If left a house in a will in New York State, do I pay capital gains? Keith Hudak
6.85% in 2008, from the NYS web site
Too much
No, not if the home is your personal residence at the time of sale. A loss on a personal residence is not deductible. It cannot be used to offset any type of gains, ordinary or capital in nature.
A capital gains tax is applied to the sale of financial assets. The capital gains tax in Ohio is 15 percent.
Yes it is possible that you could have to pay some capital gains tax on the sale of some inherited capital assets.
Capital gains is defined as income made from the sale of assets that were purchased at a price lower than that of the sale. Capital gains tax would be the taxes the government charges you on that income. Most capital gains taxes are the result of the sale of stocks and bonds, commodities, and real estate. A very good reference for this can be found on Wikipedia at http://en.wikipedia.org/wiki/Capital_gains_tax.
No. And if neither house is your main home (primary residence) you will have to report the sale of both houses on your income tax return and be subject to income taxes on the sale of the capital gains on both houses.
It is applicable to each home sale as long as it is your principal residence for at least two of the past 5 tax years .
When you file your income tax return for the year of the sale.
Yes it is always possible that may be required to pay some capital gains tax on the sale of your first house.
Yes, you owe capital gains tax if you made a profit on the sale.
The law changed in 1997. Before that, you had to buy a new home to avoid capital gains tax. The law no longer cares what you do with the money from the sale of the old home. If the house was your main home for two of the previous five years and you owned the home for two of the previous five years, the first $250,000 in capital gains is exempt from tax. The exemption increases to $500,000 if you file jointly and it was also the main home of your spouse for two of the previous five years.
A capital dividend is a special dividend paid to shareholders of a corporation out of capital gains income produced from the sale of property.
Yes. Federal tax is due on the gain also.