What are the capital gains tax exemptions if I am moving out of state?
451536
The normal exemption is $250,000 ($500,000 on a joint return).  However, there is a 2-year residency requirement.  If you have lived in the home for less than 2 years but are moving due to a change in place of employment, you may be entitled to a reduced exemption.  The reduction is proportional to the amount of time by which you fall short of 2 years.  So, if you satisfied 80% of the holding period, your exemption would be $200,000 (or $400,000).
341493
I would contact a tax professional.\n\nYou might have to pay capital gains tax if it is not your primary residence, but I DO NOT KNOW. I would contact a tax professional.
671656
i don't think there is any legal way to avoid capital gains, but i am not sure
587371
My friend, there are a lot of issues in your question...I will attempt to brief you given your information.\n\n- You only pay capital gains tax on investment property or one that you earn income from.\n- You never lived on it but you owned it.  One assumes you therefore did not elect it to be your 'principal' place of residence.  \n- You held it more than 12 mths so you are entitled to 50% discount on capital gain (equity growth)\n- Capital gains can only be offset by capital losses....Your cost base seems to be more than cap gain. if so you wont therefore pay any tax on that gain (all be wiped off) However the excess losses accumulated cannot diminish or offset your over assessable income from other sources in yr tax return....Those losses are held and carried forward until you have any future Cap Gains.  then those losses will be used up.\n- Interest paid on ANY INCOME EARNING ASSET, OR INVESTMENT MECHANISM, ie Property, Boat, Vehicle, Business etc  are ALL DEDUCTIBLE....But only the investment and earning part. So you have to apportion the INTEREST that is BUSINESS related.  Ie...You get a loan for a whole house...You rent out a bedroom...You only claim for interest apportioned on a reasonalble basis related to the bedroom, some gas and electricity, maybe kitch etc etc..Usually done on floor space.\n- Must also realised interest is also claimed on an investment  property that was 'available' for rent but remained vacant.  ie even if someone didnt live there or no tenant, the interest is still deductible..But there are conditions.\n-Family TAX assistance (I think you mean Family Tax Benefit A and B??).  Anyway, the benefits depend on the following ATI or Adjusted taxable income.  That is:\n\nTaxable income (incl after Capital Gains & Losses been worked out) plus fringe benefit amounts on tax return  plus  tax free pensions or benefits PLUS losses from Rental property income...ie Net rent loss.\n in other words Net Rent  wont affect you. but say yr property was rented out and you made a loss, You have to add that loss back to your Taxable income to arrive at the TOTAL ATI used to assess your entitlement to Family Tax Benefit A and/or B.\nHope this helps.\nLater.
969946
If you sold your main home, you may be able to exclude up to $250,000 of gain ($500,000 for married taxpayers filing jointly) from your federal tax return. This exclusion is allowed each time that you sell your main home, but generally no more frequently than once every two years.\n\nTo qualify for this exclusion of gain, you must meet ownership and use tests.\n\n    *Ownership Test: During the 5-year period ending on the date of the sale, you must have owned the home for at least 2 years.\n\n    *Use Test: During the 5-year period ending on the date of the sale, you must have lived in the home as your main home at least 2 years.
1063555
I'm sure the laws vary from state to state. I live in Ky. and here you would be responsible for the property taxes on the home. If you're keeping the home you're not really selling it so there should be no sales tax. There will be a fee to transfer it into your name of course but with you being in Florida I can't even give you a ball park figure. It would be a good idea to call your local court house to get a better idea about things. I think the PVA office could give you the answers you need. (property value admin.)
