my wife wishes to sell her house but avoid tax?
968544
Yes, but depending on your age and if you can make enough money it might be worth it. You also won't have to worry about  repairs or any other problems that come along with renting. You and your wife need to talk to a tax consultant.
234200
With one property you can probably just handle it with an excel spreadsheet.  The only thing that gets a little complicated is the depreciation for tax purposes, but a decent tax prep package should make that relatively painless.\n\nYou also may want to set up a separate account to make tracking a little easier.
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.
192825
Yes, he can.  He might even get away with not having to pay capitol gains taxes if he does so (this might not apply if you don't live in the US).  The problem, however, is if you ever try to sell the house for market value you will get killed in capitol gains taxes.
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.
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.
558768
no state income tax...but has a "personal property" tax
1113697
Maybe not, depending on how much you sold it for.  The law changed a few years back - until then, answer would have been yes.\n\nAssuming you owned and lived in the home for at least two years out of the five years before you sold the house, and you didn't exclude gain from another house in the 2 years before the sale, you can exclude up to $250,000 of the gain.  If you're married and file a joint return for the year of the sale, either you or your spouse owned the house for 2 years out of the 5 before the sale, both of you lived in the house for two of the five years before the sale, and neither of you excluded gain from another house within  2 years before the sale of this one, you can exclude $500,000 of the gain.\n\nIt doesn't matter anymore for tax purposes whether you invested the gain in another home.
728502
If you are a US resident, living and selling a property in the US, you have one year from the date of sale to buy another, more expensive property, to avoid capital gains taxes.
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.
924239
Consider this alternative which is a three step procedure.\nIt is absolutely normal for a couple to sell one house and consider this option.\nStep 1  : Sell the house. Get whatever you can after you've paid off your mortgage. If you're thinking there isn't going to be any left for keeps, don't sweat it. Just settle this 'giant problem' first.\n\nStep 2 : This is the simpler part. Since it is apparent that it is generally easier to buy than to sell, you might consider lease-purchase option. Which means, when you move to your new location, it may not be a purchase straight away. Later if you decide this new home is really for you, then you can exercise your option to purchase by entering into a Sales & Purchase Agreement.\n\nStep 3 : If you decide NOT to buy, then your lease, maybe 5 years can be made into a very comfortable setting, the money which most people use up paying for mortgage facilities can be channeled into having all the gadgets you require to enjoy a  refined  quality of  life.\n\nOptional Step 4 : While you're enjoying Step 3, Save your money within these 5 years and invest in a smaller house, not for you stay in yourself, but to rent it and sell it for profits. Try not to take a loan. Invest in smaller a property because you can re-sell it faster. The idea is to have best of both worlds: one way you refine your lifestyle as in Step 3, and the other to purchase/invest into something which will snowball in value, without having to pay for mortgage services that eat into your savings. \n\nThe above is is truly the easy way, taken into consideration  all the mistakes I have made in properties and, learning from them.
1125116
no.....\nI can tell ya I have seen some other issues here if its not documented right. you can't sale the house or get loan unless if you all agrees. What if someone got sick, mentally disabled, or missing and family  needs money?\n\nBesides house, U might have other personal properties, car, bank balance, investments, 401K, life insurance(which generally has named beneficiary)\nI think u need to consult a lawyer in your state. it will cost u few hundred $$.\n\n.... just came something in mind. By doing this you are giving away control of your wealth to them. And may be for IRS it consider as gift and it may be subject to tax.
709679
The only way to reduce the taxes on the gain on real estate is to do a "Section 1031 Exchange".  The only problem is that you do not receive cash.  You received another piece of real estate.\n\nThere is not a way to reduce taxes on the sale of stocks at a gain.
259251
I found this online - may be helpful - it's from 2 years ago but should still be generally applicable.  You should talk to a realtor.  \n\nHardship Can Reduce Capital Gains Tax Liability\nby M. Anthony Carr\n\n\nIf you sold your home last year you may owe capital gains taxes if you didn't meet certain criteria. The basics of exempting home sale capital gain from taxes is two fold: \n\n\nYou owned the house for at least two years, and \n\nYou lived in the home as your principal residence for two years out of the last five. \nIf a home seller doesn't meet this ownership and use criteria, then he or she may owe taxes. Frankly, the floor of the gain when taxes begin is so high that most homeowners will never owe capital gains taxes if they meet the two above exemptions. When you consider that the average home sale in 2003 was about $170,000 across the country, then that means most gain from houses sold in the U.S. will never be taxed. For single home sellers, the gain exclusion is $250,000 and for married tax payers, it's $500,000. \n\nHowever, you could owe taxes on less than that amount of gain if you don't meet the two-year exclusion test stated above. Thus, if you bought a house in 2002 and sold it in 2003, you may owe capital gains taxes. The issue of how much you could owe, depending on when you sold the property and for what price, is a book in and of itself. Especially when you consider that the capital gains tax rates changed last year with the new rates going into effect May 6, 2003 (any taxes on gains realized before that date are based on the older, higher rates). \n\nThis column is going to deal with the exemption rules above and how you may be able to bend them or waive them altogether. \n\nThe IRS is not heartless and for some homeowners who had to sell a house in less than two years, it may be possible to claim an exclusion but at a reduced amount, if certain criteria are met. This should answer the question from many of my readers who just can't believe that they might owe taxes on the sale of their home that they lived in for just a year. Well -- you might not owe those pesky taxes, if any of the following reasons are true. \n\nIf you did not meet the ownership and use tests, but the primary reason you sold the home was: \n\n\nA change in place of employment; \n\nHealth; or \n\nUnforeseen circumstances. \nYou may be able to avoid taxes, but you'll not get the full exclusion of $250,000/$500,000. The reduced exclusion is based on a calculation that you can find in IRS Publication 523, which takes into account how long you lived in the house and how long you owned the property to come up with a reduced exclusion amount. So instead of $250,000, it might allow you to exclude $100,000, for instance. \n\nFor those wanting a reduced exclusion because of change of employment, you'll need to at least substantiate that: \n\n\nThe change occurred during the period you owned and used the property as your main home, and \n\nThe new place of employment is at least 50 miles farther from your home than the former place of employment was. \nThe IRS will accept your call for a reduced exclusion for health reasons "if your primary reason for the sale is to obtain, provide, or facilitate the diagnosis, cure, mitigation, or treatment of disease, illness, or injury of a qualified individual," according to Publication 523. Now a qualified individual doesn't have to be the head of household or spouse, it could also include any of the family members listed below: \n\n\nParent, grandparent, stepmother, stepfather; \n\nChild, grandchild, stepchild, adopted child; \n\nBrother, sister, stepbrother, stepsister, half brother, half sister; \n\nMother-in-law, father-in-law, brother-in-law, sister-in-law, son-in-law, or daughter-in-law; \n\nUncle, aunt, nephew, or niece. \nHowever, the health card cannot be used if the sale of the house merely benefits a qualified individual's general health or we
917401
You would have to transfer ownership of the house to the corporation. This would probably  be a taxable gain for the corporation so I don't think it would be a good idea.
85232
No.  It is a personal use vacation home.  The good of selling your home is the gain on primary residences are not taxed...the bad is losses are not deductible.
507770
Buy house that needs small repairs like new carpet, paint, new cabinets, new fixtures, landscaping. Always give the person a low ball offer with a house that needs work. I would then resell after one year so you don't pay as much taxes on your tax return.