how much capital gains tax will i pay if i sell a second property?

Answer 1

At a guesstimate I would say your looking at about 40% of whatever the house is worth now minus what you paid for it

Answer 2

If you want any useful information you will need to give much more information.

The basic gain is the difference between the purchase and selling price. These figures can be adjusted for the associated costs of buying and selling such as agents and legal fees.

For properties bought before 5th April 1998 indexation relief is available. After that date taper relief applies.

If it has ever been classified as your private residence then that period of ownership (plus the lst three years) will be exempt If it has been your private residence at some time and also been let out then lettings relief is applicable.

The chargeable gain taking the above into account will then be reduced by your annual exemption providing this has not been used elsewhere. The resultant gain is then taxed at 20% to the extent that your total income including the gain is below the higher rate limit, and at 40% for that part which goes above this limit.

Not an easy question to answer, is it?

Answer 3

Depends on how much Capital Gain you make on the sale.

Answer 4

a extra correction: you deduct unique fee and that of any lasting capital advancements from what you get for the abode, then pay tax at 18% on the steadiness minus £9,six hundred (cutting-edge exemption). there is now not any indexation allowance or taper relief.

Answer 5

Sale value less (purchase price + expenditure on repairs, renovations etc). = net profit
net profit x current cgt rate = tax due
The tax due would be adjusted by the cgt allowance for each year that the property has been owned by you.

Answer 6

visit the website of the irs and fill out a form anonymously of course!

Answer 7

....depends on how much you SAY you make on the sale :P