California | Real Estate Law
Legal Question
i am 59 i will be 60 in july of 2012 i want to sell my house i am concerned about capital gain taxes. I will purchase a house with the money I get from the sale of my house.
Legal Answers
|
Read More Answered By: David Gibbs |
You really need to seek your own tax advice. The question of capital gains is one which you need analyzed based on your personal financial circumstances, and a free, online forum such as this is not the proper place to get tax advice upon which you can rely. For the rather nominal cost of consulting a tax attorney or CPA, you get the peace of mind of knowing whether or not you will have tax implications as a result of the sale.
*Due to the limitations of the LawGuru Forums, The Gibbs Law Firm, APC's (the "Firm") participation in responding to questions posted herein does not constitute legal advice, nor legal representation of the person or entity posting a question. No Attorney/Client relationship is or shall be construed to be created hereby. Further, information you provide to the Firm through this website is not confidential - it is available publicly to anyone visiting this website. The Firm shall have no obligation to keep the information you provide herein confidential in any context. The information provided herein by the Firm is general, and requires that the poster obtain specific legal advice from an attorney. The poster shall not rely upon the information provided herein as legal advice nor as the basis for making any decisions of legal consequence. As required by 11 U.S.C. §528, we must now disclose that, "We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. Assistance we provide with respect to Debt Relief may involve bankruptcy relief under the Bankruptcy Code." |
|
Read More Answered By: Timothy McCormick |
What is your concern about capital gains taxes? Will you have to pay them? Yes, if you have a gain. If it is your personal residence, whether you buy a new house with it or not is irrelevant, as is your age. You do, however, get a $250,000 exemption if you are single, or $500,000 if you are married. So if your gain is less than that you won't have to pay. If it is more than that you have to pay only on the gain over the limit. If it is a rental property, consult a good 1031 exchange company. You can defer any capital gains on rental property by doing a 1031 exchange. |
Top Attorneys in CA
Nelson & Lawless
Huntington Beach, CA
Questions Answered: 13885
Last Question Aswered on: 2012-05-25
Bryan R. R. Whipple, Attorney at Law
Tomales, CA
Questions Answered: 12211
Last Question Aswered on: 2012-05-25
Libris Solutions - Dispute Resolution Services
Walnut Creek, CA
Questions Answered: 10412
Last Question Aswered on: 2012-05-25
Lyle W. Johnson Attorney at Law
San Jose, CA
Questions Answered: 6614
Last Question Aswered on: 2012-05-18
Law Offices of Georges H. Shers
Union City, CA
Questions Answered: 6114
Last Question Aswered on: 2012-05-15
Law Office of Anthony A. Roach
Tarzana, CA
Questions Answered: 5434
Last Question Aswered on: 2012-05-16
The Gibbs Law Firm, APC
San Clemente, CA
Questions Answered: 2089
Last Question Aswered on: 2012-05-07
www.SelikLaw.com
San Diego And Las Vegas, CA
Questions Answered: 2000
Last Question Aswered on: 2012-05-18
Larry Rothman & Associates
Orange, CA
Questions Answered: 1596
Last Question Aswered on: 2012-02-27
Law Office Of Robert McCoy
Ontario, CA
Questions Answered: 1584
Last Question Aswered on: 2010-12-04
Search Questions and Answers


