If one sells holdings to buy a house rather going to a nursing home, do you pay taxes on the proceeds?
78700
It depends on what you sold, and what your cost basis of it was.  In other words, if you made money on it compared to what you paid for it, including all your expenses.
746229
I'm assuming that you are selling a property that you have been depreciating. I don't know if you are a real estate professional who has been writing off your losses as you go or a passive investor, but I will assume a passive investor.\nYou Willl compute your gain on the sale of the property under normal rules. You gain will then be taxed at 25% to the extent of depreciation taken on the property that you sold. Any gain above this depreciation amount wil be taxed at the 15% capital gains tax rate.\nIn addition this gain will be passive income that will allow you to use your passive losses to the extent of the passive gain which is deductible in full on your return as an ordinary loss.
521478
Unfortunately, you can only roll it over into another investment property (Like-kind exchange)  Applying it to your residence will not work.  You have sixty days (before or after the closing) to identify another property and 180 days to close on it.  If you held the property for investment (say yes) and held if for over 12 months, you will pay tax on it at the lower capital gains rates. If you held it for less than 12 months, it is considered ordinary income and is taxed at your regular rate.  If it is less than a year, see if the buyer will wait until the year is up.  Give them soem money back at closing to compensate them for waiting.  It could be worth your while.  To see what the tax might be, use your tax software to estimate what your tax would be.  Sorry to hear about the medical problem, I hope everything works out.  Also, ANY profit is a good profit!!!!!
945726
Yeah unless the money Is delt under the table. Youll have to pay a tax on it, the ammount really depends on how much youll be reiciving
1094659
AS far as I know, you have to pay taxes on the sale if you make a profit of $500,000 or more on your house, not otherwise.
1069923
Yup, you're taxed on income (salary, dividends, rental income etc).\n\nProperty is taxed yearly based on the value of your property (I think).  \n\nBuying and selling shares are taxed on point of sale, so if you do not have any other income, you can file for a refund at the end of the year.\n\nCapital gains are NOT taxable so if you strike the lottery, it's all yours.
42691
You will get taxed on any gain that you make on the equity unless you put those gains directly into the purchase of a more expensive property.
896356
Yep.  Property Taxes, Whether back or future.  Inheritance tax
393440
She can do this, but it may count as a taxable gift since she will have basically deeded over 1/2 interest in the property to you.\nBetter that she puts the property in a trust with her as the trustee and you as beneficiary.  It can then pass to you with no tax consequence and avoid probate.
355256
At this point, no.\n\nI think your understanding of how it is handled is incorrect.   Assuming you use the house as your personal residence for two of the last five years, you can deduct up to $250k of capital gain if you file anything except MFJ.  If you file MFJ, then you can deduct up to $500k.\n\nIf your basis is $500k, file single, and sell the house for $750k, the gain isn't taxable.  Any amount over $750k would be taxed as long terms capital gains.
916236
Since your father lived in his home 2 years, he will be allowed an exclusion of $250,000 of capital gain from the sale of his house.  He also qualifies for an exclusion because the sale is due to health reasons (you say he needs to move to assisted living facility). \n\n"A sale will be considered because of health if the primary reason is related to a disease, illness, or injury of a qualified person. If a physician recommends a change in residence for health reasons..."\n\nhttp://www.irs.gov/newsroom/article/0,,id=105042,00.html\n\nSince he qualifies due to medical reasons, if he had lived in the home for less than two years, the exclusion amount could be pro-rated.  The example given in the article:  If he had lived in the home only one year instead of two, his exclusion would be 50% of $250,000 or $125,000 of gain.\n\nHe only has to report gain on his tax return in excess of $250,000.  If he itemizes, he should still include real estate taxes, mortgage interest, and other allowable deductions on his Schedule A.  If he realized a capital loss due to the sale of his home, unfortunately, the loss is not an allowed deduction.
1093205
Not on all capital gains.  There used to be an exemption related to someone selling their house if they were over 55, but that is no longer the case.  Now the exemption is available to most people if you meet the criteria, such as own your house for two years and other items.
992369
Yes, unless the litigants can prove that,that is why they did it. Their new house will also have to be in your name for at least two years. Also, you will have to pay capital gain taxes on the money you receive from the original sale of their "old" home.
700320
While there are several type of stock options generally the amount of money that the company is putting up for the stock is taxable in the state in which the company is located.  Therefore it is very likely that what they have told you is correct.  If you hold the stock for any period of time and sell it at a gain, that gain would be taxable in the state of your residences.  This event is likely to require that you file a tax return in both states.  The good news is that you off set one states taxes with a like deduction for that tax in the other.  \nOptions are sometimes very tricky to properly report on your tax return.  You may wish to consult with a tax professional in your area.  You should attempt to locate some one that is familiar with stock options.
1135699
That depends.  If it was your principal residence, and if you lived in it for 2 out of the last 5 years immediately prior to the sale, then you may exclude up to $250,000 ($500,000 if married filing jointly) in gain from federal taxes.  Excess gains are taxed as capital gains, as is the entire gain if you don't meet the ownership, residency and/or occupancy conditions.\n\nCA law may vary on that.  Consult a tax advisor in CA for full details.
996584
Yes it is a Life Estate.  If she moves, though, the estate is terminated, unless it is to somewhere such as a nursing home.  If it is used as a rental, the occupancy is terminated.  The key word is "Occupy".\n\nTechnically, they do have the right to occupy the property as well.  They own it.  Unless there is a stipulation that states she is to pay for everything, she can stop paying the taxes, etc., and it's the owner's responsibility to pay it.  Unfortunately that means all of the children, not just who is living there.\n\nGood luck  :)
523260
If you are the receiver of the inheritance, the tax has already been paid by the estate.  The money you received is tax-free.  My condolences on your lose.