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SVTPerformance's Chain of Restaurants
Road Side Pub
Thoughts on Real Estate- bubble burst or not?
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<blockquote data-quote="sleek98" data-source="post: 16706840" data-attributes="member: 144145"><p>Your tax guy or gal is an idiot or didn't understand what you told them in relation to the total gain on the property.</p><p></p><p>You will report the sale of the house on your return this year, if you signed the 1099-S form stating that you owned the house and used it as your personal residence AND did not have a gain over 500k then you need to go back and have them fix it.</p><p></p><p>If you and your wife both owned and lived in the house for 2 of the last 5 years you qualify for the personal residence exclusion, however that is only 250,000 per person. So if you both qualify, you get 500,000 of the 830,000 excluded. Meaning you owe long term capital gains tax on 330,000, that could be at 15%, 20% or 23.8% depending on your other income. You will be on the hook for 50-80k.</p><p></p><p>[URL unfurl="true"]https://www.irs.gov/taxtopics/tc701[/URL]</p></blockquote><p></p>
[QUOTE="sleek98, post: 16706840, member: 144145"] Your tax guy or gal is an idiot or didn't understand what you told them in relation to the total gain on the property. You will report the sale of the house on your return this year, if you signed the 1099-S form stating that you owned the house and used it as your personal residence AND did not have a gain over 500k then you need to go back and have them fix it. If you and your wife both owned and lived in the house for 2 of the last 5 years you qualify for the personal residence exclusion, however that is only 250,000 per person. So if you both qualify, you get 500,000 of the 830,000 excluded. Meaning you owe long term capital gains tax on 330,000, that could be at 15%, 20% or 23.8% depending on your other income. You will be on the hook for 50-80k. [URL unfurl="true"]https://www.irs.gov/taxtopics/tc701[/URL] [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Thoughts on Real Estate- bubble burst or not?
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