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Can you avoid capital gains taxes on the sale of your principal residence by reinvesting it in another property of lesser value?
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
What else can I help you with?
Can person with a power of attorney take property from other residents when they live in another state?
An attorney in fact under a power of attorney acts on behalf of the principal and has the authority to handle the principal's business and property. If the principal has property in another state the AIF can collect it on behalf of the principal. If the property does not belong to the principal then the AIF has no authority to take it.An attorney in fact under a power of attorney acts on behalf of the principal and has the authority to handle the principal's business and property. If the principal has property in another state the AIF can collect it on behalf of the principal. If the property does not belong to the principal then the AIF has no authority to take it.An attorney in fact under a power of attorney acts on behalf of the principal and has the authority to handle the principal's business and property. If the principal has property in another state the AIF can collect it on behalf of the principal. If the property does not belong to the principal then the AIF has no authority to take it.An attorney in fact under a power of attorney acts on behalf of the principal and has the authority to handle the principal's business and property. If the principal has property in another state the AIF can collect it on behalf of the principal. If the property does not belong to the principal then the AIF has no authority to take it.
Is personal property insured if stolen from another residence?
doint know
What laws cover life use of property owned by another?
The law of the state in which the property is located, for real property, or for personal property, the law of the owner's residence.
When is the best time to do a 1031 exchange?
The best time to do a 1031 exchange is when you are selling an investment property and want to defer paying capital gains taxes by reinvesting the proceeds into another like-kind property within a specific timeframe.
If you are divorced with joint property and she is filing bankruptcy in another state will they take your property?
It depends upon how the property is titled and the type of property. If it is a home that is used as the primary residence it will probably be protected by the state homestead exemption. Other real property is at risk if it is Joint Tenancy a lesser risk if it is Tenancy-in-Common.
Do I have to pay capital gains tax when selling a house?
If the house is your main residence, NO. If however it is a second home or another property you own (say to let out), YES.
What should you do with money from the sale of a house so that it doesn't become taxable income?
It really doesn't matter so much what you do with the proceeds from a sale of a home to make sure it isn't taxable. Of course, you can always purchase another home if you don't already have another home as your residence. Purchasing another home if the one sold was rental property will not help, as you will still pay taxes on any gain from the sale. If it is your residence that you sold and had a gain from, you have an exclusion of gain of principal residence that you can use. If you are married and file a joint return, you can exclude up to $500,000 of sales gain of your residence. Individuals who file single can exclude up to $250,000 of gain. There are a few requirements that you must meet and it must be reported on your tax return but the exclusion, if used will eliminate income tax on the gain.
Can a homeowner pull a permit for his house and do the work to it even if they live in another state?
If they own the property upon which they are working it should make no differnece as to their home state of residence.
How does one go about committing a burglary?
By "entering by breaking, or entering without breaking, the residence, business, premises, or property of another with the intent to commit a crime therein or thereon."
What is another name for a house?
Residence.
Will having a reverse mortgage on primary residence stop you from getting another conventional loan for secondary home?
No. The reverse mortgage affects only the property used as collateral for that loan.
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.
