Ask Experts Questions for FREE Help !
Ask
    jayster0726's Avatar
    jayster0726 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Sep 10, 2016, 06:44 PM
    Sellers concession
    I'm selling a home giving buyer 11000 in concession . Will that be considered capital gain since I'm increasing the price of the house by 11, 000 ? Do I have to pay taxes on it even though I'm returning that money right back to the buyer ?
    ma0641's Avatar
    ma0641 Posts: 15,675, Reputation: 1012
    Uber Member
    		  
    #2

    Sep 11, 2016, 06:22 AM
    According to your statement, you are giving $11,000 but increasing the price by $11,000. Correct? If so, it is a wash so yes, CG on the total. However, if this is your primary residence, you may pay nothing in CG.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

What is a good name for a concession trailor for fried food [ 5 Answers ]

We have concession trailor that we will be selling hamburger hotdogs and deep fried food we are looking for a name any ideas?

Concession stands [ 2 Answers ]

I have just bought a usde concession stand is there some one that can answer questions about what I need & how to get started. Thanks S. Lowman

Vsat concession fees [ 1 Answers ]

Show me the vsat concession fee in tanzania

Evita's "concession [ 6 Answers ]

Words matter or just words ? I think the key will be the words she uses in her concession speech. If she "Endorses" Obama then assume her campaign is over . If she says she "Supports" Obama then she is in truth keeping her campaign viable. Suspending a campaign is not dropping out. Ron Paul...

View more questions Search