DO I have to pay taxes on real estate investment?
539420
Any profit you earn from renting or selling the property will be taxable to you.  If you rent the property, you can deduct depreciation as well as operating expenses from the rental income.  If you resell, your profit will be equal to the selling price minus your cost for the property, including any costs incurred to fix it up; any depreciation allowed will reduce your cost.  \n\nIn addition, you may owe real estate taxes to the state or local government.\n\nConsult a tax preparer or accountant for details.
111045
You need to talk to your realestate agent and your accountant. There is a program that protects you from this tax. If you buy the new property within  2 years of the sale of the old property, you pay Capitol Gains Tax. It's called Property Exchange and you only pay 25% capitol gains on the balance from one property to the other. Example: you sell for 50,000 and buy for 40,000, you pay capitol gains tax on 10,000.\n\nGood Luck!
139122
There isn't specifically a "tax break" for a first time homeowner.  You do get to deduct your mortgage interest.  As far as moving, if you pass the checklist of questions, you should be able to deduct the specific items that the IRS will allow, i.e. mileage, and moving expenses if it was for your job.
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.
570017
Maybe. It depends upon the local real estate market. It also depends upon your definition of Investment. Are you looking at paying cash for a home there in the hopes of seeing the price go up in order to make a profit? OR are you looking to pay cash for this home to Live in either full or part time? I would hesitate if you are looking at using it as an investment vehicle. Most of the time Real Estate is a Liability with Maintenance, insurance, utilities, Property Taxes, association dues etc... That exceed the annual appreciation of the value of the property. My question to you is Do YOU REALLY NEED 2 houses? If not, put your money elsewhere to grow. Unless you are looking to purchase property in one of the few areas that are involved in states of Hyper-Inflation of property values, your money is better invested elsewhere and you can use it at any time to buy property where you want to live. Examples of these are the Ridiculously overpriced Condominium market in Florida and the WAY overpriced houses in Southern California. I believe that these growth rates are unsustainable and many people are going to lose their shirts there eventually. \n  Point is I would need alot more information to make an educated answer to your question beyond Maybe.
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.
270048
Yes if you sold the house and made a profit it is taxable. however if you inherited the house from him, i.e. he left it to you, then you don't pay taxes on it if:\n\n1)you get it appraised and get a Fair Market Value of the house.\n\n2)you then sell the house at the Fair Market Value. \n\nInherited properties are only taxed as captial gains if you sell them at above the Fair Market Value. Plus, the appraisal fees to get the property appraised can be deducted on your taxes(as long as you itemize).
621888
Despite what the last four experts said, no, they don't take out taxes unless the estate is valued at over about \n$700,000. It used to be $675,000, but they raised it in the last year or two, so I don't know exactly.\n\nThe reason that it is not taxed is b/c your relative paid taxes on the money already, when it was earned. There may be Capital Gains Tax on real estate that is sold. That is the amount it sells for over the original purchase price.\n\nThe 'Death Tax' only applies to millionaires. Most people are not affected by this tax.
181771
No, you don't need a tax accountant.\nYou need Turbotax for $20.\n\nhttp://www.turbotax.com/\n\nIt will determine if you pay capital gains by asking you a bunch of questions about the property.\nThen it will print out all your tax forms all neatly done for you and you can even send them in on the internet with it. I always do that.
463475
Depends on whether this is an investment property or your primary home.\n\nPrimary homes allow for a gain of up to 250,000 if you are single, 500,000 if you are married.\n\nIf this is an investment, you will have to pay capital gains if you do not do a 1031 exchange.  There are formulas to calcualting your gain and applicable taxes.\n\nYou can also choose to do a 1031 exchange, and defer capital gains taxes into another investment property.\n\nHere's a link to the capital gains calculator on my site:\nhttp://www.nnnstore.com/1031_capital_gains_calculator.php
838629
There are no real estate investment websites that I know of...  Realtors can't and don't sell investments, they can only sell you real estate that you may use as an investment.   In order for a Realtor to be able to sell real estate as an investment they would have to get properly licensed through the SEC, don't know many who are.\n\nI would recommend choosing an area and looking at properties for sale on the web in that town...\n\nRegards,\nJoe Ballarino\nhttp://www.AmerivestRealty.com
980002
Of course.  It does depend on if the REIT company will accept and facilitate a 1031 exchange.  It must also be real estate that is exchanged and not a structure or a business that sits on the property.  If you want more info, please let me know.
694103
Depending on the circumstances, (very specific ones) yes. If you are a professional in the finance or banking world it is without a doubt taxable. Further, if it were requested that you find this investor and did so at your friends behest, then that makes you a professional and therefore it is taxable. \n\nThe las is very uncertain in these circumstances for obvious reasons. How can the IRS tell the difference between a gift or loan from a friend, and a finder fee? That being said, if there is a "recombundant pattern" then it will eventually be considered a wage or regular payment. All in all, there is a lot of grey area here...I would suggest speaking with your particular CPA if you have one prepare your taxes, or go over the software your use to determine your exact tax liability.
271053
If it is a property that you are not using as a primary residence, then it is considered an investment property.
1002564
Generally no, for a couple of reasons:\n\n1) most large acquisitions are acquisitions of equity interests (stock, partnership interest etc.). So the assets themselves are not being sold, just the equity in the company.\n\n2) for those acquisitions that are asset acquisitions, most of the property being purchased is not subject to sales tax or, if it is, it is being purchased for resale and thus exempt from sales taxes.\n\nThere may be other taxes like transfer taxes for titled vehicles and so on.
131455
Under IRS 1031 rules you may sell income property and reinvest entire amount in income property and NOT be subject to any capital gains tax. This does not apply if your are selling your residence (where you live), however in this example  single persons gets up to a $250,000 exemption before taxes apply and a married couple gets $500,000.  There are many IRS 1031 rules that must be strictly complied with to avoid tax on an investment sale and purchase .  Look for a 1031 Qualified Intermediary in your local phone book or on the Web.
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.)