Posted by jerry mullins on August 07, 2005 at 18:08:06:
I recently bought a house in florida for my primary residence.I haven’t moved into it yet and I would like to sell it to move to another state. What steps can I take to minimize my capitol gains taxes?
How do I minimize capitol gains taxes - Posted by Eric Gerlach
Posted by Eric Gerlach on July 15, 2003 at 18:01:00:
I am going to purchase my moms home because she needs the money to pay for her retirment home.
How should I purchase this from her to minimize the tax consequencs for her and I.
It was suggested that I have her carry the mortgage for a 6 month period or so and then refinance the house and pay her off.
Is there a better way?
I will be renting the house.
Any suggestions would be appreciated!
Re: How do I minimize capitol gains taxes - Posted by Diane (TX)
Posted by Diane (TX) on July 15, 2003 at 20:30:00:
Your mother probably won’t have any capital gains tax. If she’s both owned and lived in the house for two of the last five years, and if the gain is less than $250K ($500K married), then her home sale gain is excluded.
It’s probably best to have her carry the mortgage. You can pay her a higher rate than she’ll be able to get anywhere else. You may not want to refi since somebody’s got to get the interest, and it might as well be Mom.
Re: How do I minimize capitol gains taxes - Posted by cy condit
Posted by cy condit on August 05, 2003 at 14:40:51:
can you aviod capital gain taxes in PA, if you have owned the property less than 2 years?
Re: How do I minimize capitol gains taxes - Posted by Betty McCaffrey
Posted by Betty McCaffrey on August 28, 2003 at 18:34:23:
I want to sell a property I’ve owned in Fla since 1989.
I bought it for 48,000 and hope to sell it for 79,000.
I am 70 years old. What kind of taxes can I expect?
Thank you