Do I need to pay Capital Gains if.......?
968354
Yes, you will need to pay CGT, no matter what you do with the sale proceeds. If you have ever lived in the house, however, you will be eligible for a relief proportional to the period of ownership when you lived in it. In addition, you may be eligible for taper relief of the property as a non-business asset, which reduces your liability depending on how long you've owned it - see table in link (which is a list of FAQ for CGT you may find useful in any case)
273217
Most definitely.  And you don't need a trust as one of the other responders stated.  Borrowing the money is usually the biggest challenge, but I would imagine you've got that covered.\n\nAnd to be a little more specific from the previous answers, the IRS holds a withholding tax when you sell to make sure your capital gains taxes get paid without your skipping out.  \n\n\nGood luck!
47310
You're correct.  Presumably you received a 1099-DIV with $8000 (or whatever) in the cap gains distribution.  You would need to include that amount in your return.  When you sell the shares, that amount will be included in your basis so your eventual gain will be total sales price-$108,000.
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.
347332
If that is how it is reported on your k-1, that is how you should report it.  The K-1 should break your income down into different categories (interest, dividends, capital gains, etc.), and that is exactly how you need to report it on your 1040.
26015
That depends on the amount of the gain, your overall tax bracket, the amount of tax already paid for the year, etc., etc. The best strategy is to use a tax planning tool and put all the information in for the year including your filing status (single, married joint, married separate, etc), wages, tax withheld, whether or not you have mortgage interest or property taxes, interest and dividends as well as the capital gains. IF you come up short, you should pay Federal and state estimated taxes. If not, no reason to do so. You could be hit with a small estimated tax penalty which is basically equal to the amount of interest due on the amount of the underpayment if you come up significantly short.
125171
Yes.\n\nYour modified adjusted gross income is just adjusted gross income with some things added back in. And Capital gains are part of adjusted gross income.\n\nKeep in mind that real estate has special rules and although - to you capital gains are one number, the rules for figuring it out have little to do with reality. \n\nIf it was a rental property then you have depreciation to consider also if you used part of your home as a home office deduction, if you lived there you get a certain amount before you have to start counting it, if you didn't own it for long enough you will get screwed. If you do a 1031 exchange you can put off the whole thing until later. If you die the taxes can be avoided all together for those that inherit it if done right.
817565
Yes, they are.  So are a lot of other things.  Basically, your "gain" is your selling price, minus your purchase price minus upgrades and improvements, minus purchase fees, minus selling fees...basically minus anything that you weren't able to claim against your taxes like mortgage interest and RE taxes.\n\nBut, please, don't take my word for it.  Everything you ever wanted to know about selling your house is at the IRS link attached.\n\nCongrats big time on having such a nice gain!
818363
Yes...capital gains on Shares,which are listed abroad, are liable for Capital Gains Taxation. Note that it is taxable @ 20% + surcharge + cess (depending on the tax bracket u are in.........if ur income is Rs. 10 lakhs +, then it is 22.44% else 20.40%) & not at 10% (since not listed in India but in USA). I presume that the holding period is more than a year, else it will become a short term capital gain & taxable @ 33.66%. Indexation is available & yes u can defnitely get exemption from tax by investing in an apartment (Sec 54 F of the Income Tax Act) if u are not owning more than 1 house (before the proposed buy) on the date of sale.
88898
You owe taxes on any capital gains that resulted from the sale, plus any dividend that were paid in 2005 before you sold the stock.  You will pay the tax on these when you file your 2005 tax returns by April 17.  For federal tax, there is a special rate for dividends and for long term (held more than 1 year) capital gains.  It is 10 or 15 % depending on your tax bracket.  You should complete schedule D of the 1040 tax form.  There is no special treatment for capital gains in Minnesota, so the gains will be taxed as normal income (typically 7.05%, but up to 7.85% if your income is over $100,000).  You will get a 1099-B and/or 1099-Div statement from your broker.  In the unlikely event that they withheld tax (which they would only do if the IRS has notified you that you are subject to backup withholding) it will show on the 1099-B.
27709
We recently purchased a new house and wanted to sell, and reinvest the money into a new one... we called the IRS directly to find out if we'd be charged a capital gains tax, and the answer was yes.  If you sell your primary residence within 2 years, you will be charged a capital gains tax.  However, there could be good news...\n\nLast year if you made 49,5k or less you were only charged a 5% capital gains tax.  If you made more than that, you would be charged 15%.  To help maybe smooth the hit over on your $35k taxes...\n\nYou subtract legal, agent, long-term house upgrades from that number and only claim that as profit from the sale.  So if you made 35k from the sale, but your agent's fees were 10k, legal were 5k and house improvements to the old house were 1k, you would only claim 19k.  \n\nPlease, please please double check this with the IRS and/or your accountant.\n\nOh - and if you moved because you either lost your job, or relocated to a different state (and there are some other things), you could be exempt altogether from the tax.\n\nGood luck!!
177035
You have to account that as gains.\n\nWhy don't you get an accountant, this is serious stuff you sould't let it in our hands!
231737
Yes, you need to pay tax on it.  Just because you did not receive money -- you had income in either an S corporation or an LLC.  The income in these 2 entities is passed down to the owners of the business and is taxed at that level.
210051
FBT, capital gains tax, income tax........
772399
Yes.  You have to pay capital gains taxes on those sales if you make a profit.  They are reported on Schedule D.  If they are held longer than 1 year, the tax is approximately 1/2 your regular tax rate.  Losses can be subtracted from gains.
81787
We did something similar but transferred it to a Family Trust.\n\nHowever, transferring the deed to you is entirely possible.  The only thing is that when you sell this property, your capital gains will be based on your initial cost of $0.  Therefore, you will pay higher Capital Gains tax later on. \n\nThis should of course be offset by you getting this property for free, and really depends on your tax bracket.\n\nIs there a mortgage on this property?  If so, you can still transfer the deed to you.
685210
There is no tax penalty. You just do not get the tax break for long term capital gains. You will pay taxes on your gain at the your regular tax rate. And don´t forget to includ all you costs in the propery, not just what you paid for it. Improvements are included in the costs.