Capital gains tax - BoomerWomenSpeak.com - Baby Boomer Women Community

You are not logged in. [Log In] Boomer Women Speak » Forums » Work » Finances » Capital gains tax

Site Links

Who's Online

0 Registered (), 149 Guests and 2 Spiders online.

Key: Admin, Global Mod, Mod

Forum Stats

3239 Members
63 Forums
16332 Topics
210704 Posts

Max Online: 409 @ 01/17/20 03:33 AM

Topic Options

#71852 - 02/26/06 04:04 AM Capital gains tax
Bluebird Member Registered: 09/20/05 Posts: 2560 Loc: Pagosa Springs, Colorado	I can't remember which one of you ladies does taxes but I have a question about paying capital gains on the sale of a home. If anyone can help me on this, please PM and I'll PM you my question! Thanks in advance.
Top

#71853 - 02/26/06 05:10 AM Re: Capital gains tax
chatty lady Writer Registered: 02/24/04 Posts: 20267 Loc: Nevada	All I can say is that if you're 55 an this is your first time selling a home there is NO capital gains tax...whoopee, may sell mine.
Top

#71854 - 02/26/06 05:34 AM Re: Capital gains tax
Bluebird Member Registered: 09/20/05 Posts: 2560 Loc: Pagosa Springs, Colorado	I'm not 55 and this is would be my second time in 15 months. What I've read so far online is that you can be exempt from capital gains, no matter what your age, and as many times as you sell a house. The catch is you can only do it every 2 years - not less. [ February 25, 2006, 09:41 PM: Message edited by: Bluebird ]
Top

#71855 - 02/26/06 06:21 AM Re: Capital gains tax
chatty lady Writer Registered: 02/24/04 Posts: 20267 Loc: Nevada	Thats even better then, Bluebird...Works for me! Thanks for the info.
Top

#71856 - 03/23/06 09:20 AM Re: Capital gains tax
Sandi Member Registered: 02/13/06 Posts: 163 Loc: Jupiter Florida	here's how it works: You can sell the residence you live in, and any gains up to 500K is exempt from capital gains. used to be 55, up to $125k, once in a lifetime. No more. If your equity is over the 500k, then the difference is what is taxed. You have to live in the home for at least 2 years.
Top

#71857 - 03/30/06 10:06 AM Re: Capital gains tax
Bookie Member Registered: 09/18/05 Posts: 99 Loc: Arizona	Sandi What can you tell me about the Florida Transfer/Stamp tax that is paid by the seller when home is sold. Is this a cost that is added to the cost basis of the property along with other closing costs or is this like a property tax that can qualifies as a deduction on Federal Tax return. I know Florida does not have income tax but it does have sales tax. In California, this tax is refunded to the seller when they file their tax return. Wondering if Florida gives it back too?
Top

#71858 - 03/31/06 09:55 AM Re: Capital gains tax
Sandi Member Registered: 02/13/06 Posts: 163 Loc: Jupiter Florida	Bookie: What you called the Fla transfer/tax stamps is called Documentary Stamps. The seller pays 70 cents per $100 of the sale. i.e. seller sells home for $500,000 (no capital gains if its seller's residence, but the seller will pay the state of Fla $3500 in doc stamps. Capital Gains is federal, this "tax" is State. Fla: no way does it give it back. Did I answer your question? I'm not even sure!!!
Top

#71859 - 03/31/06 09:57 AM Re: Capital gains tax
Sandi Member Registered: 02/13/06 Posts: 163 Loc: Jupiter Florida	bookie; don't know how anyone can afford to live in Calif!!! My son, 28, bought a house last dec in Glenn Valley. $475k....it is 1100 !!!!!!! sq. feet! blows my mind! and his taxes! yeik!
Top

Previous Topic

Index

Next Topic

Hop to:

Boomer Women Speak
9672 W US Highway 20, Galena, IL 61036 • info@boomerwomenspeak.com • 1-877-BOOMERZ

Boomer Women Speak cannot be held accountable for any personal relationships or meetings face-to-face that develop because of interaction with the forums. In addition, we cannot be held accountable for any information posted in Boomer Women Speak forums.

Boomer Women Speak does not represent or endorse the reliability of any information or offers in connection with advertisements,
articles or other information displayed on our site. Please do your own due diligence when viewing our information.

Privacy Policy • Terms of Use • Disclaimer

Copyright 2002-2019 • Boomer Women Speak • BoomerCo Inc. • All rights reserved