2006-06-08 08:15:24 · 6 answers · asked by Rarraraz62 1 in Business & Finance ➔ Renting & Real Estate
Depends if it has appreciated in value and if you are selling it. If yes to both of those, then yes (unless you can offset it by capital losses).
2006-06-08 08:18:55 · answer #1 · answered by Princess 5 · 0⤊ 0⤋
Depends.
If you are single and this is your principal residence for 2 out of the last 5 years, then you will not be taxed on a gain up to $250,000($500,000 if you are married).
If this is an investment property(not your principal residence), then you do not qualify for the $250,000 exemption and will be subject to capital gains tax. The good news is that the capital gains tax is 15%. :)
2006-06-08 15:32:32 · answer #2 · answered by GO BRUINS 1 · 0⤊ 0⤋
I supposed you're selling it. Are you buying another of equal or greater value? You can look into a 1031 Exchange. It's a tax code that allows you to defer any Capital Gains taxes as long as you're buying another property of equal or greater value. It's only when you sell it and take the money and run that you'll have to pay the c.g.tax
2006-06-09 09:17:00 · answer #3 · answered by jdm 6 · 0⤊ 0⤋
You will not have to pay capital gains taxes if it is your principal residence, or if it is a vacation home that you do not rent out to any one else.
2006-06-08 15:20:24 · answer #4 · answered by smartypants909 7 · 0⤊ 0⤋
If you have lived in it for 2 of the last 5 years, you are exempt up to 500,000
2006-06-08 15:19:52 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yeah man....if you made $$$$$$ off sale...the other way is you invested it back in land...
2006-06-08 15:18:41 · answer #6 · answered by acolt4hire9 1 · 0⤊ 0⤋