Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev Thread | Next Thread
Author: murphyt2 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121589  
Subject: Sold House with $100K Cap Gain Date: 10/17/2001 6:40 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
In 1994 I purchased a house for $125,000. Yesterday, I sold the house for $231,000. This means I have about a $106,000 capital gain that I now have to pay taxes on.

I know there are lots of rules and strategies. I am in the military and my wife and I only make about $50,000 combined yearly income.

I've considered giving $10,000 to each of my 2 children. How does one prove those gifts? Does it have to go into a bank account designed for them and left there?

There are also tax rules concerning purchase of new property...

Does anyone have a name for a good tax advisor?
Print the post Back To Top
Author: pmarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 54667 of 121589
Subject: Re: Sold House with $100K Cap Gain Date: 10/17/2001 7:42 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 3
In 1994 I purchased a house for $125,000. Yesterday, I sold the house for $231,000. This means I have about a $106,000 capital gain that I now have to pay taxes on.

Before we get carried away, let's make sure you have a problem. Did either you or your wife use this house as your primary residence for 2 of the last 5 years? If so, none of the gain will be taxable; in fact, you don't even have to report the sale. See IRS Publication 523.

If you still think you have a problem, let us know.

Phil Marti
VITA Volunteer

Print the post Back To Top
Author: acm4tax Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 54669 of 121589
Subject: Re: Sold House with $100K Cap Gain Date: 10/17/2001 10:01 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
To find a tax pro in your area, check out www.naea.org or www.natptax.com.



Print the post Back To Top
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev Thread | Next Thread
Advertisement