Capital Gains and Losses

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Capital Gains and Losses

I have rental property in Richmond, VA. I m 73 living in NC.

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I have rental property in...
I have rental property in Richmond, VA. I m 73 living in NC. Do I have to pay tax. If so how do I reduce the amount. Selling this year $125,000
Submitted: 2 years ago.Category: Capital Gains and Losses
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Answered in 24 minutes by:
9/4/2015
Tax Expert: CGassist.168, Accountant replied 2 years ago
CGassist.168
CGassist.168, Accountant
Category: Capital Gains and Losses
Satisfied Customers: 3,928
Experience: Tax Accountant
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Q1: Do I have to pay tax

A1: If you incur a gain from the sale of the property, yes, you will be required to pay capital gains tax.

Refer to page 4 of the document of the following link (Non-residents section):

http://www.tax.virginia.gov/sites/tax.virginia.gov/files/instructions/income-tax/2014/7632014instructions_1.pdf

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

Q2: If so how do I reduce the amount.

A2: If you do incur a gain, you can reduce the amount of the gain by adding qualified improvement costs to the cost basis.

You will incur a gain if the cost basis, plus the cost of qualified improvements is less than the selling price.

Let me know if you require further assistance with this matter.

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CGassist.168
CGassist.168
CGassist.168, Accountant
Category: Capital Gains and Losses
Satisfied Customers: 3,928
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Experience: Tax Accountant

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