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

    Nov 1, 2017, 10:42 AM
    Can we buy an income property without paying capital gains?
    Capital Gains says you have to put the equity from a home sale into another home within one year or pay CG Tax. Does it have to be your primary home or can you buy an income property.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Nov 1, 2017, 12:11 PM
    It has to be your primary home.

    But that applies ONLY IF you do not qualify for the homeonwer's exclusion ($250K for a single person; $500,000 for a joint return for a couple) of profit on the sale of a primary home.
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!

Capital Gains on Investment Property [ 1 Answers ]

I am selling a building and land for $ 700,000.00 The amount that has been depriciated is $496,000.oo of that amount. How can I avoid the capital gains or at least reduce them. Ohio business

Capital gains on property [ 2 Answers ]

I have sold my property for 15 lacs.Valuation after indexation is 8 lacs of the property.I have invested 7 lacs in Rural electrification bonds(REC).The market value of the property is 25 lacs but 15 lacs is the maximum available for my property due to the construction and closeby surrounding...

Paying capital gains on land in a foreign country [ 2 Answers ]

I am about to sell my ranch which I have lived on the past 30 years in South America and retire. What will my taxes be to the U S government? I am a U S citizen.

Capital Gains Tax on Inherited Property [ 2 Answers ]

Good Day! My father-in-law recently passed away leaving a two family home to my wife and brothers-in-law. (No liens. No mortgage.) The home was purchased some 37 years ago for $43,000.00. The current appraised value is $525,000. Will they have to pay capital gains taxes on the property...

Capital gains/renting out property [ 1 Answers ]

I currently own a townhouse in MD and have lived there for the last 14 months. I would like to keep the property to rent out for the next few years and rent a home closer to my job in the meantime. (I plan on moving out of state in the next 3 years or so, so I don't want to buy another property)....

View more questions Search