543390
No, Only investment in residential flat and not any shop  is allowed for the purpose of exemption from Capital Gains u/s54 of the I T Act.\n   Please consider , and this is also related to our earlier question regarding the best option for you to save taxes . following option\n\n   1. Invest in some residential flat with a view to sell it after three years. You will get exemption from Capital Gains, you will get Indexation benefits when you will compute the capital gains on the flat sale and mind you the  most permanent appreciation in growing India is Real Estate  in India right now. So overall you will get highest return from your investment. Moreover, if you also take loans for purchase of flat , that will further reduce your liability to tax for three years.\n2. Keep the amount of capital gains in Capital Inc&#92;vestment bond and as per law if you do not invest it withing next two years from the date of transfer, the amount will be the capital gain in the year in which such three years from the date of transfer of the flat completes. Thus you are only forwarding your tax liability by some years.\n3. Pay the tax.and be in peace!
631408
You can prorate the $250k gain exclusion if you sold your house because your new job is more than 50 miles from your old home.  \n\nTherefore, since you owned the house for 1 year you can exclude up to $125k of gain.  It does not matter if you buy a new house or not.\n\nBTW, I am a CPA.
123258
What you can do depends upon the state laws as well as federal laws.  In NY if you don't make $250,000 profit from the sale of your home, there is no capital gains tax, so you don't have to itemize - there's nothing to write off.\n\nAlso, as far as I know, unless you have sold your home, you cannot write off home improvement costs.  What you do is save your receipts and when you do sell your home, that's when you write off home improvement costs.\n\nDo check with your accountant, because a lot depends upon your other sources of income as well as where you live.
215558
Hey, kid!\n\nYou are funny!  At least you did sell your house!  The job, sad though it is, doesn´t come into play here.  Surprizingly neither do the unemployment and moving.  \n\nHere is the deal.  There have been changes since you last checked.\n\nThe pattern now is a $250,000 exclusion from gains if you lived in the house for 2 of the last 5 years.\n\nIf you were married, hey you didn´t mention it, there is an increase to $500,000.\n\n\nSales price - sales costs - basis - exclusion equals gain.  \n\nIf you have a gain, you will have to list as a cap gain, despite the move and the job loss.\n\nGood Luck.
285863
On a schedule D. It has to be your personal home for the last 2 years to not pay capital gains. Make sure that you add in everything you have ever done to the home while you owned it into the homes basis.(repairs, maintenance) If you are going to buy another rental home then you will fill out 8842 like kind exchanges.
291282
If you've lived in your home for at least two years, then capital gains taxes probably don't apply at all, due to a new tax law inacted in 1997.  For more information, read here:\n\nhttp://www.bankrate.com/brm/news/real-estate/20041018a1.asp\n\nI'm not an accountant, but this is something I recently discovered too.  (In other words consult your tax advisor before acting on this information.)
862892
There are employers who offer a relocation allocation if the person moves, but it is not always the case with every single job. However, in some circumstances, the federal government offers a tax credit in some circumstances of a move for a job, but you have to check with your accountant with it. Unfortunately, unless your friend gets specific about the one for college other than telling you there is one out there, I do not know of any.
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.
941137
Yes, if you are receiving the goods as the agent of the purchaser, and then promptly shipping the goods out of state or country, then you usually qualify for an exemption from the sales tax.\n\nExactly how you qualify for the exemption depends on your State's laws.  In most cases, you will have to acquire a resale or sales tax license from your State's sales tax authority, and to file a report each year.
490134
The current tax law says you (and your spouse, if married, filing jointly) can take capital gains of up to $250,000 each without paying capital gains tax AS LONG AS you have a). lived in the house a total of 24 months during the last five years (summers, winters, whatever) and b). it is your primary residence (you should have your driver's license at this address).  You will pay capital gains tax on anything over that amount.\n\nThere is no lifetime limit on how many times you can take this exemption, however, you can't take it more than once every two years.
872955
You may pay several different taxes depending on where you live.\n\nSome places have a transfer tax when you buy the house, sort of like a sales tax.\n\nMost cities and counties have real estate taxes based on the value of your home. Sometimes there is a school tax, too, but sometimes they're combined.\n\nThese taxes are all deductible on your federal income tax if you itemize.\n\nSome places have a sewer tax that is based on water use so it may or may not be deductible.\n\nYour best source for this information would be a Realtor and a tax adviser.