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!
Tue Feb 28, 2017 7:48 pm
oldguy Senior Member
Cash: $ 748.25
Posts: 3638
Joined: 21 May 2006
Location: arizona
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.
Tue Feb 28, 2017 9:27 pm
jaeco New Poster
Cash: $ 1.10
Posts: 2
Joined: 26 Feb 2017
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!
Wed Mar 01, 2017 1:31 am
janifar802 First Time Poster
Cash: $ 0.20
Posts: 1
Joined: 01 Mar 2017
Location: uk
yes
money is need ..................................................
Wed Mar 01, 2017 9:40 am
oldguy Senior Member
Cash: $ 748.25
Posts: 3638
Joined: 21 May 2006
Location: arizona
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.
Wed Mar 01, 2017 4:33 pm
zakch First Time Poster
Cash: $ 0.20
Posts: 1
Joined: 02 Mar 2017
Location: Bangladesh
Email List Cleaning Is Not So Clean After All
The message/mailer is the center some portion of email advertising. Email composing is a method; with the assistance of this you can compose significant mailer content. You ought to guarantee first that the mailer ought to be alluring and plainly characterized what you need to pass on in message. You ought to specify offers/administrations earlier in message. Before sending email message will be confirmed through email spam weight counters, and ought to be without spam.
By whom email Marketing administrations utilized?
Organizations ought to push forward to email advertising to get moment business objectives. Other web based advertising administrations like Best website streamlining/promoting, online networking enhancement/showcasing sets aside opportunity to grow up your ROI (rate of return), however email battle give you moment advantage to get business. Mass Email showcasing effort increment confidence of clients/customers in your image/association. dentist email list
Correct time to utilize email administrations:
When you need to fabricate putting stock in connection with your clients/customers, and need to develop your clients/customers. You ought to advance to email promoting efforts. Email/mailer ought to be bland/basic and don't stuff a lot with connections, it enhances your email conveyance rates, or lift your reaction proportion and drive deals that time you can utilized email showcasing administrations.
Making List of E-mail Addresses (Email Database) for email promoting:
To beat your rival you have need to acquire rundown of qualified email addresses email database) for email showcasing administrations. There are two distinct techniques to get email database:
Thu Mar 02, 2017 7:07 am
Tamara Smith First Time Poster
Cash: $ 0.20
Posts: 1
Joined: 14 Mar 2017
Location: New York
Education
Excellent Tips. I think it will be very helpful for me.
70-980 vce
Tue Mar 14, 2017 11:28 am
viditagarwal Member
Cash: $ 3.60
Posts: 15
Joined: 03 May 2018
Location: Harrow(UK)
Selling an asset such as investment properties, shares, a business can trigger a capital gains tax bill. Usually you need to dispose of an asset when you no longer own it. The amount you need to pay depends on your income and the asset. Here you will find how to pay less Less Property Capital Gains Tax
