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How much time do I have before having to file capital gain…

How much time do...

How much time do I have before having to file capital gain taxes on the sale of rental property (12 months, 18 months). Can I avoid taxes by reinvesting in another property?

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Sold rental house for $200,000, paid $85,000 30 years ago.

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Answered in 6 minutes by:
3/20/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,115
Experience: Taxes, Immigration, Labor Relations
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how much time do I have before having to file capital gain taxes on the sale of rental property (12 months, 18 months).

The sale transaction is reported on the tax return for the year when the sale is completed.

If the sale was in 2017 - the tax return is due Apr 17, 2018.

any additional tax liability is due by thw same date.

Can I avoid taxes by reinvesting in another property?

Not avoid - but defer - yes that is possible.

Section 1031 allow to defer taxable income when proceeds are used to purchase another like-kind property.

But this section have very strict rules - for instance you should not receive proceeds - and the money should be held by the third party.

Questions?

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Customer reply replied 3 months ago
what is the tax rate for capital gains?

Depending on your other income

it may be zero percent, 15% or for those in highest tax brackets - 20%.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,115
Experience: Taxes, Immigration, Labor Relations
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