Posted on: 03rd Jan, 2011 12:57 pm
If you have an MCC on your home, what are the requirements in order to be subject to the recapture tax? I noticed that generally it is 1) sell before 9 years 2) selll at a gain 3) income above a certain threshold. Therefore, I have 2 questions:
1) Do you have to meet ALL 3 to be subject to the tax? Meaning if I sold before year 9 AND at a gain, however BELOW the income limit then I would NOT be subject to the tax.
2) If that is the case, what are the income thresholds?
1) Do you have to meet ALL 3 to be subject to the tax? Meaning if I sold before year 9 AND at a gain, however BELOW the income limit then I would NOT be subject to the tax.
2) If that is the case, what are the income thresholds?
Hi Guest!
Welcome to forums!
I will suggest you to contact a tax adviser and take his opinion in this regard. He will be the best person to assist you in this matter.
Sussane
Welcome to forums!
I will suggest you to contact a tax adviser and take his opinion in this regard. He will be the best person to assist you in this matter.
Sussane