My mother wants to sign over her mobile home to my brother and I. When it is sold, who is responsible for the capital gains tax? She would like to sell this mobile home for $35,000. My husband is retired and receives a pension, how would this likely affect us?
Capital gains tax is tax on profits earned from the sale of capital assets like property. Capital gains are the profit that is made on the sale of an asset that is bought at a lower price. Usually capital gains are realized from sale of property, stocks, bonds and valuable metals. Capital gains taxes are taxed lesser than regular income. Some of the capital gains are tax-exempted too.
In order to avoid paying capital gains taxes, you are allowed to sell one property in lieu of another. There is a capital gains tax levied on property on any profit that is made through the sale. You have to sell a 'similar investment property' for another if you want to avoid paying capital gains tax. For instance, if you are selling a house (real estate property), you need to replace the sold property with another house.
We want to sell a residential property that we lived in 2 out of last 5 years. In order to avoid capital gains tax using this method, what date is used to determine your primary residence?? We did not immediately move to new property, and we are trying to figure out what date the old residence must be sold by.
Acapital gains tax type of tax which is deducted on capital gains. If you sell rental or investment property, you canavoid capital gains and depreciation recapturestaxes by rolling the proceed of yoursale into a related type of investment within 180 days.
Selling home of elderly parent who has moved out. If we sell and have her purchase another home of equal value to be held in her estate, is there tax obligation on capital gain?
