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Thread: O.T.-capital gains

  1. #11
    al cole'holic
    So, do the profits just count as income, and you pay taxes on whatever your income tax rate is? I thought they were payed at a rate seperate from what your tax rate was on your net income for tax worked out to be.
    I wouldn't want to comment on this cause I may give you the wrong info and do not know much about your situation. My experience this year was with another form of $$ coming in, and would have been added to my income for the year. Check with a CPA or you can call mine (661) 263-2920 Chris Province, he has been with me personally and business wise for a long time. You can tell him Chris from Simi referred you....

  2. #12
    phebus
    al cole'holic, thank you very much for your help. I will call your CPA after some decisions are made as to which direction we are going. I am currently off work, and preparing for my second back surgery, and I'm unsure if I can return to my job as a firefighter and may be forced to retire. Sounds good to retire, but the reduced income I would recieve would create a severe financial impact that would require some severe changes in lifestyle.
    I might be having a huge garage sale soon.....House here, Havasu, boat, quads, etc. All you bone pickers, keep your eyes open.

  3. #13
    Ivan Dan
    So, do the profits just count as income, and you pay taxes on whatever your income tax rate is? I thought they were payed at a rate seperate from what your tax rate was on your net income for tax worked out to be.
    As a rule of thumb (every situation is different) I tell my clients that Cap. gains is around 30-35%. Again, this depends on your personal situation and income tax bracket you are in. I also have an excellent CPA so let me know if you are interested. If I can help with any other real estate questions feel free to PM, e-mail or call me direct.

  4. #14
    al cole'holic
    al cole'holic, thank you very much for your help. I will call your CPA after some decisions are made as to which direction we are going. I am currently off work, and preparing for my second back surgery, and I'm unsure if I can return to my job as a firefighter and may be forced to retire. Sounds good to retire, but the reduced income I would recieve would create a severe financial impact that would require some severe changes in lifestyle.
    I might be having a huge garage sale soon.....House here, Havasu, boat, quads, etc. All you bone pickers, keep your eyes open.
    I will keep my eyes open and my beak wet to pick through your bones

  5. #15
    SoCalOffshore
    The exclusion from sale ONLY applies to the sale of principal residences. Vacation properties are taxed the same as second homes and are subject to capital gains taxes. The max Capital Gains tax is 15% for federal, plus state income taxes. Vacation properties and second homes ARE NOT eligible for 1031 exchanges. They would have to be converted to investment/rental property. This is a basic discussion of the topic only and should be discussed fully with your tax advisor. Good luck. One of my associates/employee is an expert on this topic. He has done a number of media interviews and they can be viewed on my web site at www.nbscompanies.com. View the video from the Open House show aired on CNNfn.

  6. #16
    al cole'holic
    The exclusion from sale ONLY applies to the sale of principal residences. Vacation properties are taxed the same as second homes and are subject to capital gains taxes. The max Capital Gains tax is 15% for federal, plus state income taxes. Vacation properties and second homes ARE NOT eligible for 1031 exchanges. They would have to be converted to investment/rental property. This is a basic discussion of the topic only and should be discussed fully with your tax advisor. Good luck. One of my associates/employee is an expert on this topic. He has done a number of media interviews and they can be viewed on my web site at www.nbscompanies.com. View the video from the Open House show aired on CNNfn.
    I think if you purchase a home and speculate that at some time it will be more valuable down the road you can pretty much qualify a home in Havasu for a 1031 exchange. Although I see where I made a mistake as to what is purchased, it can't be a primary residence.

  7. #17
    Lightning
    If you have a very creative tax guy, you may get around certain things. You may be able to sell the Havasu house and do a 1031 to your new primary and defer the gains that way and be out clean on the gains of your CA home. If you need a great CPA I have one...
    Wrong, you can only have one primary residence to defer gains on. PM or call if you have questions or want more detail. see the sig for the link......
    Also, Don't forget, gains are based off of the original purchase price and your sales price net of fees. Many people refi and pull money out of their homes and think the gain is based on what they get once the loan is paid off from the sale.

  8. #18
    al cole'holic
    Wrong, you can only have one primary residence to defer gains on. PM or call if you have questions or want more detail. see the sig for the link......
    Also, Don't forget, gains are based off of the original purchase price and your sales price net of fees. Many people refi and pull money out of their homes and think the gain is based on what they get once the loan is paid off from the sale.
    Phebus was only concerned with 1 house for a 1031 exchange...I won't turn this into a pissing match, he's got enough info and phone numbers to make some edumacated decisions :rollside:

  9. #19
    4-B
    Phebus, sorry to here about your situation. When you get the new house in Havasu, will you be having a house warming party? :idea:
    Blake

  10. #20
    Ivan Dan
    Phebus, sorry to here about your situation. When you get the new house in Havasu, will you be having a house warming party? :idea:
    Blake
    Sounds like fun.....when is it?

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