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Capital Gains on Investment Property

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jaeco
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Capital Gains on Investment Property  Reply with quote  

I own two rental properties in Ohio...I live in TN. I am 65.

Is there any way to reduce capital gains on sale of investment property? I will not be buying another home with the proceeds.

Also, do I pay capital gains for TN where I live, or Ohio where the properties are?

Is the rate for capital gains the same everywhere? Do you pay it all in one year?

I've tried contacting my tax person and haven't heard back...also tried searching online but found no definitive answer.

Thanks!
Post Tue Feb 28, 2017 7:48 pm
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oldguy
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quote:
Is there any way to reduce capital gains on sale of investment property? I will not be buying another home with the proceeds.

Also, do I pay capital gains for TN where I live, or Ohio where the properties are?

Is the rate for capital gains the same everywhere? Do you pay it all in one year?


You pay cap gains on the profit - and you pay 'depreciation recapture' tax on your depreciation deductions. As for reducing it - if you have some losses elsewhere, - stocks, etc, you can sell & offset some of your house profits with the stock losses.

The Federal rate for cap gains is the same everywhere - the state rates vary by the State Codes.
Yes, you pay it all in one year.

As for buying another house, no, that doesn't matter (there was a time 10 or 15 years ago where that was a rule that applied to your residence - but no more)

There are other things that can be done - 1031 Exchange, (aka a Starker Exchange) but that only defers the taxes and leaves you with another rental. But you could exchange the OH houses for TN houses - or one big TN house of equal value.
Post Tue Feb 28, 2017 9:27 pm
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jaeco
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I"m sorry, but I dont understand what you meant about trading Ohio houses for TN houses. So it would make a difference if I used the proceeds to buy another house here in TN?

So, the Federal rate is the same, but the state is different by state. That means I guess I would pay my state capital gains taxes in TN?

Wonder if the burden is so high that I shouldn't sell both at the same time...maybe stagger them over a year or so?

Thanks!
Post Wed Mar 01, 2017 1:31 am
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janifar802
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yes  Reply with quote  

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Post Wed Mar 01, 2017 9:40 am
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oldguy
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quote:
trading Ohio houses for TN houses. So it would make a difference if I used the proceeds to buy another house here in TN?


That "proceeds" rule applied only to your residence - and it was cancelled a quite few years ago.

But you can exchange investment real estate for ;like' property. It's called a 1031 Exchange - you pick houses of similar value, go to a Qualified 1031 Broker, and arrange a trade. If any money is exchanged in the trade, it is taxable. But the rest of the trade is tax-deferred (until you sell the new houses).
After the trade, your tax status is the same as it was before the trade - just different houses.
Post Wed Mar 01, 2017 4:33 pm
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zakch
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Post Thu Mar 02, 2017 7:07 am
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Tamara Smith
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Education  Reply with quote  

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Post Tue Mar 14, 2017 11:28 am
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