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Location: Tampa Bay`·.¸¸ ><((((º>.·´¯`·><((((º>
4,699 posts, read 7,948,849 times
Reputation: 13663
Like Chi is explaining to you in his post, it's a more complicated formula here in this country. It is not as simple as you are saying it is where you come from.
You should consult a tax consultant with the amounts for the corresponding numbers for the formula Chi is giving to you.
You could also buy a software tax program and go through the steps plugging in numbers. This will give you a good idea without having to pay a tax consultant.
You could also buy a software tax program and go through the steps plugging in numbers. This will give you a good idea without having to pay a tax consultant.
As others have stated, you need to include other stuff in the calculation. The tax could be less.
It matters if you have rented it or put any improvements in it. It also might matter how long you have held it.
Without more information, you will owe nine thousand dollars.
If you used it as a second residence there is no gain exclusion. The amount you pay taxes on is the purchase price (including any fees not associated with obtaining a loan) minus the selling price (including selling expenses such as title, recording fees, and commissions) at a rate of 15%.
If you had moved into this home and used it as a primary residence for 2 of the past 5 years then you would not pay any capital gains.
2nd residences fall under new rules if recently bought. The ole converting them to your primary residence for 2 out of 5 years only partially works.
Newer purchase over the last few years are prorated. Like we own our 2nd home 5 years. If we make that our primary today and sell in another 5 years then we owned the house a total of 10 years and since its 5 years its our primary we can take 1/2 the exclusion.
im fairly sure they dont want another property they want to sell it.
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