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Thread: Capital gains

  1. #1
    WILDERTHANU
    I would like to know what kind of capital gains tax I would have to pay on my home if iI was to sell now after only owning for a year and a half. I would be putting 100% of my gain into another property.

  2. #2
    cdog
    I would like to know what kind of capital gains tax I would have to pay on my home if iI was to sell now after only owning for a year and a half. I would be putting 100% of my gain into another property.
    About 33%. Better off waiting untill the 2 years.

  3. #3
    Kachina26
    PM lighting , he is the man. I think (but don't quote me) you can do a 1031 exchange to defer any taxes. Then live in the new one for 2 or 3 years (I forget which) and you're off the hook.

  4. #4
    ChumpChange
    You can only do a 1031 if it was investment property and not property that you were living in. Of course, then you have to purchase another investment property in order to keep the exchange.

  5. #5
    ChumpChange
    I would like to know what kind of capital gains tax I would have to pay on my home if iI was to sell now after only owning for a year and a half. I would be putting 100% of my gain into another property.
    Are you selling your house in Upland? How much? Let me know before you get a realtor, maybe I can buy it off of you and save you the 6%. Looking to buy a house around the area.

  6. #6
    cdog
    PM lighting , he is the man. I think (but don't quote me) you can do a 1031 exchange to defer any taxes. Then live in the new one for 2 or 3 years (I forget which) and you're off the hook.
    You can only do an exchange if you have used the property as a income property/rental. Then you have to worry about putting that kind of money into the new home and proving that you tried to rent it out before you moved into it. Not to mention the loan will be an investment property loan. You can prob. get around some of this stuff, but it's a lot of work.

  7. #7
    ChumpChange
    You can only do an exchange if you have used the property as a income property/rental. Then you have to worry about putting that kind of money into the new home and proving that you tried to rent it out before you moved into it. Not to mention the loan will be an investment property loan. You can prob. get around some of this stuff, but it's a lot of work.
    K26 is gonna knock you out now cuz you quote him!

  8. #8
    cdog
    K26 is gonna knock you out now cuz you quote him!
    Bring it on gramps!

  9. #9
    Kachina26
    Gramps???!!! I'm just a dumb kid, can't you tell by the lame financial advise I gave? I'm gonna be paying a buttload of CG this year if all goes the way I'm planning. But the payoff is gonna be sweet!

  10. #10
    Mandelon
    You get an exemption of $250,000 tax free. $500,000 if you are married and wife is on title. You will pay tax on the rest of your gain. You can deduct out improvements but have to I believe add back in depreciation taken.
    If you owned it for more than a year it will be at capital gains rate, which I think is 20% fed and around 9% CA state, I think this is pretty accurate, but check with a tax preparer to be sure.

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