Capital Gains - Posted by Ben

import · January 18, 2007, 9:54am

Posted by King on January 18, 2007 at 17:26:15:

There is no recapture of depreciation on a primary residence.

import · January 18, 2007, 9:54am

Posted by Ben on January 18, 2007 at 10:54:49:

(Reposted from Lender’s Forum)

If I purchased my home 18 months ago for 300k with 5% down. And I sell today for 300k. I should have zero cap. gains, correct? Sorry if that is a dumb question. There seems to always be something I overlooked though. Thanks any input.

import · January 18, 2007, 5:05pm

Re: Capital Gains - Posted by Ben

Posted by Ben on January 18, 2007 at 18:05:17:

Thanks to all replies.

import · January 18, 2007, 2:53pm

Re: Capital Gains - Posted by David Krulac

Posted by David Krulac on January 18, 2007 at 15:53:45:

besides purchase and selling expenses, you also need to consider depreciation recapture. Since you’ve only owned 18 months the depreciaiton will be relative low. But if you owned a property for 30 years and sold for the same price as you bought it, you would still have a depreciaiton repature tax of 25% for Federal Income Tax.

import · January 18, 2007, 1:40pm

Re: Capital Gains - Posted by dealmaker

Posted by dealmaker on January 18, 2007 at 14:40:10:

No gain, no tax liability, no tax relief though (if you thought you’d get any-it’s not there on your residence)even though you’ll probably end up with a net loss after figuring in selling expenses.

dealmaker