I have a vacant land owned by my company I would like to know if the taxes paid on capital gain are different if they were owned a person. I know that the capital gain tax for a person is 15%.
Does anybody know if it is the same in my situation where the land is owned by a company. Thanks for any help I get !!!
Its a LLC company
I owned my duplex for 7 yrs. I lived in it for about 8 months and met a fella and moved in his house and rented out both apts. I live in NH. I heard if i want to get any money out of the sale of the duplex I’ll have to pay capital gains on the intire amount being it is an investment property due to me not living in it for 2 yrs. OR, I can do a 1031 exchange. I paid $85,000 7 yrs ago, owe $61,000 now. It’s on the market for $249,900 since yesterday. My friend said if I don’t want to pay big $ on capital gains I can reinvest the money on more income property. But I will have to pay 7 1/2 per cent to the state of NH for stamps ( a rip off), 5% to the real estate lady and $61,000 I still owe on it to the bank. My friend said I can deduct the stamps and RE commision .Is it true I will have to reinvest in more income property for the full sales amount? How can I buy with money I made with out a mortage? I want to buy but if i buy for full sales amount I will not be able to afford the mortage
In 1986 my mother passed away suddenly with no individual will – only my parents’ joint will. This year my father sold all of her land (for $85k) in Louisiana (we live in MS) with the plan of paying the capital gains tax and giving the proceeds to all of us, his children (who would then pay taxes too being over $11k). According to Louisiana law (Napoleanic code?), since there was no will, the proceeds of the sale go to the children – all now in their 40s not the spouse. Each will get about $27k. My question is, in April of ’07, on my ’06 taxes, will this be counted as a tax-free (I think if under $2 million) inheritance or will I need to get a record of its appraised price in ’86 and pay capital gains tax on the proceeds using a cost basis on the price difference from ’86 to ’06?
Posted in Land For Sale
Tagged 40s, Capital, capital gain, capital gains tax, cost basis, father, Gain, inheritance, Land, Louisiana, louisiana law, mother, napoleanic code, parents, plan, price, proceeds, tax, year
I am 21 years old. I have excellent but limited credit. My assets include a car that is worth about six thousand dollars, an IRA worth about 8K and about 2K of liquid cash. I make around 38K annually. Around here (being the capital region of New York State), the sort of home I am interested in purchasing is between 75K and 140K. I have the means and a solid plan for paying my mortgage. I am just conceared that I will be unable to get a mortgage. And if I am able to do so, my lease is up at the end of March. Does this leave me enough time? This is (obviously) my first experience in this field and I would really appreciate some guidance. Feel free to email me at L1VExFAST@yahoo.com or contact me on AIM at L1VExFAST for more information or with advice. Thanks a million.
Posted in Mortgage Tips
Tagged 8k, aim, assets, Capital, car, Cash, credit, first experience, guidance, Hey, Home, ira, K. I, liquid cash, mortgage, New York, new york state, Smilin, thousand dollars, VExFAST, yahoo
In the Utah valley area. I’m trying to get into the business of flipping junker houses in the Utah valley area. Please respond if you are interested in discussing financing this. I have a Bachelor’s degree in business management, with an emphasis in finance, and classes in real estate as well. I also have experience in many areas of home improvement, and connections to general contractors and plumbers.
Posted in Home Improvement
Tagged area, bachelor, business, Capital, Degree, degree in business management, emphasis, Estate, finance, flipping real estate, general contractors, Home Improvement, investors, junker, Management, plumbers, Utah, utah valley, Valley