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What else can I help you with?
What taxes do you pay when purchasing a house?
When purchasing a house, you may need to pay property taxes, transfer taxes, and possibly capital gains taxes if you sell the house for a profit.
Do you have to pay capital gains tax on your deceased fathers house when you sell?
Do you have to pay taxes on deceased mother's house when it sells
Do you have to pay income tax on a home equity loan?
I don't believe you do. You will pay income taxes when you sell the house--this is called capital gains.
If you have two houses can you sell them both and buy another house and not pay capital gains tax?
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.
Is it possible to avoid capital gains by paying off my mortgage?
Paying off your mortgage does not directly avoid capital gains taxes. Capital gains taxes are typically incurred when you sell an asset, such as a property, for a profit. However, paying off your mortgage may affect the amount of profit you make when you sell the property, which could impact your capital gains tax liability. It's important to consult with a tax professional for personalized advice.
What taxes do you pay when purchasing a house?
When purchasing a house, you may need to pay property taxes, transfer taxes, and possibly capital gains taxes if you sell the house for a profit.
Do you have to pay capital gains tax on your deceased fathers house when you sell?
Do you have to pay taxes on deceased mother's house when it sells
Do you have to pay income tax on a home equity loan?
I don't believe you do. You will pay income taxes when you sell the house--this is called capital gains.
If you sell a stock for higher than you bought what do you have to claim on you taxes?
capital gains
Are there capital gain taxes on matured zero munis?
Sure. If you sell them for more than you paid for them then you will incur a capital gain and therefore will incur capital gains taxes.
When you sell property less than you gave do you get to take it off your income taxes?
Not from current Income. But it can setoff the Capital Gains and hence Capital gains tax.
If you have two houses can you sell them both and buy another house and not pay capital gains tax?
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.
Is it possible to avoid capital gains by paying off my mortgage?
Paying off your mortgage does not directly avoid capital gains taxes. Capital gains taxes are typically incurred when you sell an asset, such as a property, for a profit. However, paying off your mortgage may affect the amount of profit you make when you sell the property, which could impact your capital gains tax liability. It's important to consult with a tax professional for personalized advice.
Can you avoid capital gains taxes if you sell a rental house and invest the proceeds in another rental?
If you can qualify the transaction as a Sect. 1031 deal...not always easy to do, but possible. Contact a specialist that handles these transactions.
Do you have to pay capital gains tax when selling a property?
Capital gains tax is a tax on capital gains if when you sell or give away an asset it has increased in value you may be taxable on the gain this doesnt apply when you sell personal belongings worth six thousand pounds or lesss nor will you have to pay capital gains taxwhen you sell your main home provided certain conditions are met but you will be required to pay cgt on any other properties which you own ie if you own a villa in forta ventura and decide to sll it then any profit you make will be taxable as a capital gain Whether you pay capital gains on a property is determined by a number of different variables. To get an explanation on capital gains taxes see: http://www.sellmyhomeinmetrowestma.com/Capital_Gains/page_2233154.html
Do you have to pay capital gain taxes on a home that was willed to you then you sold it?
Yes, you may have to pay capital gains taxes on a home that was willed to you if you sell it. However, when inherited property is sold, the cost basis is "stepped up" to the fair market value at the time of the original owner's death, potentially reducing the taxable gain. If you sell the home for less than this stepped-up basis, you may not owe capital gains taxes. It's advisable to consult a tax professional for specific guidance based on your situation.
If you buy a house how long must you keep it before you can sell it?
There is no specific time requirement to keep a house before selling it. However, short-term capital gains taxes may apply if you sell shortly after acquiring the property. Tax laws vary, so consult with a professional in your area. Ultimately, the decision to sell depends on personal circumstances and market conditions.
