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What else can I help you with?
Are sale proceeds of a home taxable income?
Yes, the sale proceeds of a home can be considered taxable income, but it depends on certain factors. If you sell your primary residence, you may qualify for a capital gains exclusion, allowing you to exclude up to $250,000 ($500,000 for married couples) of gain from the sale if you meet specific ownership and use tests. However, any profit exceeding these limits may be subject to capital gains tax. It's advisable to consult a tax professional for guidance based on your individual situation.
Do have to pay capital gains tax on the sale of a prefabricated home?
Probably not...but there are many circumstances that you would. The main thing is, was it accounted for as your home (did you take homeowners deductions) or as something else (say as an investment). As a home, there are many ways the gain on sale isn't taxable at all...although it may even depend on what you did with the money from the sale (buying another home with it within a few years for example).
How much is taxable income on a primary home sale?
Your net proceeds, the net cash you received after all closing costs have been paid .. in other words, your total profit from the sale is taxable income unless you re-invest it within certain time limits in another real estate venture.
Can you avoid capital gains taxes from the sale of a second home you did not live in and used the proceeds to buy a new primary residence?
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.
Are restocking fees taxable in Arizona?
In Arizona, restocking fees are generally considered a charge for a service related to the sale of goods rather than a separate taxable item. As such, if the original sale was taxable, the restocking fee is typically also subject to sales tax. However, businesses should consult with a tax professional or the Arizona Department of Revenue for specific circumstances and compliance.
Are sale proceeds of a home taxable income?
Yes, the sale proceeds of a home can be considered taxable income, but it depends on certain factors. If you sell your primary residence, you may qualify for a capital gains exclusion, allowing you to exclude up to $250,000 ($500,000 for married couples) of gain from the sale if you meet specific ownership and use tests. However, any profit exceeding these limits may be subject to capital gains tax. It's advisable to consult a tax professional for guidance based on your individual situation.
Are sale proceeds of a car taxable income?
Only if you made a profit; i.e., you received more than you paid for it. Then you would pay tax on the gain.
When you sell home and get the proceeds from sale of the home and spend that money then can you receive medicaid without the liend?
no
Do you have to pay capital gains on the sale of a second home if you buy another one with the proceeds?
Yes, you generally have to pay capital gains tax on the sale of a second home, even if you use the proceeds to buy another property. Unlike primary residences, which may qualify for an exclusion on capital gains, second homes do not have the same tax benefits. However, you might be able to defer capital gains taxes through a 1031 exchange if you meet specific requirements, allowing you to reinvest the proceeds into a similar property. It's advisable to consult a tax professional for personalized guidance.
Your house has bee sold at a sheriff sale the proceeds of the sale covered the first mortgage Are you still required to pay the second mortgage?
The second mortgagee can indeed go after you for payment.
Do you have to pay off your home loan before you sell your home?
The mortgage must be paid off at the closing from the proceeds of the sale.
Will the proceeds of Moms house sale have to be used for nursing home before we apply for medicaid even tho it was in me and my sisters name?
If as seems likely, your Mom was the owner of the house (i.e., her name was on the title/deed), the proceeds of the sale of that house will have to be used for her nursing home care or other medical care.
Are the proceeds from the sale of an inherited house taxable?
The proceeds from the sale of an inherited house can be subject to capital gains tax, but the tax is typically calculated based on the difference between the sale price and the property's fair market value at the time of the original owner's death, known as the "step-up in basis." This means that if the house appreciates in value after the original owner's death, only the gain above the stepped-up basis is taxable. Additionally, depending on the amount of the gain, there may be exemptions or deductions available. It's advisable to consult a tax professional for specific guidance based on individual circumstances.
What can happen if you pay your first mortgage but not your home equity when selling your home?
You do not have the option of not paying off the home equity mortgage when you sell your home. The buyer's attorney has the legal obligation of clearing any liens on the property prior to the buyer taking title. Any unpaid mortgages will be paid from the proceeds of the sale before the net proceeds are paid over to you. If you owe more than the selling price that will impact the sale and must be resolved before the sale can take place.
What is a sentence with the word proceeds as a noun?
"The proceeds from the bake sale helped to buy new uniforms for the team."
Do you have to pay off your mortgage before selling your home?
No, you do not have to pay off your mortgage before selling your home. When you sell your home, the proceeds from the sale can be used to pay off the remaining balance of your mortgage.
What if you pay your first mortgage but not your home equity?
If you have a first mortgage and a home equity mortgage, the home equity mortgage is a second mortgage. If the home equity mortgage is not paid, the lender can foreclose and take possession of the property subject to the first mortgage. The home equity lender can pay off the first mortgage and keep any excess proceeds from a sale.
