Posted by Dave T on March 06, 2003 at 17:56:49:
A homeowner’s primary residence is not eligible for a 1031 exchange.
Tax question~NEED HELP~ - Posted by Jay
Posted by Jay on March 05, 2003 at 15:14:35:
Hello, If I sell my property, I’ll get $48,000 over what I paid. I’ve only owned/lived there for 7 months. What will be the taxes I’ll have to pay (I’m in Oregon)? I’ll have to pay State and Federal right? What percentage can I expect to pay? Our other income is only $15,000 this year if this helps. Thanks, Jason
Re: Tax question~NEED HELP~ - Posted by Michele (OR)
Posted by Michele (OR) on March 06, 2003 at 10:56:51:
Yep…they are right! State and Fed! If you are just considering selling, I would live in it for at least another year and half. Perhaps, I should be asking why are you considering to sell it? Do you have to move? Or just need the cash out?
Michele (OR)
Re: Tax question~NEED HELP~ - Posted by Jim (MD)
Posted by Jim (MD) on March 05, 2003 at 20:48:34:
Can you wait another year and five months to sell it? If you sell it after you have lived there for at least two years, you will not have to pay any capital gains tax.
oh so sorry to say but you’re SOL… - Posted by David Krulac
Posted by David Krulac on March 05, 2003 at 19:25:46:
and will owe to Feds, probably 28% to the Fed, or about $13,000.
Re: Tax question~NEED HELP~ - Posted by Bill
Posted by Bill on March 06, 2003 at 16:14:45:
You can do a 1031 Exchange. You have a certain amount of time to reinvest into another RE property.
Re: Tax question~NEED HELP~ - Posted by Jay
Posted by Jay on March 06, 2003 at 13:57:37:
I don’t need to sell. I don’t need the cash. I’m just selling because it’s a good profit. There’s alot of things I could do in a year and a half with $36,000.