on a sale of a home in monroe ny for $350. What are the capital gains tax that need to be repaid by me as?

Asked by Den, Buffalo, NY Sat Dec 15, 2007

the seller

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Marty Remo, Agent, Central Valley, NY
Fri Oct 24, 2008
Always..Always..contact your CPA regarding the tax consequences of real estate sales.

Marty Remo
http://www.RemoRealty.com
Web Reference:  http://www.RemoRealty.com
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Eric Vazquez, Agent, Highland Mills, NY
Sun Aug 17, 2008
To expand a little on Gail's answer. If it were your residence, you would need to live in it for any two of the last five years to qualify for the capital gains exemption of up to $250K for a single person ($500K for married couples). Any taxable gain (income tax separate from capital gains) is usually calculated on yoru basis (purchase price) less any improvements. For investment properties, it is your basis less any repairs. Check with a qualified CPA as it is my understanding, the IRS classifies "repairs" different from "improvements".
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Bill Smith, Agent, Monroe, LA
Wed Jul 2, 2008
also, talk to your CPA about doing a 1031 tax exchange
0 votes
Don Tepper, Agent, Burke, VA
Sun Dec 16, 2007
See your CPA. As Gail says, there are multiple factors to consider.

Good luck.
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Den, Home Seller, Buffalo, NY
Sun Dec 16, 2007
i lived in the home for 8 yrs we were only owner. just moved to ga but m husband was still i the home should he file the taxes thisnyr in ny & can you claim home improvements and is there a limit?
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Gail Gladsto…, Agent, 11743, NY
Sat Dec 15, 2007
Did you live in it or was it an investment home? If you lived in it, each owner gets $250k free ride on income from the sale. If it is an investment property, take the price you are selling it for, subtract what you purchased it for and also, subtract all home improvement $ spent. The amount remaining is subject to capital gains. You also have to pay $4/$1000 of sales price to the State of NY for transfer tax.

See your CPA for your tax level and the % of capital gains.
Web Reference:  http://GailGladstone.com
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