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Question Regarding Taxes and sale of home
salzo
Member Posts: 6,396 ✭✭
We recently sold our home, and bought a new one. The new house has some work to be done, so when we sold the old house, we kept $20,000 from the sale, and put the remaining amount from the sale to the new home. The rest we mortgaged. So my question is, do we have to pay taxes on the $20,000 we kept from the sale of our home? We kept the $20,000 to pay for home improvements on the new home.
"..filling a need and helping people-thats self determination and free enterprise backing itself up all the way-thats why we are in Europe stopping Hitler."
-Edgar Derby
"..filling a need and helping people-thats self determination and free enterprise backing itself up all the way-thats why we are in Europe stopping Hitler."
-Edgar Derby
Comments
You really should consult with a local tax professional regarding your question. I can just envision you explaining to the IRS agent during your audit "But they said on Gunbroker that I could do it!" [8D]
Close to God, far away from everyone else.
Example Home was purchased for 75,000
Home was sold for 89,000 five years later
There is a 14,000 capital gain on the sale, But you need to subtract expenses and repairs for the 5 year period including realtors fee for the sale. Say you have a net capital gain of 2000 that is what you would pay taxes on the following year.
"If you ain't got pictures, I wasn't there."
Margaret Thatcher
"There are three kinds of lies: lies, damned lies and statistics."
Mark Twain
Got a new gun for my ex-wife.....pretty good trade, huh?
by the Republican Senator from Texas (I think P.Gramm). Anyway it went thru and the Kluncker signed it. But anyway it sure helps the little family out.