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IbogaProject

(3,862 posts)
5. I am going to list some of the details
Mon Oct 3, 2022, 05:29 PM
Oct 2022

it might be a good year to hire a CPA. They may or may not be busy right now, as the extension deadline to file is October 15.

First you only pay tax on the Gain,
The original cost, plus closing costs are your 'cost basis'.
any major improvements or serious repairs, like new windows, replacing a roof. Smaller jobs like painting or light remodeling don't count.
then from the selling price you deduct any sales commissions, taxes and fees from the sale.
then your gross taxable profit is reduced by $250K if your single. finally there is a slightly graduated scheme in schedule D where the capital gain is taxed.
Estimated is due quarterly, but you only have to prepay 100% of last years liability each quarter, Or 90% of current estimate, which ever is lower.

https://smartasset.com/investing/capital-gains-tax-calculator

https://finance.zacks.com/calculate-capital-gain-selling-house-3027.html

Recommendations

0 members have recommended this reply (displayed in chronological order):

Are you married? SCantiGOP Oct 2022 #1
Single wryter2000 Oct 2022 #2
I think the range is from 0 to 20% SCantiGOP Oct 2022 #3
I think it also depends on whatever your total income is nitpicker Oct 2022 #4
Right wryter2000 Oct 2022 #6
I am going to list some of the details IbogaProject Oct 2022 #5
Thanks wryter2000 Oct 2022 #7
What did you pay for your house bottomofthehill Oct 2022 #8
Yes, I lived there for 25 years wryter2000 Oct 2022 #9
If you paid $295000 and sold for $395000 bottomofthehill Oct 2022 #10
Thanks wryter2000 Oct 2022 #11
Is not an official number but bottomofthehill Oct 2022 #12
Latest Discussions»Culture Forums»Personal Finance and Investing»Can anyone recommend an o...»Reply #5