Page 1 of 2 12 LastLast
Results 1 to 10 of 20

Thread: Capital gains on a home sale?

  1. #1
    Anyone tell me if there taxed on the entire home amount or the profit??
    What are the percentage rates I can expect to pay??
    Anyone know a way out of paying them?? Is it one year or two. Realtor told me that she heard it may have changed to 1 yr?

  2. #2
    Capital gains is the difference between what you bought it for (basis) and what you sold it for...That's the gain...On homes there is a one time exclusion, can't remember how much, but i'd think that most folks want to save that till later in life...

  3. #3
    if you have lived there more than two years you don't pay any
    if its a rental its on the profit only

  4. #4
    I made a $100k in profit in 14 months.. What would it be?
    Can I do a 1031 and defer it till later? Just exploring my options!

  5. #5
    I think you need to be over55 for it to happen . $250,000 for each , husband & wife

  6. #6
    2 years.......

  7. #7
    I missed that class in You should talk to a tax pro, before you get hosed with taxes...

  8. #8
    I made a $100k in profit in 14 months.. What would it be?
    Can I do a 1031 and defer it till later? Just exploring my options!
    yes but there are limits

  9. #9
    If it is rental property, you can do a 1031 tax deffered exchange however, yo must identify (be in escrow) the new more expensive property within 90 days of close of excrow.
    If it is you primary residence, you can take 250k for single or 500k married tax free. You can take the tax free money every 2 years. The code reads you must have lived in the house 2 years out of the last 5.
    I think capital gains is like 30%. I am not sure though, I think BUsh lowered them.

  10. #10
    Sanger Pete
    Capital Gain equals net sales price (sales price less costs) minus purchase price minus any capital improvements, (plus accrued depreciation if investment property)
    If the house was your personal residence, you can either pay the tax of 15% of the capital gain, or defer the gain by purchasing another home of greater value--I think within 2 years.
    If the house was an investment property, and the escrow has already closed (and you received your "profits"), you'll have to pay the tax. If the escrow hasn't closed, you can still set up a delayed 1031 exchange to defer the gain into a suitable replacement investment property, subject to specific IRS rules.

Page 1 of 2 12 LastLast

Similar Threads

  1. capital gains ?
    By boatnam2 in forum Sandbar
    Replies: 8
    Last Post: 05-19-2005, 04:03 PM
  2. capital gains/real estate question? help.
    By Sherpa in forum Sandbar
    Replies: 5
    Last Post: 05-09-2005, 04:21 PM
  3. Capital gains
    By WILDERTHANU in forum Sandbar
    Replies: 26
    Last Post: 04-13-2005, 09:17 PM
  4. Capital gains/1031 exchange info
    By Kachina26 in forum Sandbar
    Replies: 5
    Last Post: 03-18-2005, 12:08 PM
  5. O.T.-capital gains
    By phebus in forum Sandbar
    Replies: 21
    Last Post: 12-22-2004, 09:40 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts