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Message
What is the tax rate on gains from selling a property?
Posted on 1/4/13 at 11:37 pm
Posted on 1/4/13 at 11:37 pm
bought for 99k in 2006
will probably sell in 110k range
owe 80k on the mortgage
not my primary residence; dont claim homestead exemption on it
what kind of tax bill am i looking at?
can i also deduct other stuff from this number? like tuition or other capital losses?
will probably sell in 110k range
owe 80k on the mortgage
not my primary residence; dont claim homestead exemption on it
what kind of tax bill am i looking at?
can i also deduct other stuff from this number? like tuition or other capital losses?
This post was edited on 1/4/13 at 11:39 pm
3
Posted on 1/4/13 at 11:46 pm to boosiebadazz
What's your adjusted income?
Posted on 1/4/13 at 11:51 pm to bryso
gonna be low. student for half the year and working for the other half
let's say 25k-40k, but may be even lower
does that help?
let's say 25k-40k, but may be even lower
does that help?
This post was edited on 1/4/13 at 11:52 pm
Posted on 1/4/13 at 11:54 pm to boosiebadazz
15% then
If you make 400k single or 450k joint it would be 20% plus a 3.8% "medicare surtax"
If you make 400k single or 450k joint it would be 20% plus a 3.8% "medicare surtax"
This post was edited on 1/4/13 at 11:55 pm
Posted on 1/4/13 at 11:54 pm to boosiebadazz
I don't think you pay anything on the sell ofa primary residence meeting certain criteria.
Posted on 1/4/13 at 11:55 pm to C
it is not my primary residence
Posted on 1/4/13 at 11:55 pm to bryso
15% of the ~11k?
is that tax standalone? meaning can i apply other deductions or something to get that rate lower or that final number lower?
or the deductions on go towards lowering my taxable income and the bracket that puts me in?
is that tax standalone? meaning can i apply other deductions or something to get that rate lower or that final number lower?
or the deductions on go towards lowering my taxable income and the bracket that puts me in?
This post was edited on 1/4/13 at 11:57 pm
Posted on 1/4/13 at 11:55 pm to boosiebadazz
shite sorry.
Posted on 1/4/13 at 11:56 pm to C
Correct primary residence is/was sheltered for the under 250 crowd... Not sure how that's changed with our new tax burdens. But op said it wasn't his primary res
Posted on 1/5/13 at 12:01 am to boosiebadazz
Do you have other capital gains losses? Maybe selling stock etc.
Posted on 1/5/13 at 12:01 am to bryso
yeah
5k loss on stock
will that help me?
so 15% of ~6k now?
5k loss on stock
will that help me?
so 15% of ~6k now?
This post was edited on 1/5/13 at 12:04 am
Posted on 1/5/13 at 12:03 am to boosiebadazz
Should be able to offset...
Posted on 1/5/13 at 12:04 am to boosiebadazz
Is the stock held in an IRA?
Posted on 1/5/13 at 12:09 am to matthew25
no
loss already realized
loss already realized
Posted on 1/5/13 at 12:14 am to boosiebadazz
And I assure the gain hasn't been realized...
If you have more losses than gains you can write that off your ordinary income for the year up to like 3k. Next year you can use te remaining 2k against the gain you will, hopefully, see from the property.
If you have more losses than gains you can write that off your ordinary income for the year up to like 3k. Next year you can use te remaining 2k against the gain you will, hopefully, see from the property.
This post was edited on 1/5/13 at 12:15 am
Posted on 1/5/13 at 12:17 am to bryso
gain on property should be realized within next month or so
loss on stock was realized this year, i believe
i just wanted to get a general idea
i can ask the family accountant more once hard numbers come into play
thanks for your help.
loss on stock was realized this year, i believe
i just wanted to get a general idea
i can ask the family accountant more once hard numbers come into play
thanks for your help.
This post was edited on 1/5/13 at 12:19 am
Posted on 1/5/13 at 10:51 am to boosiebadazz
1031 Exchange. Identify another property within 45 days of closing on your current property. Use the $30k as a downpayment and close within 180 days and you can defer your capital gains taxes.
Posted on 1/5/13 at 12:09 pm to boosiebadazz
you can also deduct and selling expense like an agent
Posted on 1/5/13 at 12:13 pm to boosiebadazz
Will there be any expenses associated with the sale, e.g. broker's commissions? If not, then you have approx. $11,000 of LTCG for 2013, and you have $2,000 of capital loss carryover from 2012. So you have $9,000 of net LTCG that will be subject to tax at either 0% or 15% depending on your marginal tax rate.
If you are interested in another real estate investment (not a personal residence), then you can do a 1031 exchange. You will have approx. $31,000 of equity to invest, and I'm sure you could find one, or more, rental properties that would be economically beneficial and provide you with tax benefits. Talk to your family accountant before the sale is completed, and he should be able to direct you to someone who can assist you with a 1031 exchange.
If you are interested in another real estate investment (not a personal residence), then you can do a 1031 exchange. You will have approx. $31,000 of equity to invest, and I'm sure you could find one, or more, rental properties that would be economically beneficial and provide you with tax benefits. Talk to your family accountant before the sale is completed, and he should be able to direct you to someone who can assist you with a 1031 exchange.
Posted on 1/5/13 at 12:49 pm to Poodlebrain
1031 is not on the table. Money will be used to pay off note and law school loans. I should see ~8k after all of that.
I am using an agent so I could deduct that. I also have the 5k loss on a stock play.
Thanks for all the help.
ETA: can you expound on the either 0% or 15% depending on marginal tax rate? I'm a broke arse grad student and don't show much of an income. Like less than 25k probably. What's the cutoff between 0% and 15%?
I am using an agent so I could deduct that. I also have the 5k loss on a stock play.
Thanks for all the help.
ETA: can you expound on the either 0% or 15% depending on marginal tax rate? I'm a broke arse grad student and don't show much of an income. Like less than 25k probably. What's the cutoff between 0% and 15%?
This post was edited on 1/5/13 at 12:55 pm
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