does anyone know what the % is on capital gains i have been in my house less then a year and want to move?

Question

I live in UTAH

Answer 1

25% and in some cases a tad more. Call a CPA before you sign anything, few people will make enough to cover the tax bill.

Unfortunately to the best of my knowledge the first two responces are partially correct. You won't have cap. gains if you buy another princ. residence house and the move is due to a job relo. That is an exclusion to the rule your CPA will need to fill out the correct forms for you to take the exclusion.

To not pay any capitol gains tax you must have owned the home for more than 2 years. Less than two and even if you buy and move into another home you still owe cap gains on the sale of the first house.

Keep your repair receipts and start deducting.

You absolutely want to have a qualified real estate savy CPA walk you through this.

Best of luck

Answer 2

If you hold something for less than a year, it is not eligible for the lesser capital gains rate.

Unless your home has really skyrocketed in value, it is unusual (certainly not impossible!) to get much of a gain in less than one year, after taking into account your costs of purchasing and selling the home. Are you considering those? (Transfer taxes, real estate agent commissions, escrow costs, etc.)

The capital gains tax rate depends on which ordinary tax rate bracket you are in. If you are in the 10 or 15% bracket, capital gains are taxed at 5%; if you are in a higher bracket, cap gains are taxed at 15%.

Answer 3

Generally it's 15%. But if you've been in your house less then a year, that's a short term capital gain, which is ordinary income tax rates, up to 35%...You should wait.

Answer 4

Capital gaines on real estate profit is between 28-33%. However, if you roll your profit into another investment instead of cashing out, you don't have to pay capital gains.

Answer 5

If it is your only house and principal residence, you don't have to pay capital gains taxes.