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#1
05-04-2004, 03:41 AM
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 Re: Sold house after 18mo. HELP PLEASE - quote - > I have owned my home for 18 months and currently have an
You'll probably owe income tax on your capital gain. See> offer for $8500 more than I paid for it. This sale will > close on 5/17......I have also purchased a new home that > will close on 5/06.....what are my tax implications? IRS Publication 523. - quote - > Does
Before, after, or during, what you did with the proceeds is> my down payment on the new home purchase (greater than > $8500) relieve me of capital gains on the $8500 proceeds > from the sale of the last home, even though I technically > spent the money before I realized the gain on the sale of my > fisrt home? irrelevant. - quote - > Obviously, I will need a tax advisor just
You needed advice before you acted, not after. There's> curious if someone here could help! nothing an advisor can do now but put numbers on a piece of paper for you. Phil Marti Topeka, KS << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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05-03-2004, 08:18 AM
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| Re: Sold house after 18mo. HELP PLEASE - quote - > I have owned my home for 18 months and currently have an
That will depend on why you sold it and whether $8500 is really your gain.> offer for $8500 more than I paid for it. This sale will > close on 5/17......I have also purchased a new home that > will close on 5/06.....what are my tax implications? If you made capital improvements along the way, they could reduce the $8500. Download a copy of IRS PUB 523 from http://www.irs.gov for all the details. - quote - > Does my down payment on the new home purchase (greater than
Not since 1997. At worst you will owe 15% of $8500 or> $8500) relieve me of capital gains on the $8500 proceeds > from the sale of the last home, even though I technically > spent the money before I realized the gain on the sale of my > fisrt home? $1275. If you are in the 15% ordinary income bracket, it would only be 5% or $425. If you made capital improvements that reduce the gain, it could be less. If you moved because of your job, your health, or other unforseen circumstances, you may be able to exclude 75% of the gain. Read the PUB. All freely provided advice guarantee correct or double your money back Frank S. Duke, Jr. CPA Cincinnati, OH USA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
04-30-2004, 08:27 AM
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| Sold house after 18mo. HELP PLEASE I have owned my home for 18 months and currently have an offer for $8500 more than I paid for it. This sale will close on 5/17......I have also purchased a new home that will close on 5/06.....what are my tax implications? Does my down payment on the new home purchase (greater than $8500) relieve me of capital gains on the $8500 proceeds from the sale of the last home, even though I technically spent the money before I realized the gain on the sale of my fisrt home? Obviously, I will need a tax advisor just curious if someone here could help! Thanks JB << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| 18mo, house, sold |
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