How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask CGassist.168 Your Own Question
CGassist.168
CGassist.168, Accountant
Category: Capital Gains and Losses
Satisfied Customers: 3444
Experience:  Tax Accountant
58285678
Type Your Capital Gains and Losses Question Here...
CGassist.168 is online now
A new question is answered every 9 seconds

Anyway i can find out what the capital gains tax amount to

Customer Question

anyway i can find out what the capital gains tax amount to be paid after the sell of my condominium in emerald isle nc and how to reduce amount?
Submitted: 10 months ago.
Category: Capital Gains and Losses
Expert:  CGassist.168 replied 10 months ago.

1) You must first determine if you are actually going to incur a gain. You start with the cost basis, which is the original cost of the property plus qualified improvements. If the cost basis amount is more than the selling price, then you have incurred a loss. If the cost basis is less than the selling price, then you have a gain. If you do have a gain and you don't qualify for the home sale exclusion, the capital gains tax will likely be 15% unless you are in a high income bracket, then it will be 20%. For more detailed information regarding gains, refer to the following IRS webpage:

https://www.irs.gov/taxtopics/tc409.html

2) If this was your primary residence and you meet the residence and use tests, you will qualify to exclude up to $250,000 of the selling price if your filing status is single. If the condo is your primary residence, you likely won't have a gain. Refer to IRS Pub 523 for more detailed information regarding the home sale exclusion.

Link to Pub 523:

https://www.irs.gov/pub/irs-pdf/p523.pdf

--------------------------------------

Let me know if I can be of further assistance to you regarding this matter.

Related Capital Gains and Losses Questions