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Capital gains question on real estate
Posted on 4/26/24 at 3:23 pm
Posted on 4/26/24 at 3:23 pm
Scenario:
Buy home for $100,000 and sell it five years later for $200,000.
Is the capital gains on $100,000 or is it $100,000 minus the closing costs of the buy and the sale? If I refinanced a home, does that money get reduced? What can reduce the gain?
Beg your pardons...this is a rental property.
Buy home for $100,000 and sell it five years later for $200,000.
Is the capital gains on $100,000 or is it $100,000 minus the closing costs of the buy and the sale? If I refinanced a home, does that money get reduced? What can reduce the gain?
Beg your pardons...this is a rental property.
This post was edited on 4/26/24 at 3:49 pm
4
Posted on 4/26/24 at 3:37 pm to rpg37
Was it a rental or your primary residence?
Posted on 4/26/24 at 3:41 pm to rpg37
quote:
Buy home for $100,000 and sell it five years later for $200,000.
If I remember right, and I'm sure we will have a CPA correct me, you pay nothing in capital gains if you've lived in the house 2 of the last 5yrs.
Posted on 4/26/24 at 6:47 pm to rpg37
1031
Posted on 4/27/24 at 9:26 pm to rpg37
So what is a Section 121?
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