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If you buy a home for 100,000 dollars and sell it for 150,000, do you have to pay Capital Gains Tax on the 50,000 you gained. ?

Posted - June 23, 2018
Tag : Property Gains Tax

Responses


  • 14795
    Not if its your only residence in England......if you brought a house for £ 30,000 pounds in Hackney east London just under a mile from the Bank of England in the City today it's worth 3 million pounds plus now and there is no Capitail Gains payable....it's only three bedroom and no off street parking ....it's also not a real desirable area.....There are loads of gangs that still live there ,although the area has improved somewhat...
      June 23, 2018 4:00 PM MDT
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  • 13071
    You have  gangs? Im not sure if here in America, you have to pay 40% of what you gained on the house, Even if its your only residence. But i could be, and probably am, wrong. ;)
      June 23, 2018 4:09 PM MDT
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  • 14795
    There are gangs still in all major cities in England....Many all over north ,east ,west London and the same in south London across the Thames River....many are extrealy violent and are in to all criminal acts....

    If you live in a £1,000,000 house and buy another for £100,000....months later sell the more expensive one ,you will pay capital gains on the million pound house...of £400,000........far better to sell your home and then buy another....you pay nothing then...
      June 23, 2018 4:28 PM MDT
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  • 13071
    They want to be the only ones to have money in the whole world. 
      June 23, 2018 4:32 PM MDT
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  • 14795
    Easier to steal than to work.....There are some really evil kids in London...14/15/16/17 and when they reach 18 they are screwed and get imprisoned as adults...
    The young one steal scooters  and do the most outrageous things that I don't want to broadcast on here.....they ruin peoples lives for sometimes just a phone... 
      June 23, 2018 4:45 PM MDT
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  • 13071
    The world is going to hell. We are living history right now in end times. Are these evil kids of london crack heads or stoners?
      June 23, 2018 4:49 PM MDT
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  • 14795
    They are alsorts ...Some do it to finance there needs ,others as a way of making easy money...

    Drugs take there toll on any family ,good or bad....
    Why people start ,I just don't know....The end results are there for everyone to see on a daily basis...Walk about anywhere in London and you can spot junkies everywhere ...:( 
      June 23, 2018 4:56 PM MDT
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  • 32700
    No, not at that level of a sale on a house.  There is an limit on the exemption but it is way higher than $50,000
      June 23, 2018 7:12 PM MDT
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  • 3523
    Not if you have lived in it for two out of the most recent five years (USA).
      June 23, 2018 8:18 PM MDT
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  • 5614
    Methink the government is working on a yes answer if the answer is no.
      June 23, 2018 10:22 PM MDT
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  • 13260
    If it was your primary residence for two of the previous five years, the first $250,000 of gain (sale price minus adjusted basis) is exempt from capital gains tax.
      June 23, 2018 10:38 PM MDT
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  • 17404
    Yes, if it was not your permanent home.  If it was your home for two years and it sold for 250,000 or less, no.  

    I do not know how this might have changed with the new tax law effective this year.
      June 24, 2018 3:36 PM MDT
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  • 22891
    anything is possible
      June 29, 2018 2:52 PM MDT
    0