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Capital Gains
Posted on 6/8/14 at 5:40 pm
Posted on 6/8/14 at 5:40 pm
Please explain capital gains.
In the next year I will be selling :
House 250,000
Business 125,000
Business property 200,000
Will be buying another house ....
In the next year I will be selling :
House 250,000
Business 125,000
Business property 200,000
Will be buying another house ....
5
Posted on 6/8/14 at 5:49 pm to sw0099
How long ago did you buy the house?
I am not sure on the business but on a house no CGT after two years or if you roll that money over to buy another house IIRC.
I am not sure on the business but on a house no CGT after two years or if you roll that money over to buy another house IIRC.
Posted on 6/8/14 at 5:57 pm to stout
Owned all for 15 years. Not sure if business property will be counted toward capital gains.
This post was edited on 6/8/14 at 5:59 pm
Posted on 6/8/14 at 6:24 pm to sw0099
I believe Stout is correct on the personal residence.
Regarding the business and business property, you have an adjusted basis in the property due to depreciation and/or any capitalization . Take your sales price and subtract your adjusted basis in the property, and that is your capital gain. Your accountant should have this readily available for you as well.
Depending on what bracket you are in, you could pay as much as 29.8% in capital gains taxes.
Regarding the business and business property, you have an adjusted basis in the property due to depreciation and/or any capitalization . Take your sales price and subtract your adjusted basis in the property, and that is your capital gain. Your accountant should have this readily available for you as well.
Depending on what bracket you are in, you could pay as much as 29.8% in capital gains taxes.
Posted on 6/8/14 at 6:36 pm to sw0099
Personal residence: exemption is 250k single and 500k mfj and does not have to be rolled over to another property.
Business and land: long term cap. You should pay 15% unless your agi is over 200k and then there are a bunch of factors.
Source: I just passed REG bitches
(Does not make me qualified whatsoever)
Business and land: long term cap. You should pay 15% unless your agi is over 200k and then there are a bunch of factors.
Source: I just passed REG bitches
(Does not make me qualified whatsoever)
Posted on 6/8/14 at 7:25 pm to reb13
quote:
reb13
quote:
Source: I just passed REG bitches
Congrats... that one is a beast. 
Posted on 6/8/14 at 7:29 pm to sw0099
You married or single, SW?
House is probably fine - no tax
Business and business land... you pay tax on the difference between what you sell it for, and what your "adjusted basis" is.
What type of entity is the business? Single member LLC, partnership, corp, s corp, etc?
What is the business property? A building and land? Is it held in a different entity than the business?
Depending on how you answer, it is possible that the gains on the business and business property will be taxed split between capital gain (at a preferential rate) and ordinary gain (at your regualr tax rate).
House is probably fine - no tax
Business and business land... you pay tax on the difference between what you sell it for, and what your "adjusted basis" is.
What type of entity is the business? Single member LLC, partnership, corp, s corp, etc?
What is the business property? A building and land? Is it held in a different entity than the business?
Depending on how you answer, it is possible that the gains on the business and business property will be taxed split between capital gain (at a preferential rate) and ordinary gain (at your regualr tax rate).
Posted on 6/8/14 at 7:29 pm to sw0099
Posted on 6/8/14 at 7:51 pm to makersmark1
quote:
you can exclude at least 250000 of capital gains on a house ONE TIME.
Not exactly true. You can do it one time every two years... not one time in your life. And, there are exceptions to that rule that allow you a partial exclusion in a period of less than two years since you last took an exclusion.
Posted on 6/8/14 at 8:50 pm to LSUFanHouston
quote:
Congrats... that one is a beast.
Thanks it was my last one and probably the most useful.
Posted on 6/8/14 at 9:57 pm to reb13
quote:
Thanks it was my last one
Yay! Another CPA in the making... (once you do all the paperwork and that silly ethics exam).
Hope you had a proper celebration upon getting your last score. What a huge relief.
Posted on 6/8/14 at 10:58 pm to LSUFanHouston
quote:
Hope you had a proper celebration upon getting your last score. What a huge relief.
Haha thanks, yeah I had a drink after reg but the real celebration was after passing far I literally thought there was no way I would pass that. But once I did I knew I could get through reg if I just put the effort in. And it was hard putting that effort in I got senioritis real bad
This post was edited on 6/8/14 at 10:59 pm
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