Are we exempt from the Capital Gains Tax if we are being relocated due to military obligations?
406907
Yes, if you are moving because of a cause section 121 allows for moving due to job relocation changes.
1174807
You pay tax in the state that you realized the gain.  So the answer is yes, you can avoid CA tax.  Yes, you can keep your house.  Your state of resedency doesn't depend on non-primary living places.
17861
Yes.  you will have to pay taxes on capital gains.  For more information on investment clubs, please visit: \n\nhttp://www.investmentclubhelp.com/
329589
Section 1445(b)(5) provides that a transferee (purchaser) is not required to withhold on the proceeds if the transferee is an individual acquiring the property for his own use as a residence.  This is echoed in Regulation section 1.1445-2(d)(1) which states:\n\n"No withholding is required under section 1445(a) if one or more individual transferees acquire a U.S. real property interest for use as a residence and the amount realized on the transaction is $300,000 or less." \n\nThe exemption does not apply if the purchaser is not a natural person, or if the purchaser does not intend to use the property as a personal residence.  If your purchaser has not been identified, it can't be determined at this time whether the exemption applies.\n\nThere are ways to reduce the withholding tax, but in your case the cost to implement them would be a significant fraction of the amount of tax at stake.  You may owe tax anyway, and if you don't, the excess of the amount withheld over your ultimate tax liability is refundable to you.\n\nSection 1445 is the withholding provision that backs up section 897, which imposes tax on sales of real property by foreigners.  Under that section, your gain is taxable as if it were income derived from a business conducted in the United States.  This means that you must file a Form 1040-NR for the year of sale reporting the gain and computing the tax.  The tax may be more or less than the amount withheld.  If it is more, you must pay the difference to the IRS; if it is less, then you are entitled to a refund of the excess payment.  In any case, you can't file until after the close of the relevant year.\n\nArticle 13 of the US-UK income tax treaty specifically allows the US to tax gains derived by UK residents from the sale of US real property.\n\nAdditional information is available at the website link below.
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.
482743
No, if it is your principal residence, and you sell within 2 years.  However, if this is an investment property, and you are using that money to buy another investment property.  The transaction could be set up as Sec. 1031 exchange, which will result in a tax deferral.
199429
I am pretty sure you have to live there for 2 full years to avoid being taxed on the capital gains.
927329
Taxes due would depend on what you sell it for.  The privacy fence and storage shed would be added to the cost of the house.  The cosmetic repairs would not be.  So you have $127K into it.  The difference between that and what you sell it for (net - you get to subtract items like realtor's commissions that you pay) is your gain.  \n\nFebruary isn't far off, so hanging in there until then makes sense.  Staying a year would make your gain long-term.  You're probably in the 15% bracket, which would mean your long term capital gain would have 5% tax applied.  So if, for example, you sold your home for $150K and paid real estate commission of $9000, you'd have a gain of $150K - $127K - $9K, or $14,000, and your tax on that would probably be $700, which isn't all that bad if you really hate it there.\n\nYou'd have to stay two full years to avoid capital gains taxes at all, and doesn't sound like you want to do that.  There is a little bit of an out here - if you move to a different area and can legitimately claim that the move was due to taking a new job, you can exclude some of the gain - basically, if you lived there a full year, you could exclude half of the gain, and just pay tax on the other half.  But if you're retired, you don't have that option.\n\nWhat you still owe, and what it is or was appraised at, make no difference to the taxes you'll pay.\n\nGood luck on selling your house quickly and at a good price.
266942
I believe that you are asking from the UK.  I am almost positive that your 'parkhold' is dealt with under the same rules as Landlord/Tenant disputes for ordinary dwellings. See the Citizen's Advice Bureau or a Solicitor.  However, have you spoken to your 'landlord'.  There may well be a good and proper reason for making the move, ie., your safety, the safety of others, the provision of better amenities etc.
543390
No, Only investment in residential flat and not any shop  is allowed for the purpose of exemption from Capital Gains u/s54 of the I T Act.\n   Please consider , and this is also related to our earlier question regarding the best option for you to save taxes . following option\n\n   1. Invest in some residential flat with a view to sell it after three years. You will get exemption from Capital Gains, you will get Indexation benefits when you will compute the capital gains on the flat sale and mind you the  most permanent appreciation in growing India is Real Estate  in India right now. So overall you will get highest return from your investment. Moreover, if you also take loans for purchase of flat , that will further reduce your liability to tax for three years.\n2. Keep the amount of capital gains in Capital Inc&#92;vestment bond and as per law if you do not invest it withing next two years from the date of transfer, the amount will be the capital gain in the year in which such three years from the date of transfer of the flat completes. Thus you are only forwarding your tax liability by some years.\n3. Pay the tax.and be in peace!
173431
no. they come off the value of your house when you go to sell it. meaning less profit for the you to show the irs.
379215
if you've lived in your current principle residence for at least 2 years out of last 5 years, then you have $250k tax free capital gain (or $500k for married couple). any gains over this amount will be taxed regardless whether you invest in another house or not.
24820
It depends on the country and If you are using a moneycorp account or just your American bank account. I built a company to invest in Dubai, UAE for example where there are no capital gains taxes nor income taxes. whichever state you live can still impose taxes upon your profit however, so that is where the offshore or moneycorp account benefits you.
1184514
To qualify for this exemption you must have lived the property as your personal residence for at least 24 month (2 yrs) of the last 5 yrs before the sale date.  You will be entitle to either $250K or $500.K depending on your marital status. I believe even individual owners, even if not married, assuming they meet the above  qualifications are entitle to the exemption---in fact I am pretty sure (Consult your tax attorney nevertheless).\n\nNote: 1031 exchange applies only to investment property, i.e., rentals, and not to personal real estate property.  Always consult your tax man!!!!!!!!!!! Best of luck! \n\nWhere one lives is of no consequence when it comes to federal income tax law unless an Indian reservation...where some federal tax laws may vary.
812162
Yes you will have to pay. It is not your primary residence. However, you could defer the taxes through a 1031 exchange and purchase a similar property and not pay taxes right away. This probably won't help you because you want to pay down your mortgage though.
456285
The only way is to EXCHANGE them for other income property, called a SECTION 1031 TAX-DEFERRED EXCHANGE.  There are rules and time limits, and you cannot take out any cash without paying taxes on it.  If you cash out and just sell the properties, there is nothing to help offset or eliminate the capital gains tax at both the federal and state levels (if your state has income tax).  For more information, you can go look at the Federation of Exchange Accommodators website www.1031.org.
790336
Really complex area - some boffins spend all their lives looking into this.\n\nThe abbreviated answer is:\n* Yes, definitely if the property is less than three years old\n* Maybe if the property is more than three years old\n\nTechnically if a property is more than three years old it is exempt from VAT but the seller can waive this exemption (known as 'opting to tax') if they wish.  This will mean 17.5% VAT is charged on the sale (which the seller doesn't get to keep).  The reason the seller might do this is becuase if they sell a building and charge VAT they're allowed to reclaim VAT on any related costs (such as legal fees).\n\nOnce a building is 'opted' you can't change that status even if it changes hands. Therefore the next time its sold on VAT would have to be charged on the sale.\n\nThese rules only apply to commercial property - not residential.\n\nTrust me - get an accountant/tax adviser to assist - really complex area.