I am curious...taxes...pls help me


K

kimshapiro100

I am curious....pls help me

1. How long does a property (home) need to be rented out to qualify for
a 1031 exchange ? 6 months, 1 year, 3 years ?
What are the rules ?

2. Waht is the capital gains tax on the sale of one's principal home.
I am told that the first $500,000 of capital gain is tax free but what
about the amount above $500,000 ? What rate is it taxed at ?
Is it a flat percentage ?

Is there an IRS tax table on this ?

Any imput, info etc would be highly appreciated.

Thanks
Kim
 
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P

Paul A Thomas

1. How long does a property (home) need to be rented out to qualify for
a 1031 exchange ? 6 months, 1 year, 3 years ?
What are the rules ?

There are none really. The property is what it is. If it's
rental/investment property, the facts and circumstances point that a way.


2. Waht is the capital gains tax on the sale of one's principal home.

Up to $250,000 ($500,000 if married) of the ~gains~ are tax free.

I am told that the first $500,000 of capital gain is tax free but what
about the amount above $500,000 ? What rate is it taxed at ?
Is it a flat percentage ?

Long-term capital gains, at 15% or 5% depending on your other income.


Check out Publication 523, all about selling your home.
 

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