Real Estate Tax Consequences ?

phoenix · 01-26-2021, 12:52 PM

is it your primary residence . if not i think gain would be taxable if primary I think you need to stay 2 years to avoid the tax . I will leave it to any accts on the forum to give a better answer

TheProfessor · 01-26-2021, 01:39 PM

Quote:

Originally Posted by phoenix

is it your primary residence . if not i think gain would be taxable if primary I think you need to stay 2 years to avoid the tax . I will leave it to any accts on the forum to give a better answer

Excellent answer.

We have many pseudo accountants here.

bigdog · 01-26-2021, 02:37 PM

Note, this is NOT my primary residence !
As such I cannot receive any exclusion.

If I have no gain in the sale, I assume there would be NO tax incurred.
If a gain, would only pay on that Gain amount, the difference between what the property was purchased at, and what it sold for. Right now I believe Capital gain tax is at 15%.

01-26-2021, 12:52 PM	#1
phoenix Senior Member Join Date: Apr 2004 Location: phoenix and moultonboro Posts: 1,592 Thanks: 65 Thanked 288 Times in 204 Posts	is it your primary residence . if not i think gain would be taxable if primary I think you need to stay 2 years to avoid the tax . I will leave it to any accts on the forum to give a better answer __________________ it's tough to make predictions specially about the future

Thread Tools
Show Printable Version Email this Page
Display Modes
Switch to Linear Mode Hybrid Mode Switch to Threaded Mode

01-26-2021, 02:37 PM	#3
bigdog Senior Member Join Date: Apr 2006 Location: Central MA-Gilford Posts: 1,459 Thanks: 357 Thanked 126 Times in 100 Posts	Note, this is NOT my primary residence ! As such I cannot receive any exclusion. If I have no gain in the sale, I assume there would be NO tax incurred. If a gain, would only pay on that Gain amount, the difference between what the property was purchased at, and what it sold for. Right now I believe Capital gain tax is at 15%.