I've read the IRS website....but I don't know if I am exempt from paying capital gains on the sale of my condo....I owned it for less than 2 years. I did use the proceeds from the sale to purchase another residence. Can anyone clarify this for me?
I'm afraid I'm not going to get any kind of refund even though I owned the house....because I will now have to pay.
KimberlyBride
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Re: Paying capital gains on a recent sale....
Yes you have to pay tax on the money you made from the sale if owned under 2 years. That stinks!
jacardi
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Re: Paying capital gains on a recent sale....
my lawyer told me you do not have to pay anything since it was under a certain amount of $$ (profit) I am getting my taxes done this Sat so I will find out, but I have not heard anything since I sold last year, I hope they dont screw me, (but than again is the IRS right)
luvsun27
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Re: Paying capital gains on a recent sale....
Posted by jacardi
my lawyer told me you do not have to pay anything since it was under a certain amount of $$ (profit) I am getting my taxes done this Sat so I will find out, but I have not heard anything since I sold last year, I hope they dont screw me, (but than again is the IRS right)
Did you receive a 1099-S form?
lilmrs
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Re: Paying capital gains on a recent sale....
Don't forget that if you put any money into the condo, that will be subtracted from the capital gains
luvsun27
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Re: Paying capital gains on a recent sale....
We didn't do any major improvements.
IrishBride-05
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Re: Paying capital gains on a recent sale....
Our tax attorney at work told me you only pay capital gains on any profit over 250K. I certainly won't make that kind of profit on my co-op. Also, you can write off any improvements or the cost of re-financing, if you did.
bxgell2
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Re: Paying capital gains on a recent sale....
Posted by IrishBride-05
Our tax attorney at work told me you only pay capital gains on any profit over 250K. I certainly won't make that kind of profit on my co-op. Also, you can write off any improvements or the cost of re-financing, if you did.
That only applies if you've used the home/condo as your primary residence for 2+ years. The IRS waives the tax for the first $250k in that case. Otherwise, you have to pay tax on the whole profit, but, you can balance that out with any improvements you make to the home/condo.
soon2bMrs
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Re: Paying capital gains on a recent sale....
When I sold my home 3 years ago I had lived in it for only 1 year and I didn't use the proceeds to purchase another home. I didn't have to pay capital gains taxes on it. I thought that they did away with CGT on profits under a certain $$.
luvsun27
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Re: Paying capital gains on a recent sale....
Posted by soon2bMrs
When I sold my home 3 years ago I had lived in it for only 1 year and I didn't use the proceeds to purchase another home. I didn't have to pay capital gains taxes on it. I thought that they did away with CGT on profits under a certain $$.
Hmmmm...not sure. I got a 1099-S form in the mail...so if they did away with it, why would I get the form? UGH....going to call the accountant and make an appointment I guess.
soon2bMrs
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Re: Paying capital gains on a recent sale....
Posted by luvsun27
Posted by soon2bMrs
When I sold my home 3 years ago I had lived in it for only 1 year and I didn't use the proceeds to purchase another home. I didn't have to pay capital gains taxes on it. I thought that they did away with CGT on profits under a certain $$.
Hmmmm...not sure. I got a 1099-S form in the mail...so if they did away with it, why would I get the form? UGH....going to call the accountant and make an appointment I guess.
I hope my acct didn't screw up, the IRS might be looking for me.
