2007-03-05 08:09:17 · 3 answers · asked by dex33426 1 in Business & Finance ➔ Taxes ➔ United States
Given the information in your question, the only correct answer is MAYBE. You need to determine your 'basis' in what you sold. That usually means what you bought it for. Any amount above your basis is a capital gain. The gain is taxable. Since you sold part of an asset, you should probably seek professional help determining what portion of your basis applies to what you sold and what portion applies to what you still own. Be sure to keep the records. You will need them when you sell the rest of the property.
2007-03-05 10:48:01 · answer #1 · answered by STEVEN F 7 · 0⤊ 1⤋
Sold a piece? I assume you're saying that you sold some of the land, not that you sold off a couple rooms of your house.
Yes, it's taxable, and would not qualify for the exclusion of gain from the sale of your primary residence.
2007-03-05 10:21:00 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
The "purchase yet another living house" rule went away in 1997. The (no longer so) new rule is in case you stay in and own a house for 2 of the 5 years previous to the sale, the first $250,000 in income is tax loose if you're unmarried. it truly is $500,000 if you're married. So.....it relies upon. State guidelines determination. maximum persist with the Federal rule yet some do not.
2016-12-05 06:59:55 · answer #3 · answered by gnegy 4 · 0⤊ 0⤋