Capital gains exemption on home sale

    • [DOC File]State of Washington

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      (a) Capital Gains, except the portion of gain that resulted from the sale of your primary residence and was reinvested in a replacement primary residence, (b) Amounts deducted for loss, (c) Amounts deducted for depreciation, (d) Pension and annuity receipts, (e) Military pay and benefits other than Attendant-Care and Medical-Aid payments,

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    • [DOC File]Deferral Application for Homeowners with Limited Incomes ...

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      1040-A or EZ B. Yes No Did you have capital gains that were not reported on your tax return? Do not add the gain from the sale of a primary residence if you used the entire gain to purchase a replacement residence within the same year. Do not use losses to offset gains. Sch D. Form 4797 or 6252. Other C.

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    • [DOC File]Handouts for Consumers from REALTOR® Magazine Online

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      This is your capital gain. A Special Real Estate Exemption for Capital Gains. Since 1997, up to $250,000 in capital gains ($500,000 for a married couple) on the sale of a home is exempt from taxation if you meet the following criteria: You have lived in the home as …

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    • [DOCX File]Outline of chapter

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      remove the entitlement to the capital gains tax (CGT) main residence exemption for foreign residents; and modify the foreign resident CGT regime to clarify that, for the purpose of determining whether an entity’s underlying value is principally derived from taxable Australian real property (TARP), the principal asset test is applied on an ...

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    • [DOC File]Capital Gains Tax - AAT

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      Capital Gains Tax of course applies to gains on most assets which are held long term. The tax is worked out on the difference between the sale proceeds and the base cost. The base cost will be the actual cost but if the asset was held on 31st March 1982 it will be the March ’82 …

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    • Accountants | Somerset, Devon and the Southwest | Lentells

      DISPOSAL OF MAIN RESIDENCE OR SECOND HOME. Introduction . One of the most valuable tax reliefs for an individual is the exemption from Capital Gains Tax (CGT) which applies on the sale of the person’s own home. Any gain on disposal is exempt, and any loss is nonā€relievable. The above represents the bare bones of the relief.

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    • [DOC File]When Does a Home Sale Trigger a Big Tax Bill

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      There's a good chance you won't have to pay capital gains tax at all, and even if you do, it's still likely that you'll walk out a winner. Here's why. Thanks to a 1997 tax law, married couples that live in a house for two out of the prior five years are excluded from capital-gains taxes for the first $500,000 of profit.

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    • [DOC File]Capital gains home-sale tax break a boon for owners

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      CAPITAL GAINS HOME-SALE TAX BREAK A BOON FOR OWNERS It's your gain, or profit, that determines the size or lack of a tax bill. In fact, you can sell your house for $1 million and still not owe Uncle Sam as long as the profit portion was not more than $250,000 or …

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    • [DOC File]Capital Gains - Tax Prophet

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      A. Capital Gains. 1. New Rates. a) The capital gains tax rate for individuals, estates and trusts is reduced from 28% to 20% for assets sold after May 6, 1997, and held longer than 18 months. (1) Collectibles such as artwork, trading cards, stamp collections, memorabilia are excluded from these lower rates.

      capital gains on real estate sale


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