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Capital gains
Hi,this inquiry is about taxes on a sale I made this year(2006)sales price 425,000$,bought in (2004)for 130,000$,made net profit of 269,000$,bought new house for 155,000$,put about 50,000$ in new house,was unaware that one time exemption maybe not in use,my age is (65),thank,s whisky4
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Whisky4:
If the asset sold is your personal residence that you have lived in for at least 2 of the last five years, the first $250,000 is exempt from capital gains taxes. If you are married, then $500,000 is exempt and you do not even have to report the sale on your 2006 tax return. Your age is not relevant. |
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