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Joined: Jan 2010
Posts: 3,780
10 point
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10 point
Joined: Jan 2010
Posts: 3,780 |
Trying to figure something out.
This is a persae.
Parents paid cash for a house on a lake. 110k. Pretty much studio apartment.
But. With a boat dock and water front on a big lake.
This is a weekend house.
They have had it for three years. They are wanting to sell it now. If they sell it for
165k and get that amount. How much will they be taxed on ?
The entire amount. Or the profit ?
I am calling the accountant tomorrow but I’m wanting to have ducks in a row.
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Joined: Jul 2011
Posts: 37,682
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 37,682 |
Profit. Might get to deduct repairs, remodels and such. That's a guess on my part.
"Why do you ask"?
Always vote the slowest path to socialism.
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Joined: Jan 2017
Posts: 4,727
10 point
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10 point
Joined: Jan 2017
Posts: 4,727 |
Original cost plus documented improvements is the price the home would be valued at for their cost. Any amount above this figure they sell it for is taxed as gain.
"It is the mark of an educated mind to be able to entertain a thought without accepting it"
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Joined: Dec 2014
Posts: 902
6 point
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6 point
Joined: Dec 2014
Posts: 902 |
Original cost plus documented improvements is the price the home would be valued at for their cost. Any amount above this figure they sell it for is taxed as gain. & should be reduced rate for long term capital gain I would think
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Joined: Jan 2010
Posts: 3,780
10 point
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10 point
Joined: Jan 2010
Posts: 3,780 |
Thank y’all. Bout what I was thinking.
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Joined: Feb 2009
Posts: 4,001 Likes: 2
10 point
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10 point
Joined: Feb 2009
Posts: 4,001 Likes: 2 |
Is there not a loop hole if the gain is reinvested at a reasonable time?
"We have an opponent in this state that we work every day, 365 days a year, to dominate."
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Joined: Feb 2007
Posts: 21,985
Freak of Nature
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Freak of Nature
Joined: Feb 2007
Posts: 21,985 |
Is there not a loop hole if the gain is reinvested at a reasonable time? Same year I thought
“Socialism only works in two places: Heaven where they don't need it and hell where they already have it.” ― Ronald Reagan
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Joined: Sep 2001
Posts: 1,013
6 point
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6 point
Joined: Sep 2001
Posts: 1,013 |
Be careful, more to it than that.
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Joined: Jan 2017
Posts: 4,727
10 point
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10 point
Joined: Jan 2017
Posts: 4,727 |
Is there not a loop hole if the gain is reinvested at a reasonable time? Same year I thought Not sure that applies to a second home.
"It is the mark of an educated mind to be able to entertain a thought without accepting it"
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Joined: Jun 2007
Posts: 1,791
8 point
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8 point
Joined: Jun 2007
Posts: 1,791 |
Be careful, more to it than that. 1031 exchange. Lots to it. You need an attorney to act as trustee and make it work or you get hit hard. There are timelines and disclosures that have to happen before any transactions, etc. There're things you can do with an accountant if you can find a good one. Someone else mentioned a way to increase your basis in the property. If you have the ability to qualify as a real-estate professional,you can do a few other things. Owning an AirBnB would help in this case. Go get an accountant, Lawyer, real estate agent, etc.
O God, you are my God; early will I seek you. Psalm 63:1
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