Posted by GS on May 24, 2007 at 12:54:30:
(Original Basis + Expenses) - Sell Price = Taxable Gain
Hope this helps.
If you have a CPA you may want to run this by him. Although our tax
law is at the federal level, there my be some state issues you need to
comply with.
Selling 2 houses ‘within 2 years’ - Posted by Kevin
Posted by Kevin on May 16, 2007 at 19:23:29:
I’m in the process of selling one of my rentals and have another one on the market. Will my capital gains be any higher on the second home because I’ve sold a home previously within a 2 year time period?
Re: Selling 2 houses ‘within 2 years’ - Posted by Rich-CA
Posted by Rich-CA on May 16, 2007 at 19:57:52:
I have done this recently. According to my CPA, the answer is no. Your Cap Gains is due in the year you close the sale and that’s it.
Re: Selling 2 houses ‘within 2 years’ - Posted by GS
Posted by GS on May 16, 2007 at 20:08:16:
Long Term Capital Gains is on anything sold after holding it for a 12
month period. (Usually 15%)
Short Term Capital Gains is on anything sold after holding it less than
12 months. (10% - 35%)
Of course the Democracts are trying to raise all of this now that they
are back into power.
Re: Selling 2 houses ‘within 2 years’ - Posted by a12vman
Posted by a12vman on May 24, 2007 at 12:11:03:
So what is the 15% LT Gain applied to? Is it the difference between Original Basis(calculated the year the property was placed in service) and Sale Price?