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This question is, tax expert. I want to sell the house with…

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This question is for Lev...
This question is for Lev, tax expert. I want to sell the house with my furniture in it. I bought the house for $500,000 with my wife and we lived in the house as primary residence continiously for more than 2 years. The house purchase price is $1,100,000 with the contents (I would like to include the contents in the purchase rather than writing a separate contract, as this is a private sales and no agent real estate fee involved, etc). The contents are worth $125,000. Will we be be subject to any capital gain tax tax or be able to claim $500,000k for the thouse itself as I beleive contents do not come into the calculation of the capital gain?
Do I have to sales tax on the sales of $125,000 of contents (The basis for the contents is higher than $125,000 thus I presume there is no capital gain for the contents). Do I need to have the value of the contents apparaised for IRS tax purpose? Do I need to specify anything special on the agreement when I sell the house with contents, except to say that I am selling "house with the contents".
Submitted: 2 years ago.Category: Finance
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Answered in 24 minutes by:
1/17/2016
Financial Professional: Stephen G., Sr Financial Expert replied 2 years ago
Stephen G.
Stephen G., Sr Financial Expert
Category: Finance
Satisfied Customers: 7,469
Experience: Extensive Experience with Tax, Financial & Estate Issues
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Evidently Lev is not available at the moment as your question was returned to the "Q".

If you would like a response now, I'd be happy to assist. Or, if you want to wait for "Lev", that is

perfectly acceptable also.

Steve G.

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Customer reply replied 2 years ago
I will wait for Lev, thanks
Financial Professional: Stephen G., Sr Financial Expert replied 2 years ago

OK, great, thanks for the comeback, I'll let him know, Steve G.

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