Brides Helping Brides ™ - does anyone know (financial tax question)

Post new topic

Wedding Forums > Brides Helping Brides ™ > does anyone know (financial tax question)

does anyone know (financial tax question)

Jmg11 Posted: Mar 28, 2005 04:26 PM+

Jmg11 MEMBER SINCE: 7/04 TOTAL POSTS : 970 WEDDING DATE: Aug 19, 2004

Posted: Mar 28, 2005 04:26 PM

does anyone know (financial tax question)

if you sell an investment property how long you have to buy something new so you won't be taxed on the money?

Preshy7 Posted: Mar 28, 2005 04:42 PM+

Preshy7 MEMBER SINCE: 12/04 TOTAL POSTS : 4954 WEDDING DATE: Apr 22, 2006

Posted: Mar 28, 2005 04:42 PM

Re: does anyone know (financial tax question)

i thought it was 2 years for capital gains taxes b.c of a clinton law that was passed i think

shamrock12472 Posted: Mar 28, 2005 04:44 PM+

shamrock12472 MEMBER SINCE: 5/04 TOTAL POSTS : 1277 WEDDING DATE: Sep 17, 2004

Posted: Mar 28, 2005 04:44 PM

Re: does anyone know (financial tax question)

Posted by Preshy7

i thought it was 2 years for capital gains taxes b.c of a clinton law that was passed i think

That is only for a primary residence which an investment property can not be. You have to pay capital gains when you file taxes for the tax year it was sold in. Remember to factor in depreciation as well as any capital improvements.

shamrock12472 Posted: Mar 28, 2005 04:51 PM+

shamrock12472 MEMBER SINCE: 5/04 TOTAL POSTS : 1277 WEDDING DATE: Sep 17, 2004

Posted: Mar 28, 2005 04:51 PM

Re: does anyone know (financial tax question)

I just wanted to add, that unless it was a Like Kind Exchange as outlined in the IRS code, there is no way to avoid paying capital gain taxes. You can offset cap gains with cap losses though.