Capital Gains and Losses
Capital Gains Tax Questions? Ask a Tax Advisor for Answers ASAP
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Answered in 1 day by:
7/25/2011
jgordosea, Enrolled Agent
Category: Capital Gains and Losses
Satisfied Customers: 3,161
Experience: As an Enrolled Agent you can be ensured of my competence in income tax matters.
VerifiedGreetings,
You are correct that since you did not own and occupy either of the proeprties as your primary residence for at least two of the five years prior to sale that you haev to pay capital gains tax if you were to sell either of them.
In regard to one or the other it is not the loan balance but your cost basis that you can use to compare whether one sale will result in more of less tax than the other. Your cost basis is your purchase price plus expenses of buying plus improvements less depreciation claimed. The amount that the sales price (less selling expenses) is more than your cost basis is the gain on the sale.
State income tax may be a consideration if there is a gain on both sales. Washington has no state income tax and California will tax capital gain the same as it does for ordinary income at 9.3%
Please ask if you need clarification.
Thank you.
jgordosea, Enrolled Agent
Category: Capital Gains and Losses
Satisfied Customers: 3,161
Experience: As an Enrolled Agent you can be ensured of my competence in income tax matters.
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