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Message
Capital Gains Tax on the Sale of My Home
Posted on 9/1/10 at 3:31 pm
Posted on 9/1/10 at 3:31 pm
I started construction on my home in January of 2009 and moved in in May 2009.
Now my question is when will the 24 months grace period be over? Jan or May?
Next how much (%) can I expect to fork over to uncle sam if its under 24 months? I'm expecting to only make around 30k.
Now my question is when will the 24 months grace period be over? Jan or May?
Next how much (%) can I expect to fork over to uncle sam if its under 24 months? I'm expecting to only make around 30k.
Posted on 9/1/10 at 3:52 pm to The Darrow Kid
15 % as of right now. Cap gain rates should increase. There are loopholes that you can reduce, or even get out off, paying capital gains on the sell of a personal residence that has been lived in for less than 2 years. They moving for employment, health issues, and martial status/unexpected babies (like quads). And to answer your question about when to start counting, go by the settlement sheet or when the loan is finalizied.
Posted on 9/1/10 at 3:52 pm to The Darrow Kid
It should be from when you moved in.
Posted on 9/2/10 at 6:52 am to jmtigers
From when you get your Certificate of Occupancy.
Which would be May.
Which would be May.
Posted on 9/2/10 at 3:05 pm to LSUMon
quote:
unexpected babies (like quads)
That's one hell of a loophole to jump through just to decrease capital gains
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