Tax - if i sell my home

[2bindenver]

I read that. But if the tax was 50% as a capitol gain, they may want to research another direction.

Lots of smart people rethink selling a second home by either moving in and making it a personal residence for two years or selling this one and buying that one.

[plfriend]

If your ordinary tax rate is 10% or 15%, the long term (held for more than 1 yr) Captial Gain is 0% for tax years 2008-2012.....otherwise, 15%.

[mathjak107]

in theory yes ,in practice maybe not. the problem we have over and over selling properties is the income from the capital gain bumps us into amt territory.

while the capital gain is taxed at 15% every other penny you earned or got is taxed at the amt rate.

the state then gets me again on the amt...

the following year we get amt taxed again from all the state and local taxes we paid the year before and are now deducting the following tax year.


i wish it was as painless as just 15% on the gains for us.

[mortimer]

I hope I owe a $million in taxes on my 2012 capital gains.
( or capitol, as some prefer ... )