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10538 : Real Estate Advice

  • All34
  • Local Info4
  • Home Buying12
  • Home Selling7
  • Market Conditions0

Activity 25
Mon Mar 6, 2017
Vaw1234 answered:
We live in fla. sold our home in Miami and we are moving to Tallahassee fl how long do I before buying a new home before I am taxed on my funds?
0 votes 13 answers Share Flag
Thu Nov 17, 2016
Kathy Burgreen answered:
I'm a former realtor and Larchmont resident. Your question doesn't make sense. If you are unemployed, aren't you receiving unemployment insurance or you are no longer eligible? If you sold your "house" for $146K, that sold price is for a 1 bedroom co-op apartment - not a "house". I live on Palmer Avenue so I know.
As for taxes due, have you lived in your house for 2 out of the last 5 years? If yes, you are exempt from capital gains based on whether you are single or married and what your tax filing status is. Read the IRS rules. If you have not lived there for 2 out of the last 5 years, you will owe capital gains taxes.
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0 votes 1 answer Share Flag
Thu Aug 11, 2016
bill forsman asked:
using find an agent - and enetring zip(10538) this Top agent does not come up?
In Zillow, comes up and as "Most Sales" ?
0 votes 0 Answers Share Flag
Fri Jul 22, 2016
Christopher Pagli answered:
You can use your net profit for anything you want. Please let me know if Im misunderstanding the question, thanks!

Chris
0 votes 2 answers Share Flag
Mon Jun 20, 2016
MCM_STL answered:
Zero days because what you do with the sale proceeds has no relationship to any potential tax liability. https://www.irs.gov/taxtopics/tc701.html
0 votes 1 answer Share Flag
Fri Jun 19, 2015
Tony Grech answered:
I'm no CPA, but I don't believe buying another home has anything to do with capital gains ramifications on selling your current one. What you are probably thinking about is a 1031 exchange, which applies only to investment properties.

On a primary residence, I believe the IRS guideline is that if you resided in the old home 2 out of the last 5 years then you are entitled to $250,000 profit, tax free. If you're married and both own the home then the exemption is $500,000.
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0 votes 3 answers Share Flag
Wed Mar 11, 2015
kerimilan3454 answered:
Please remove all photos of my family home from TRUILA WEBSITE.
0 votes 2 answers Share Flag
Sun Feb 8, 2015
Donald Mituzas answered:
The location of 3 Gerlach Place is listed incorrectly on a lot of different sites. I think I may know what the problem is. If I recall, when I myself lived at 3 Gerlach Place 40 years ago the back yard when all the way back to Stafford. 3 Gerlach has a tax map ID that ends with 2 and 6 Stafford ends with 1. When the property was subdivided it appears the tax map numbers assigned were backwards. When looking at the tax maps through our MLS when I click on 3 Gerlach is shows a picture and location of being 6 Stafford and vice versa. Very odd.

Don Mituzas
Licensed Associate Broker
Douglas Elliman Real Estate
Cell: 914-924-8581
http://www.donmituzas.com
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0 votes 1 answer Share Flag
Wed Jan 14, 2015
Tim Moore answered:
Sun Sep 21, 2014
Christopher Pagli answered:
Hi, This is called a 1031 exchange and you typically have to locate your new property within 45 days. I would speak to your accountant as they will give you the proper guidance. have a great day!

Chris
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1 vote 2 answers Share Flag
Thu Aug 7, 2014
Donald Mituzas answered:
What you owe and what you do with the money after you sell will not affect cap gains. Take your sale price and subtract your cost of the house plus any capital improvements to get your net profit. Capital improvements are not maintenance items like painting a bedroom or repairing a furnace. Add a pool, deck, replace the roof or furnace and it is a capital improvement. Generally capital improvements increase the value or useful life of the property. Your sale price should be the net you received after any expenses with the sale like a broker's commission, transfer taxes or other items related to the sale.

Singles can deduct up to $250k of any capital gain and couples can deduct up to $500k. This is on your primary residence and not an investment property. Hope this helps answer the question.

Don Mituzas
Licensed Associate Broker
2008 Realtor of the Year
Douglas Elliman Real Estate
http://www.donmituzas.com
... more
1 vote 5 answers Share Flag
Wed Apr 9, 2014
Diana Hellman answered:
Now is the best time to sell. Contact a local real estate agent who will make up a Competitive Market Analysis based on the sq. footage, number of bedrooms, baths, location and condition among other things. The agent will show you recent sales of comparable properties in order to base the marketing price, and to discuss how you would like to position yourself against other competing listings. ... more
0 votes 9 answers Share Flag
Tue Aug 27, 2013
Anna M Brocco answered:
You really should be consulting with your CPA, and or tax attorney, especially if you plan on a 1031 exchange...
0 votes 3 answers Share Flag
Thu Aug 8, 2013
Anna M Brocco answered:
No link is visible, however any local agent/realty office can help, they all have access to the same information...
0 votes 3 answers Share Flag
Sun Jun 30, 2013
Christopher Pagli answered:
Hi, you should check with your accountant but if you are doing a 1031 exchange you have 45 days to identify the property for closing, then 45 days to find the replacement, and close within 180 days.

Christopher Pagli
Accredited Buyer Representative
Licensed Associate Broker
914.406.9023
... more
0 votes 2 answers Share Flag
Tue Jun 4, 2013
Carla Pennington answered:
This is a tax question that needs to be answered by a CPA or attorney rather than a Realtor. Please consult with your local resources!
1 vote 7 answers Share Flag
Tue Jun 4, 2013
Carla Pennington answered:
This is definitely a question beyond the scope of a Realtor. Consult a CPA or tax/real estate attorney in both states!
0 votes 8 answers Share Flag
Sun May 12, 2013
Rich Golio, Esq. answered:
I specialize in Short Sale Listings and representing Short Sale Sellers.
Please feel free to contact me w. any quesitons.
914-304-4320
0 votes 4 answers Share Flag
Sat Apr 6, 2013
Barbara O'Connell answered:
Gene,

Most answers on this site are by real estate professionals or mortgage professionals. Although most of us have some basic knowledge of the tax/real estate laws, it's best that you consult with a CPA/tax attorney or accountant to get the most up to date and accurate information. Your question, although real estate based, is really a question of tax law.

Barbara O'Connell
Licensed Real Estate Salesperson, NYS
Margot Bennett, Inc.
914-548-1628
... more
1 vote 4 answers Share Flag
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