How much time do I have to reinvest the capital gain on a house owned less than 1 year?
149330
I dont think you have any time.  If the house was lived in less than two years, you always pay capital gains. Always check w/ your financial advisor or lawyer, but I think the min. is two years.
992369
Yes, unless the litigants can prove that,that is why they did it. Their new house will also have to be in your name for at least two years. Also, you will have to pay capital gain taxes on the money you receive from the original sale of their "old" home.
1145249
Do you have a contract???  If you don't, either get one or move.  \n\nShe currently owns the property and you have no rights.  You may loose money, but it's better to loose a year's worth than 5 or 10.
490134
The current tax law says you (and your spouse, if married, filing jointly) can take capital gains of up to $250,000 each without paying capital gains tax AS LONG AS you have a). lived in the house a total of 24 months during the last five years (summers, winters, whatever) and b). it is your primary residence (you should have your driver's license at this address).  You will pay capital gains tax on anything over that amount.\n\nThere is no lifetime limit on how many times you can take this exemption, however, you can't take it more than once every two years.
874327
I think a couple of people may have missed the fact that you said this is an INVESTMENT property.  If this is your personal residence the answer is, indeed, no. (and since you referred to the 2 out of 5 rule you may have just misspoken when you said investment because that rule ONLY refers to primary residences). However if this was an investment and you lived somewhere else than you can take a capital loss. (If there was personal use AT ALL of the property it is NOT an investment). All of your improvements will be added to basis to possibly increase your loss.  Please keep in mind that your capital losses can offset your capital gains and then go to a maximum $3000 ($1500 if MFS).  Any excess loss will be a carryover loss to be used in future years.
312079
The entire amount of depreciation is recaptured at time of sale.  Recaptured depreciation is taxed at a 25% rate...\n\nAlthough, you can do a 1031 exchange to defer the capital gains taxes.\n\nHere's my website, and a capital gains calc.\nhttp://www.nnnstore.com/1031_capital_gains_calculator.php\n\nI'll be releasing the site shortly as:\nhttp://www.1031store.com
878425
You only pay capital gains on PROFIT, not gross proceeds. If you come out at 0, you dont have to worry about capital gains. \n\nI bought house for $152, sold it at $167, and only paid capital gains on about $5K becuase that was all the profit I made on the deal. \n\nAs long as you keep your paperwork to show that the cash you're getting back is your down payment and not profit (hang onto your original closing statement) then the 1031 exchange is a moot point.
651777
Yes as long as you are not considered a dealer in real estate.  You must identify the replacement property within 60 days (before or after) and close within 180 days.  You also may not take possesion of any fo the funds until the deals are all closed.  I highly suggest you retain the services of a competent tax professional if you are considering doing this on an ongoing basis.  It could save you a lot of $$
945726
Yeah unless the money Is delt under the table. Youll have to pay a tax on it, the ammount really depends on how much youll be reiciving
900138
No not form some time.\nAs a seller you need to figures out what you can sell for and God help you if you just got the house in the last three years or have a equity line of credit, you will be up side down.\n\nIf you have some equity do be greedy the longer you wait the less you will make. \n \nThe reason for this is that the bubble is breaking checl out this web site and see why has happen and why you may get screwed.\n\nBest of luck.\nhttp://www.breakingbubble.com/index.htm
294888
You should check with a good accountant (not one of the walk up places like H&R). I am pretty sure that Capital Gains is to be paid only on amounts over $250,000.
739645
You can't claim it in a different year than the one in which it was paid or accrued, but you can file amended returns for those prior years to claim a refund of the tax that the deduction would have saved.  However, an amended return must generally be filed within 3 years of the due date of the original return, which means that you may only be able to claim a refund for the interest attributable to the years 2003-2005.\n\nConsult a tax advisor for advice that takes your specific circumstances into account.
521478
Unfortunately, you can only roll it over into another investment property (Like-kind exchange)  Applying it to your residence will not work.  You have sixty days (before or after the closing) to identify another property and 180 days to close on it.  If you held the property for investment (say yes) and held if for over 12 months, you will pay tax on it at the lower capital gains rates. If you held it for less than 12 months, it is considered ordinary income and is taxed at your regular rate.  If it is less than a year, see if the buyer will wait until the year is up.  Give them soem money back at closing to compensate them for waiting.  It could be worth your while.  To see what the tax might be, use your tax software to estimate what your tax would be.  Sorry to hear about the medical problem, I hope everything works out.  Also, ANY profit is a good profit!!!!!
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.
631408
You can prorate the $250k gain exclusion if you sold your house because your new job is more than 50 miles from your old home.  \n\nTherefore, since you owned the house for 1 year you can exclude up to $125k of gain.  It does not matter if you buy a new house or not.\n\nBTW, I am a CPA.
387034
Need so much more info to answer correctly - what is the gain, how long did you own the property, what kind of property was it.
104928
Depends on alot of different things. What is the sales price? Does it need work? What will the house appraise for after the work is done? Are you going to be living in the home while working on it? Are you going to use the proceeds from the resale of the home to finance another home to do the same thing? How long will the repairs take to complete? What is your financial situation? These are all questions I ask my borrowers who are considering this.\n\nLets say that the home needs work, you are not going to live in it while the work is being done, the work will take 6 mons, you figure the appraisal will go up 50K, it will cost you 15K to do the work, and you are planning on using the proceeds of the loan to purchase another home to fix, and resell. Based upon this information I would recomend doing an 1yr option arm, purchasing the home as an investment property. The reasons are this: If you do an option arm (and buy out the prepay at closing) then you will have 3-4 options of how you want to pay each month. Typically the minimum payment is at 1% interest only. With it being purchased as an investment property, you can then do a 1031 exchange on the home and not pay any capital gains on the proceeds of the loan. You will have to use the 35K in proceeds (proceeds - receipts for work done) as a down payment on your next house. However if you want to use the money to repair the next house, then after you do the initial purchase of the second house you would pull the money out sideways (take a second mortgage or HELOC). Now the money you used as a down payment is pulled back out of the home, but is considered a liability instead of an asset, and can be used with out paying tax on it. Now when you sell the second house, you will repay both the first and second notes on the home, and your loan proceeds will be what is left after paying off all obligations. Then you do the same thing.