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Do you have to pay capital gains in California when you sell a house for the first time and have lived in it for over five years?
If the house was your main home for any two of the five years before you sold it and you owned the house for any two of the five years before you sold it, the first $250,000 of capital gains is excluded from income. If you file a joint return and the house was also your spouse's main home for two of the five previous years, the exclusion goes up to $500,000. You can use the exclusion once every two years. Any capital gains above the exclusion amount are taxable.
Do you have to pay capital gains if you owned and lived in a house for two years or must you own the house for five years before selling it?
Check the laws in your state regarding "flipping." WA state has no flipping laws, but Oregon does. So it all depends on where you live.
Do you have to pay capital gains tax if you refinance your home and sell it within two years and have already lived in it for four years?
The first $250,000 of capital gains is not taxable if 1) You lived in the house for any two of the five years before you sold it. -AND- 2) You owned the house for any two of the five years before you sold it. -AND- 3) You have not claimed the exclusion on another house during the previous two years. The exclusion jumps to $500,000 if 1) You are married filing jointly -AND- 2) Your spouse also lived in the house for two of the previous five years. Financing or refinancing makes absolutely no difference. Forget about refinancing. As long as you lived in and owned the house for two of the previous five years, you are entitled to an exclusion. If you owned the house for those four years you lived in it, you have no problem. If you are saying that you lived in a house for four years, but bought it less than two years ago, then you don't qualify for the exclusion unless you meet one of the exceptions for moving due to circumstances beyond your control.
Do you have to pay capital gains tax on a house you sell and have not lived in?
In simple answer...yes, presuming you had a gain (and it was an investment property, not a business in which case it would be ordinary income). There are ways to mitigate it and something called Section 1031 exchanges that may defer it for a while.
Is there a one-time exemption from paying capital gains taxes if you have not lived in the house for two years?
No. = Answer = Very few exceptions. The gain calculation can act to reduce tax due though. Link provided: http://www.irs.gov/publications/p523/index.html
Do you have to pay capital gains on the sale of your house if you are selling for the first time and have lived in the house 33 years?
If the house was your main home for any two of the five years before you sold it and you owned the house for any two of the five years before you sold it, the first $250,000 of capital gains is excluded from income. If you file a joint return and the house was also your spouse's main home for two of the five previous years, the exclusion goes up to $500,000. You can use the exclusion once every two years. Any capital gains above the exclusion amount are taxable.
You sold a house your residence and you are wanting to wait a year or so before you buy again Will you have to pay capital gains tax?
It makes absolutely no difference if you wait a year or if you never buy another house again in your whole life. If the house was your principle residence for two of the five years immediately before you sold it and you owned the house for two of the five years before you sold it, the first $250,000 of capital gains is excluded from income (you pay no tax on it). If yo file a joint return and your spouse also lived in the house for two of the preceding five years, then the first $500,000 of capital gains is excluded. A reduced exclusion may be available if you had to move early because of reasons beyond your control. You pay tax on any capital gains above that. You may use the exclusion only once every two years. You may not claim a capital loss on a house you used for personal purposes (you lived in it rather than renting it out or using it for a business or investment).
Do you have to pay capital gains in California when you sell a house for the first time and have lived in it for over five years?
If the house was your main home for any two of the five years before you sold it and you owned the house for any two of the five years before you sold it, the first $250,000 of capital gains is excluded from income. If you file a joint return and the house was also your spouse's main home for two of the five previous years, the exclusion goes up to $500,000. You can use the exclusion once every two years. Any capital gains above the exclusion amount are taxable.
Do you have to pay capital gains if you owned and lived in a house for two years or must you own the house for five years before selling it?
Check the laws in your state regarding "flipping." WA state has no flipping laws, but Oregon does. So it all depends on where you live.
Do you have to pay capital gains tax if you refinance your home and sell it within two years and have already lived in it for four years?
The first $250,000 of capital gains is not taxable if 1) You lived in the house for any two of the five years before you sold it. -AND- 2) You owned the house for any two of the five years before you sold it. -AND- 3) You have not claimed the exclusion on another house during the previous two years. The exclusion jumps to $500,000 if 1) You are married filing jointly -AND- 2) Your spouse also lived in the house for two of the previous five years. Financing or refinancing makes absolutely no difference. Forget about refinancing. As long as you lived in and owned the house for two of the previous five years, you are entitled to an exclusion. If you owned the house for those four years you lived in it, you have no problem. If you are saying that you lived in a house for four years, but bought it less than two years ago, then you don't qualify for the exclusion unless you meet one of the exceptions for moving due to circumstances beyond your control.
Did Washington lived in the white house?
No. The White House was not fit to live in when Washington was President and the capital was not in Washington then.
Do you have to pay capital gains tax on a house you sell and have not lived in?
In simple answer...yes, presuming you had a gain (and it was an investment property, not a business in which case it would be ordinary income). There are ways to mitigate it and something called Section 1031 exchanges that may defer it for a while.
Is there a one-time exemption from paying capital gains taxes if you have not lived in the house for two years?
No. = Answer = Very few exceptions. The gain calculation can act to reduce tax due though. Link provided: http://www.irs.gov/publications/p523/index.html
Where did Washington Live during his presidency?
He lived in Philadelphia where the capital was then.His house in Philadephia.
Where in Fiji did Robert Burns live and what was the name of his home?
Robert Burns lived in Levuka, which is the former capital of Fiji, on the island of Ovalau. He lived in a house named "Butoni House" during his time in Fiji.
When are you exempt from capital gains in selling your home?
To qualify you must have owned your home for at least 5 years and have lived in it for two of those five years. There are exceptions for active duty military.
If mr brown lived in the brown house mrs pink lived in the White House and dr black lived in the black house who lived in the White House and who lived in the green house?
The president lived in the white house and plants lived in the green house
