Selling 2nd House... TAX Implications ? |
|
|
|
Katmandu
New Member
Cash: $ 1.10
Posts: 5
Joined: 24 Sep 2011
Location: Ohio |
Selling 2nd House... TAX Implications ? |
|
|
We have a 2nd house that we bought and renovated over the last couple years. My wife and I were going to downsize and move into it but recently decided just to sell it off.
We own it free and clear and do not what the hassles or renting it out.
I need to know what the implications will be to our Taxes after we sell it.
Will this be seen as a Capital gain or what ??
|
Sat Sep 24, 2011 11:09 am |
|
|
Katmandu
New Member
Cash: $ 1.10
Posts: 5
Joined: 24 Sep 2011
Location: Ohio |
Thanks coaster.
It was a HUD foreclosure that we bought real cheap. Pretty lucky.
|
Mon Sep 26, 2011 12:11 am |
|
|
Abe
New Member
Cash: $ 0.80
Posts: 4
Joined: 11 Nov 2011
Location: new york |
I read this blog and did not understand what do you want to say in this blog.
Describe and elaborate the blog with detail and wide information which is easily understand.
|
Fri Nov 11, 2011 3:14 pm |
|
|
oldguy
Senior Member
Cash: $ 751.85
Posts: 3656
Joined: 21 May 2006
Location: arizona |
quote: It was a HUD foreclosure that we bought real cheap. Pretty lucky.
You've owned it for more than one yr so your gains are longterm capital gains. Add your original cost, your reno costs, all improvements cost, real estate commssions, etc, and subtract that from your net sale. If tere is a profit, the gains tax is 15% MAX of that. Or, if you lost some money on it, that is a tax deduction.
|
Fri Nov 11, 2011 3:32 pm |
|
|
Katmandu
New Member
Cash: $ 1.10
Posts: 5
Joined: 24 Sep 2011
Location: Ohio |
quote: Originally posted by oldguy
quote: It was a HUD foreclosure that we bought real cheap. Pretty lucky.
You've owned it for more than one yr so your gains are longterm capital gains. Add your original cost, your reno costs, all improvements cost, real estate commssions, etc, and subtract that from your net sale. If tere is a profit, the gains tax is 15% MAX of that. Or, if you lost some money on it, that is a tax deduction. Thanks for your reply.
|
Fri Nov 11, 2011 10:33 pm |
|
|
|