I bought a house for a rental 1.5 years ago with a 1031 that is appraised at 350k, I just took a loan out on it for 200k. If I sell this house this month, how much do I have to exhange. does the sale of the house pay the loan off and keep the money have only to spend 150k or do I need to spend what the house is worth?
Posted in Homes For Sale
Tagged $200K, 1031 exhange, Capital, capital gains, exhange, house, loan, money, month, sale
I live in Virginia but own land in Arizona that I would like to sell. I plan to use the sale of the land to pay off the existing mortgage on my primary residence in Virginia. Will I still pay capital gains? I have owned the land for three years and it has appreciated quite a bit. Thanks.
Posted in Land For Sale
Tagged arizona, bit, Capital, capital gains, existing mortgage, Land, mortgage, RESIDENCE, sale, Virginia
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
To avoid paying capital gains tax on the sale of land, must you own it for two years?
I am almost done building a house that my wife and I intended to move into, but it looks like based on the current real estate market that it will be much easier to sell the new house instead of the old one. I’ve owned the lot for over a year so it would qualify as a long term capital gain, but the house is new (started about 8 months ago, finished next month). I’d like to understand the tax consequences of selling this property. The basis for the lot will be $8,000 and current market value would be closer to $30,000. The improvements will probably run me close to $40,000, but add close to $100,000 in value.