexpected.
my dad died last year, his wife has to buy my sister and myself out 50% of the house are there any tax consequences?
I'm not quite sure what you mean by "tax consequences." Much depends on your dad's will and what kind of arrangements his wife makes to purchase your half of the house. As with any real estate deal, you would have to report the profits from the sale of the home and perhaps pay a capital gains tax. There is much to consider. I would seek the counsel of a CPA who is skilled in these matters.
What are the new tax deductions for the 2009 tax year?
The IRS updates several tax related amounts each year to take into account the cost of living adjustments due to inflation. The housing assistance tax act of 2008 changes rules on a constant basis. the profit you make from selling your house is based on the time when your house was first used as a primary resident.
