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katherine
Apprentice
Joined: 22 Apr 2007
Posts: 2
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 Posted: 12/19/07 - 08:35 Post subject: |
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| I am interested to find out should we pay capital gains taxes for our home. We bought it last year after we sold the old one when we earned a bit because it was really nice and neat place and till now no one actually told us (we kept asking) what to do. What is the amount of the tax and are CG taxes deductible. I don’t want to end up paying penalties or losing our new home because of CG tax misunderstanding. |
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cinda
Apprentice
Joined: 21 Dec 2005
Posts: 4
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| Posted: 01/18/08 - 00:16 Post subject: |
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| CG taxes can be divided into two types: long-term and short-term. You own a house for a year and that makes your CG tax long-term. But the gain you reached from selling the old house is a subject to tax and I don’t know how no one told you that. Only capital losses on investment property can be deductible. I am not sure if you bought your new house by taking a mortgage because there is some deductible cases such interest and prepaid interest. |
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