This was our first house and lived in it for 5 staight years. We bought a second house and rented our first house to some family members. They lived their for 2 years and payed us rent. We claimed it on our taxes as rental and are now wanting to know if we will have to pay capital gains taxes next year on the money we made on the sale of the house? If so what is the percentage?
Posted in Homes For Sale
Tagged Capital, capital gains taxes, family, family members, first house, house, money, percentage, RENT, sale, staight, year
So, our accountant sent us a check for $102,000 saying that we had extra money left over from a large land sale we recently completed. It was a complicated sale as there were capital gains taxes, coversion of money from USA to Canada, etc… so please don’t ask us how we could not know if we rightfully were owed 102k, that’s what we pay the accountant for.
Anyway, they gave us the 102k on November 1, 2007 and last week they asked for it back saying they made a mistake and gave us someone else’s money.
Do we have any recourse? What’s the law say concerning this. They made the mistake and let us think for 4 months that we had an extra 102k.
Any insight is appreciated.
P.S. The accountant is in Canada.
Thanks
The money is not something we owed anyone. We have paid all of our taxes etc. They accidently gave us someone else’s money from their account (so they say, as obviously their record keeping isn’t as good as we had once thought).
They called us and wanted it ALL wired back that same night. That is obviously asking too much after 4 months.
Do we not have any way to make them pay for at least something?
I guess I didn’t word everything correctly. Because we trusted the accountant to do the accounting, we are now not sure how much money is ours/not ours. We have been sent a very confusing spread sheet that they say explains it all. It doesn’t.
Also, they have now found 30,000 they say is ours, so they’ll take that off the top of the 102,000 they want back.
Our question is what’s the next step to get this fixed without costing us money etc… we shouldn’t be out our own money for their mistake.
Posted in Land For Sale
Tagged accountant, Canada, Capital, capital gains taxes, check, coversion, extra money, Land, money, recourse, sale, someone, USA
I want to move before the 2 year “residenancy” period, but am willing to pay the mortgage on the house while renting another place to live until the 2 years is up. Also, what unforeseen circumstances qualify for capital gains tax exclusion? Does having a baby and not being able to afford to stay in the house qualify? The bottom line is I am deseprate to move but don’t want to screw myself by owing Uncle Sam a huge amount of money on my home sale.
Posted in Homes For Sale
Tagged amount of money, Baby, bottom line, Capital, capital gains tax, capital gains taxes, exclusion, having a baby, house, mortgage, period, Place, residenancy, Sam, tax, tax exclusion, uncle sam, unforeseen circumstances, year
house has been lived in by them for 12 years,
Posted in Homes For Sale
Tagged Capital, capital gains taxes, dad, Home, house, mom, sale