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ESTAPLACE.COM REAL ESTATE - FREE LISTING SERVICE -
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Nesgroup address: misc.invest.real-estate - Date & Time for the message: Wed, 16 Mar 2005 19:27:29 -0600
/ Author of the message: "John A. Weeks III" |
Title of the message: |
Re: Taxes on sale of house after 1 year but before 2 years
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Text of the message: |
In article <1111010162.861404.81580@o13g2000cwo.googlegroups.com>, erikcoleman@yahoo.com wrote: > I am considering selling my primary residence in the next couple > months. I've lived in it for over a year (it was purchased in November > of 03) and was wondering how much of the appeciation I would have to > pay in taxes? > > Is it treated like earned income and taxes accordingly (35% ish)? I > haven't owned it for 2 years so I know I have to pay some (2/5 rule) Your profit will be treated as capital gains. There are some things you can deduct off of the sales price to reduce the profit. That establishes a basis for the sales price. If you held it less than 18 months, it would be at your marginal income tax rate. If it was more than 18 months, but less than 24 months, then you might qualify for the lower capital gains tax rate. If it is more than 24 months, you might be able to avoid the taxes completely. |
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Estaplace.com is one the Ceglia Giovanni projects, started on 20 July 2005, and online since 20 August as a real estate platform for listings, mainly operating on the Italian and American/English market in the Internet, Estaplace would like to become the point of referiment for home sellers and home buyers, a site where private owners or real estate agencies can have the possibility to show their offers to the world. Estaplace.com is only one of the Giovanni Ceglia's sites. Everyday Giovanni Ceglia works to improve new Internet tools and services for online marketing and business. Estaplace.com will become the biggest portal for real estate business and investments online.