One time capital gain

#5 02-10-2004, 08:44 PM

- quote -

> I made an x amount of money on the stock market. I would
> like to buy a house, (first time buyer). Can I roll over the
> money that I made on the stock market into the new house as
> a downpayment, and not pay capital gains on it?

You have to pay tax on the capital gains (at historically
low rates right now) and then use what is left to buy your
house.

All freely provided advice guarantee correct or double your
money back

Frank S. Duke, Jr. CPA
Cincinnati, OH USA

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#4 02-10-2004, 05:07 AM

Thoto wrote:

- quote -

> I made an x amount of money on the stock market. I would
> like to buy a house, (first time buyer). Can I roll over the
> money that I made on the stock market into the new house as
> a downpayment, and not pay capital gains on it?

No.

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#3 02-10-2004, 04:47 AM

"Thoto" <inczes[at]freemail.hu> wrote:

- quote -

> I made an x amount of money on the stock market. I would
> like to buy a house, (first time buyer). Can I roll over the
> money that I made on the stock market into the new house as
> a downpayment, and not pay capital gains on it? Or what are
> the requirements on one time capital gains?

It might work in the Hungarian tax system...go for it. If
you are talking the USA, you might want to consider
professional help.

BC

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#2 02-10-2004, 04:28 AM

One time capital gain = first time Schedule D = taxable at
some tax rate or other. Can't be rolled over into anything.

Nan, EA in LA

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#1 02-10-2004, 02:52 AM

"Thoto" <inczes[at]freemail.hu> writes:

- quote -

> I made an x amount of money on the stock market. I would
> like to buy a house, (first time buyer). Can I roll over the
> money that I made on the stock market into the new house as
> a downpayment, and not pay capital gains on it?

No. You have to report the gain and pay the tax
on it.

- quote -

> Or what are the requirements on one time capital gains?

There's nothing special about "one time capital gains".

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

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02-10-2004, 02:51 AM

"Thoto" <inczes[at]freemail.hu> writes:

- quote -

> I made an x amount of money on the stock market. I would
> like to buy a house, (first time buyer). Can I roll over the
> money that I made on the stock market into the new house as
> a downpayment, and not pay capital gains on it?

No

- quote -

> Or what are
> the requirements on one time capital gains?

Report the sale(s) on Schedule D of the 1040.

Phil Marti
Topeka, KS

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#-1 02-06-2004, 10:55 AM

I made an x amount of money on the stock market. I would
like to buy a house, (first time buyer). Can I roll over the
money that I made on the stock market into the new house as
a downpayment, and not pay capital gains on it? Or what are
the requirements on one time capital gains?

Thanks for any response.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

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