I'm selling a two family house that I haven't lived in for a number of years. What is the capital gains
percentage on the capital gain on that? Is the Affordable care act surtax of 3.8% added to that ? (house will be selling at $425,000, purchased at $59,000 in 1970.)
If so, is it calculated on the capital gains or on the sales
of NJ, is there a real estate transfer tax
I've had a number of improvements done on the house since 1970: finish basement, bathroom in basement, french drains, sump pumps, etc. These were done by family members, and I have no receipts. Can I calculate the costs in materials and labors from that time? Or do they increase with inflation like the house did?
i know the recent improvements of having the house sided, and getting a new roof are deductible
as they were within a year of selling.
I anticipated selling the house two years ago, at which time i had the first floor apartment completely painted, and several floors refinished. Are these costs deductible from the capital gained?
Do jobs such as tree removal, and sidewalk straightening done in the past year ($4200) count as improvements?