Posted on: 15th Oct, 2005 03:43 am
How capital gains tax is related with home buying?????
Any Help!!
Any Help!!
Hi Fret09
Welcome to the forums.
Capital gains tax is not directly related to home buying; rather it is related to the sale of a property. It includes the tax payments charged on the profit from the sale of the property. The gain is equal to the increase in the value of the property.
The amount of tax depends on the property type and the length of time for which the property has been under the ownership of the seller. You can also get tax breaks on the gains from the sale of your property but this depends on certain rules and regulations of the Internal Revenue Service.
Hope this information will be helpful for you.
Please feel free to post further queries.
Regards,
Caron.
Welcome to the forums.
Capital gains tax is not directly related to home buying; rather it is related to the sale of a property. It includes the tax payments charged on the profit from the sale of the property. The gain is equal to the increase in the value of the property.
The amount of tax depends on the property type and the length of time for which the property has been under the ownership of the seller. You can also get tax breaks on the gains from the sale of your property but this depends on certain rules and regulations of the Internal Revenue Service.
Hope this information will be helpful for you.
Please feel free to post further queries.
Regards,
Caron.
Hi,
It is basically a capital information tax. It is imposed on investment and capital accumulation. It is the difference between the money received from selling the asset and the price paid for it.
Today the United States has highest capital gains taxes of any industrial nation. In fact, many major international countries including the Netherlands, Hong Kong, and Taiwan has imposed no tax on long-term capital gains.
Only United Kingdom and Australia have higher capital gains tax rates.
Its the poor who suffers the most from such type of taxes.
I think these information will go on to make things more clear to you.
Niicss
[Edited by Jessica, made minor changes. Thanks.]
It is basically a capital information tax. It is imposed on investment and capital accumulation. It is the difference between the money received from selling the asset and the price paid for it.
Today the United States has highest capital gains taxes of any industrial nation. In fact, many major international countries including the Netherlands, Hong Kong, and Taiwan has imposed no tax on long-term capital gains.
Only United Kingdom and Australia have higher capital gains tax rates.
Its the poor who suffers the most from such type of taxes.
I think these information will go on to make things more clear to you.
Niicss
[Edited by Jessica, made minor changes. Thanks.]
my wife and I sold a vacant lot given to my wife by her mother about 2 years ago. What would my capitol gains tax rate be on this sale?
Welcome Jerry,
The capital gains taxes would depend upon the amount of sale price you earned from the property. It will be better if you could contact a tax adviser and take his opinion in this matter.
The capital gains taxes would depend upon the amount of sale price you earned from the property. It will be better if you could contact a tax adviser and take his opinion in this matter.