how to avoid 40% tax on property sale?
111045
You need to talk to your realestate agent and your accountant. There is a program that protects you from this tax. If you buy the new property within  2 years of the sale of the old property, you pay Capitol Gains Tax. It's called Property Exchange and you only pay 25% capitol gains on the balance from one property to the other. Example: you sell for 50,000 and buy for 40,000, you pay capitol gains tax on 10,000.\n\nGood Luck!
950871
I live in NY (Nassau County) where property taxes are through the roof. There are companies here that specialize in property tax reduction and charge you 1/2 of the reduction amount with a small application fee that the county requires, if they fail then you lost nothing but your application fee. I have also worked in the business of tax reductions as well. my advice is to consult one of these companies, if not consult a real estate attorney that handles these issues. Paying for an appraisal might work but it could cost you and if you lose then you will be out 300-350. With the other companies if you lose you will lose a small application fee ($25). Also, the process takes a year so you will not see a reduction for at least that period. Good luck.
627801
No, you can't avoid capital gains tax. Unless it is in an IRA if you sell it you pay taxes. That may not be that bad. If it is a long term gain bite the bullet and pay the 15%. The 15% maximum capital gains tax is a big windfall to someone in your situation. No one likes to pay taxes but in your case it is pay me a little now or a lot later.\n\nIf it isn't a long term gain yet then certainly wait until it is.
9051
The bank would much prefer you to make your payments compared to taking on a property.  Talk to them.  A lot of times they can work out a deal.
131455
Under IRS 1031 rules you may sell income property and reinvest entire amount in income property and NOT be subject to any capital gains tax. This does not apply if your are selling your residence (where you live), however in this example  single persons gets up to a $250,000 exemption before taxes apply and a married couple gets $500,000.  There are many IRS 1031 rules that must be strictly complied with to avoid tax on an investment sale and purchase .  Look for a 1031 Qualified Intermediary in your local phone book or on the Web.
486380
10% COMMISSION ON SALE PRICE
539420
Any profit you earn from renting or selling the property will be taxable to you.  If you rent the property, you can deduct depreciation as well as operating expenses from the rental income.  If you resell, your profit will be equal to the selling price minus your cost for the property, including any costs incurred to fix it up; any depreciation allowed will reduce your cost.  \n\nIn addition, you may owe real estate taxes to the state or local government.\n\nConsult a tax preparer or accountant for details.
936701
The tax rate on long term capital gains other than listed securities or units is 20%. Thus , in your case , it will be 20% .\n          \nExplanation ot Section 112 of the I T Act makes it clear that ONLY securities or units have the benefit of option regarding indexation i.e 10% on LTCG without indexation or 20% with indexation.\n\nPlease read the Explanation to Section 112\n"Provided that where the tax payable in respect of any income arising from the transfer of a long-term capital asset, being listed securities or unit or zero coupon bond, exceeds ten per cent of the amount of capital gains before giving effect to the provisions of the second proviso to section 48, then, such excess shall be ignored for the purpose of computing the tax payable by the assessee."\n       As far as saving on LTCG is concerned , you can take the benefit of Section 54EC by investing whole of LTCG in bonds issued by   either  by the National Bank for Agriculture and Rural Development  or\n\nNational Highways Authority of India Rural  or Electrification Corporation Limited,or\nNational Housing Bank,or\nSmall Industries Development Bank of India ,\n\nwithin SIX months from the date of transfer .\n\nYou can also take the benefit of Section 54F of the I TAct for saving tax on long term capital gain tax by investing the Sale Value of the long term capital asset in any residential house  within a period of one year before or two years after the date on which the transfer took place purchased, or has within a period of three years after that date constructed, a residential house .\n\nRemember this benefit is not available to you in following cases\n i) You own more than one residential house, other than the new asset, on the date of transfer of the original asset; or\n\n(ii) You purchases any residential house, other than the new asset, within a period of one year after the date of transfer of the original asset; or\n\n(iii) You constructs any residential house, other than the new asset, within a period of three years after the date of transfer of the original asset; and
1120802
If you sell your home in less than two years from date of purchase, you pay a 15% short term capitol gain.\n\nFrom your gross profit, you can deduct all costs related to the sale.\n\nI am with Realty Executives in Phoenix. If you want to contact me I will show you how yo maximize your profits and reduce your tax bill.
189267
I would suggest 20% of the selling price. You must also think about the extra fees, such as taxes, title insurance, lending fees, closing cost, etc. that will add up quickly, and is usually expected out-of-pocket at the time of purchase. \n\nIf you are a first time homebuyer there are programs out there that will deviate some of those fees, but then if you don't have 20% down you will have to pay mortgage insurance, and from asking around I've noticed it's an average of $100 on top of your monthly mortgage. \n\nHope this helps, I am a first time homebuyer and have been investigating this a lot!!! Good luck!!
1005894
Try taxation office of the county.  Whoever owns 50k acres of the land pays a lot of tax on it :).\n\nRival
769801
Sure you can... talk to a discount broker. You can also throw your money into your trash can for faster results.
306367
Subtract your basis from the amount you received from the sale.  Your basis is the amount you purchased the property for plus the acquisition costs plus any improvements to the property.  \n\nIf this was an investment property part of your basis will be re-captured deprecitaion.  This will be taxed a special 25% rate.
95613
I would contact the taxing entity and obtain ther fair market vakue from them, or contact a realtor and have them find out for you.
477281
You need to see an IFA (Independent Financial Adviser.)\n\nThere are ways in which to reduce/ mitigate your liability, but rules around these have changed in the recent budget. If you are looking to sell these properties, you will be left with more liquid assets, and therefore more choice. Certain trusts may be useful, nil rate band planning (if you are married), gifting monies. . . the list is endless.\n\nAn IFA will not normally charge for initial consultation, but will advise you thereafter of your options if they give you advice. (Commission and/ or fees)
650565
Contact the tax collector's office. They may be able to set up a payment plan for you.\n\nIf the property is your primary residence, you may be eligible for tax credits, tax exemptions or a tax abatement. Most states have a homestead exemption, which will lower your overall property tax. Other tax relief may be available for the elderly, the blind, veterans, widows/widowers, and the handicapped. You need to contact your assessors office or county appraisers office for more information on available exemptions.\n\nAlso, check to see if your home is eligible for credits, abatements, refunds, etc for things like solar heating, wood heating, etc. Again, contact your assessors office.\n\nThe county/town does not want to own or auction your home. It is bad press to put a person or family out in the street, and the government is usually eager to help. It does not hurt to gently remind them.\n\nGood luck.
253873
Try the Fair Tax.  Eliminate all taxes and enact a sales tax.