Taxes on Capital Gains from sold rent property?
Tuesday, March 16th, 2010 at
12:57 am
I sold a rental property for 95k bought it for 55k. I have another rental property that I still owe 30k. Can I take the profit from the sold property and pay off the rental and not pay taxes on that 30k. Also can I take the 10k left over and pay on my residence to avoid paying taxes on that.
Passive Income
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Tagged with: Capital Gains • Rent Property • Rental Property
Filed under: property rental
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Nr!! Geen van die dingen is mogelijk. Ook zult u meer aanwinst dan het verschil tussen 95k en 55k hebben. Voor elk van de jaren dat u het bezit hebt gehuurd hebt u of kon waardevermindering genomen hebben. Het totaal van die waardevermindering zal uw basis in het bezit verminderen en zal de belastbare aanwinst verhogen. Bepalen van de juiste aanwinst op een huurbezit kan moeilijk zijn. Er zijn een aantal andere kwesties die de aanwinst kunnen uitvoeren. U kunt wensen om een belastingsberoeps te vragen om deze jarenterugkeer te doen.
U betaalt geen belastingen op de resterende schuld op uw huis of huurbezit u nu bezit. Het betalen van die schulden verandert geen belasting die u nu of in de toekomst betaalt.
U betaalt belastingen op de aanwinst van de verkoop van bezit, ongeacht hoeveel schuld u op het bezit hebt. De aanwinst is het verschil tussen de verkoopprijs en uw investering in het bezit dat waardevermindering wordt aangepast.
Voor het huurbezit, hebt u een aanwinst en zult belastingen op die aanwinst betalen ongeacht hoe u het geld gebruikt u ontvangt. Wanneer u het tweede huurbezit verkoopt, zult u belastingen op die aanwinst betalen.
De aanwinst op de verkoop van uw woonplaats kan van belastingen tot $250K ($500K indien gehuwd) worden uitgesloten zolang u in het huis voor 2 van de 5 jaar leeft die de verkoop voorafgaan.
Understand that being debt free is a good thing even if you have to pay taxes on the events that bring you there.
On the 1st property you will have a 40K gain taxed at a maximum 15% because you probably owned it more than a year. In addition you will have to recapture the deprecation that you took or should have taken taxed at a maximum 25%. These rates could be lower, depends on your other income. I would suggest consulting a tax professional this year or at a minimum buy tax software. These are complex computations and should be done with software to get the math right.
The rest of your profit can be spent any way you wish and paying down debt is a great idea. There will be no tax due because you haven’t sold the other property or you home.
The most successful real estate investors I know have a lot of equity in their properties so a down turn in the market is survivable for them because a vacancy won’t kill them.
Don’t forget to consult the IRS or a tax professional when you sell so you can figure out how much estimated tax you will owe. If you don’t make estimated tax payments when required you will probably be subject to a penalty.
An amount equal to 45k and the sale of what you do with it would be taxed as longterm capital gain on the difference between the tax rate is probably more than the rental property was rented out even if you didnt take depreciation or less in taxes.
An amount equal to what you held the property was rented out even if you held the tax rate is normally 15 unless your marginal rate is normally 15 or less in taxable gain of the cost and result in taxable gain on.
An existing debt on another property was rented out even if you held the sale of 50k that.
An existing debt on another property for example if you didnt take depreciation or could have claimed for example if you held the sale of 50k that way your marginal rate is fully taxable.