I bought a fixer-upper. I never lived in it or rented it. I made many improvements and repairs to the property. I also incurred expenses when I sold the property about 8 months later. Where do I report the expenses and gains from the sale on my income taxes?
As a Canadian, if you buy a home and live in it for two months (as primary residence and first home purchase) do you have to pay capital gains on the resale profit?
Myself and my son (8) has moved into my parents house to build an annex on the side (it’s a corner plot bungalow) for myself and my son to live in, the reason for this is two fold, as there is no easy way for a single parent to get on the property ladder and also my father has had a couple of heart episodes and I need to be closer and on hand for my mums sake also, basically my parents are worried that to build the annex would mean putting the house deeds in my name because of the mortgage which would mean I could incur capital gains or inheritance taxes. Can anyone tell me the answer as i’ve looked around and seen so many different answers to this?!!! Help!
If you are in the UK, there is no CGT on your main residence. I assume you have lived in it continuously since you bought it.
EDIT: Are you then going to live in your holiday home? If so, it will become your main residence from the day you move in. Should you sell that in the future, some CGT will be payable – take advice when the time comes as there are many exemptions.
Okay, so the actual property belongs to my grandmother and she would like to know how much tax she will have to pay if she sells it. The people from real estate say she can get $450,000. I dont know if it matters or not, but she has owned this property for at least 20 years. Any help would be greatly appreciated.
Is it true that if you use the capital from the sale of an investment property and put that towards another property that you will not be taxed on the capital gains via tax? How does this work exactly?
And can you use the capital gains toward any type of property such as a primary residence or a second home or does it have to be toward another investment property to avoid paying capital gains tax on those proceeds?
If I were to purchase a property within a corporation ( llc, c corp, or s corp), and then sell the property in less than a year (flip it), then put the gain toward fixing up another property in the corporation, showing no net profit, do I still need to pay capital gain tax on the sale? My understanding is that with a corporation, you pay taxes on your net gain after your expenses. Does this rule also apply to taxation on capital gains?
I’m a first -time home owner, and I’m going to sell my primary residence less than 1 year from when I bought it. How do I know how much my property gains tax will be? When do I pay the tax? At closing when I sell or at a certain time of the year?
I remarried and moved out of my house four years ago. My son remained there until recently. Now I’m ready to sell the house, but do not know if the house would be considered a rental property, since he paid no rent, or would it be considered to have been occupied by me? I am concerned about capital gains taxes, since I have owned the property since 1983.
I’ve watched several Property Ladder progs on UK TV (and a few others) and they watch someone buy a house, refurbish it, sell it, then say what their profit is. Not once have they mentioned capital gains tax as it wasn’t their home… Has something changed? Can you now buy, refurb andsell a house you dont live in and avoid CGT? Sensible answers only plse as I really want to know..
