Smartypants909 says you do not have to pay CG Tax on a property if is a vacation home and has never been rented. Under what rule is this possible? The property in question is a summer home owned for 30 years with uch appreciation.
2006-06-09 02:41:53 · 5 answers · asked by flasheroc 1 in Business & Finance ➔ Renting & Real Estate
The exclusion of gain on sale of real estate applies to Principal residences. You must live in and use the home as your primary residence for 2 out of the last 5 years.
2006-06-09 04:21:18 · answer #1 · answered by Tax Man 2 · 1⤊ 1⤋
The only way I know of that you don't have to pay capital gains is if the home was your primary residence for 2 of the last 5 years. Then you can write off $250K if you're single, $500K if your married. This is really a question for your tax advisor. The sale will be turned into the IRS by the closing attorney and if you don't pay the IRS is likely to come looking for you.
2006-06-09 12:10:25 · answer #2 · answered by mycornerofbrickheaven 3 · 0⤊ 0⤋
you will would desire to circulate to the county tax assessor's place of work and ask for the documents. some counties pay their taxes each six months, and in case you purchased your living house this final year, you won't are turning out to be to be a tax bill yet. once you purchased the living house, professional-rated taxes would have been paid as area of the fees you paid at remaining. Get out your very own loan papers and verify them to verify in case you paid taxes at remaining. basically a guideline....... regardless of in case you're on an extremely tight funds, the best thank you to pay the taxes is by using which contain them on your month-to-month fee. you're making the finished fee each month, the taxes are held in escrow till the county sends the bill on your very own loan, and then your very own loan business employer will pay the tax bill on time for you. there is not any possibility you will get at the back of on the taxes, or be hectic approximately arising with the money to pay them while they're due. that is relatively less demanding to funds your money, in view which you have an actual quantity which you understand you will desire to pay each month, and that covers taxes, coverage, the non-public loan significant and pastime.
2016-09-28 05:18:42 · answer #3 · answered by ? 4 · 0⤊ 0⤋
You know that's not really a question.
2006-06-09 02:46:07 · answer #4 · answered by Titainsrule 4 · 0⤊ 0⤋
yea so
2006-06-09 02:44:36 · answer #5 · answered by tyjo 2 · 0⤊ 0⤋