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My sister and I just recently sold a lake property sold that

 

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My sister and I just recently sold a lake property that we have owned for 25+ years. It is a 3-season home, and was only used by the two of us off and on during the summers. If our income tax bracket is 15 % or below, do we have to pay capital gains taxes on the sale?

Submitted: 319 days and 4 hours ago.
Category: Capital Gains and Losses
Value: $30
Status: CLOSED
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Expert:  PhillipB EA replied 319 days and 3 hours ago.


PhillipB EA :

Hi, Thanks for using JustAnswer.com

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Expert:  PhillipB EA replied 319 days and 3 hours ago.

For 2012, the 0% capital gains rate will apply if you are in the 10 - 15% tax bracket. You will still need to report your individual portions of the capital gain on your individual tax returns, but you most likely will not owe any tax related to the sale.

Expert TypeAccountant
Category: Capital Gains and Losses
Pos. Feedback: 96.0 %
Accepts: 33
Answered: 6/16/2012

Experience: Enrolled Agent with 8 years experience in tax return preparation, representation, and taxpayer consultation

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