I sold some stock to pay for a portion of my house downpayment. I now have to pay long-term cap. gains on it but was wondering if I can realize any tax break because the money went into my house?
2007-04-09 03:37:05 · 4 answers · asked by jcBoston 1 in Business & Finance ➔ Taxes ➔ United States
No tax break there.
I did the same thing a few years ago for my downpayment.
The good news is that is only taxed at the Capital Gains rate.
2007-04-09 03:50:59 · answer #1 · answered by Wayne Z 7 · 1⤊ 1⤋
No, it doesn't matter what you used the proceeds for, you still have to pay the capital gains tax.
2007-04-09 19:39:08 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
I don't think you can just by selling stock. If you had cashed in from your 401k, you would receive the tax break.
2007-04-09 03:44:40 · answer #3 · answered by phoozball 4 · 0⤊ 2⤋
I don't think it matters how you use the capital gains.
2007-04-09 03:45:36 · answer #4 · answered by Kenny 3 · 0⤊ 1⤋