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What else can I help you with?
Do you have to reinvest money from sale of house?
No, you are not required to reinvest the money from the sale of a house. However, if you want to avoid capital gains taxes, you may consider reinvesting in another property through a 1031 exchange, which allows you to defer taxes on the gain. Otherwise, you can use the proceeds for any purpose you choose.
What are the reasons not to do a 1031 exchange?
Some reasons not to do a 1031 exchange include the strict time constraints, potential difficulty in finding a suitable replacement property, and the requirement to reinvest all proceeds from the sale.
How can one offset capital gains from the sale of a business?
One way to offset capital gains from the sale of a business is to reinvest the proceeds into another business or investment within a certain time frame, known as a like-kind exchange or 1031 exchange. This can help defer or reduce the taxes owed on the capital gains.
Should I do a 1031 exchange for my property?
A 1031 exchange allows you to defer paying taxes on the sale of a property if you reinvest the proceeds into a similar property. Consider factors like your investment goals, tax situation, and long-term plans before deciding if a 1031 exchange is right for you. Consulting with a tax professional or financial advisor can help you make an informed decision.
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.
Do you have to reinvest money from sale of house?
No, you are not required to reinvest the money from the sale of a house. However, if you want to avoid capital gains taxes, you may consider reinvesting in another property through a 1031 exchange, which allows you to defer taxes on the gain. Otherwise, you can use the proceeds for any purpose you choose.
Are proceeds from the sale of a second home taxable?
Not the entire proceeds, just the capital gain.
What are the reasons not to do a 1031 exchange?
Some reasons not to do a 1031 exchange include the strict time constraints, potential difficulty in finding a suitable replacement property, and the requirement to reinvest all proceeds from the sale.
How long do you have to reinvest before you must pay capital gains?
There was an option to reinvest proceeds from the sale of a home into a new home in order to avoid capital gains taxes. That option was repealed in 1997 and replaced by the current $250,000/$500,000 exclusion. There is no other option to avoid capital gains taxes by reinvesting. Perhaps you are thinking of the Section 1031 exchange that lets you trade one income-producing or business property for a similar property. See: http://www.irs.gov/newsroom/article/0,,id=179801,00.html
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 off your home loan before you sell your home?
The mortgage must be paid off at the closing from the proceeds of the sale.
You sell residential rental property how long do you have to reinvest the gain to avoid capital gain tax?
To avoid capital gains tax on the sale of residential rental property, you can utilize a 1031 exchange, which allows you to defer taxes by reinvesting the proceeds into a similar property. You must identify a replacement property within 45 days of the sale and complete the purchase within 180 days. If you do not follow these timelines, the capital gains tax will apply to the sale.
How can one offset capital gains from the sale of a business?
One way to offset capital gains from the sale of a business is to reinvest the proceeds into another business or investment within a certain time frame, known as a like-kind exchange or 1031 exchange. This can help defer or reduce the taxes owed on the capital gains.
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.
Is the sale of a fishing boat taxable if you reinvest the proceeds in buying another fishing boat?
Provided you paid for the orginal boat with post tax dollars, and the boat was not used in a business which declared the boat as an asset of the business, there is no tax. If the boat was used in the operation of a business, and was part of the assets, you must declare the sale on your business taxes. Otherwise there is no taxes.
What happens when a home is sold that was put in a family trust?
When a home held in a family trust is sold, the sale proceeds are typically distributed according to the terms of the trust rather than being treated as personal assets of the beneficiaries. The trustee manages the transaction, ensuring that all legal and tax obligations are met. Additionally, the sale does not trigger capital gains taxes for the beneficiaries as long as the trust is structured properly. Ultimately, the trust continues to operate, holding any remaining assets or proceeds from the sale.
Should I do a 1031 exchange for my property?
A 1031 exchange allows you to defer paying taxes on the sale of a property if you reinvest the proceeds into a similar property. Consider factors like your investment goals, tax situation, and long-term plans before deciding if a 1031 exchange is right for you. Consulting with a tax professional or financial advisor can help you make an informed decision.
