Your Main home (primary residence) The rule for the sale of your main home (primary residence) has an exclusion amount of the long term capital gain if you meet the 2 out of 5 year rule of living in your main home (primary residence.
Go to the IRS gov web site and use the search box for Topic 701 - Sale of Your Home
In general, you are eligible for the exclusion if you have owned and used your home as your main home for a period aggregating at least two years out of the five years prior to its sale. Refer to Publication 523 for the complete eligibility requirements as well as exceptions to the two year rule.
Report the sale of your main home only if you have a gain that is not excluded from your income. In most cases, if you have a gain that is not excluded, you must report it on Form 1040, Schedule D (PDF), Capital Gains and Losses.
IRS gov web site use the search box for Publication 523 Selling Your Home
Much of whether there is tax liability of a short sale depends on whether the home was a primary residence or not. In most circumstances you will not pay taxes on a short sale if it was your primary residence. This is because of a law that went into effect called the Mortgage Debt Relief Act. If the property was an investment and not a primary residence you may have to pay taxes.
The loss on the sale of a personal residence is a nondeductible personal loss. (Source: http://www.irs.gov/faqs/faq/0,,id=199617,00.html)
Yes this could be very possible depending on the amount of the gain that you had on the sale of your primary residence. And if you have a 1099 in your hand it would be a good idea to report the transaction on your 1040 federal income tax return for the year of the sale.
You are thinking of old tax law, long gone. If you lived in the house as your principal residence for at least two of the preceding five years, and your profit on the sale does not exceed $250,000 ($500,000 married filing jointly), no taxes are due. More information: http://www.irs.gov/newsroom/article/0,,id=105042,00.html
They are independent properties and there should be no effect on taxes on the primary residence as long as it continues to meet the requirements for a primary residence.
tax on personal residence sale?
The rule for the sale of your main home (primary residence) has an exclusion amount of the long term capital gain if you meet the 2 out of 5 year rule of living in your main home (primary residence. Go to the IRS gov web site and use the search box for Topic 701 - Sale of Your Home If you have a gain from the sale of your main home, you may qualify to exclude all or part of that gain from your income. Publication 523, Selling Your Home, provides rules and worksheets.
Excise Taxes.
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.
I can't think of any. Understanding that it is the sale of a primary residence that gets a tax break...not the making of income to purchase one. Except for the special conditions under Sect 1031, what one does with the money after a recognition event normally can't effect the taxability of the event preceding it.
Where do I go to find out what houses in my town are for sale for the back taxes owed?
there is no sale taxes in new jersey