What are the long term capital gains taxes in Nevada?

Asked by Maryly, 89141 Sat Oct 23, 2010

Have property in various states. Want to sell. What is the best place to claim residency in order to pay the lowest sales tax?

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Damon Bottic…, Agent, Las Vegas, NV
Sat Oct 23, 2010
Nevada does not have state income tax. Scott mentioned the transfer tax when selling a property, but got the decimal in the wrong place...it's 0.51% not 5.1%.

Still, you should speak to a cpa. I expect they'll tell you the best place to "claim" residency is where you live most of the year. I work closely with a cpa who can advise. I suggest a free consult for some tax planning before you make any decisions.
0 votes
Valerie Edwa…, Agent, Las Vegas, NV
Sat Oct 23, 2010
Nevada, thankfully, doesn't have state income tax. Federal capital gains would apply depending upon your tax bracket and IF you lived in the home 2 of the last 5 years. If you have lived in the home any 2 of the last 5 years you may not be required to pay taxes on the home.

If it the home that you are selling is an investment property than you will likely owe Uncle Sam unless you do a 1031 and roll you proceeds over into another investment. You CAN"T touch ANY of the money from the sale....it must be placed with a mediator at the time of the closing of your property and rolled into another investment purchase within a specific time frame or you "blow" the 1031 and you will be required to pay capital gains to the feds-no exceptions to the full amount nor the time frame!!

However, if you just want out and don't desire to purchase another property then of course you will likely have to pay the capital gains but your accountant/bookkeeper is the only one that could tell you what tax bracket you personally are in in and the percentage of the basis of your sale you will be required to pay Uncle Sam.

Best of luck...if you need any help my contact information is below.

Valerie Edwards, REALTOR
RRG, SRS, SFR, SRES, RSPS, GREEN, ATHOM
Premier Real Estate
(702) 371-5533
INFO@AgentValerie.com
0 votes
Nancy Albert, Agent, Las Vegas, NV
Sat Oct 23, 2010
We don't have a "state" income tax here in Nevada. There are some counties, including Clark County (the Las Vegas metro area) that will charge a "transfer tax" at sale of real property. That rate is currently at 5.1% of the sale price. Typically, this tax is collected by the escrowholder and paid at closing to the respective county.
0 votes
John Brassner, Agent, Las Vegas, NV
Sat Oct 23, 2010
There is no state capital gains tax in Nevada. Of course, there is Federal capital gains. Talk to your CPA/tax consultant about your individual tax situation. If you would like to sell any of your property in Nevada, I would love to apply for the job.

Regards,

John
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