Message Font: Serif | Sans-Serif
UnThreaded | Threaded | Whole Thread (6) | Ignore Thread Prev | Next
Author: pussinboots1 Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 123501  
Subject: Re: real estate capital gains Date: 2/10/2006 2:57 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Mass has a 12% tax on short term capital gains (and some collectibles), but I don't know if it applies to real estate or just securities.

I'm pretty sure the 12% tax applies to all short-term gains. Line 10 of Mass. schedule D ("short-term capital gains") asks you to enter items from lines 1, 2, 4 & 5 of column F, U.S. 1040 schedule D. Instructions for 1040/D say you should "Enter all sales and exchanges of capital assets, in cluding stocks, bonds, etc., and real estate (if not reported on Form 4684, 4797, 6252, 6781, or 8824). But do not report the sale or exchange of your main home unless required."

So, unless the house is your main home/primary residence, and it doesn't get reported on one of the other forms, it seems to me that its sale would fall under the usual capital gains tax treatment.

FYI, The 2005 Mass. long-term rate was the same as income tax, 5.3%.

Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (6) | Ignore Thread Prev | Next


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Foolanthropy 2015!
Fistula Foundation: A World of Good!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Saul's Investing Discussions

Gilead Sciences CC Thoughts
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.