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Capital gains tax

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Icon Mini Profile adamwest77





Joined: 04 Jun 2010

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Post Posted: Fri Jun 04, 2010 6:39 am    Post subject: Capital gains tax
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Hi, i live in west virginia. It is an anti deficiency state, meaning they cant sue you for deficiency. Will i have to pay capital gains tax if they sell it for less than owed?
Icon Mini Profile adamwest77





Joined: 04 Jun 2010

Posts: 2

1.40 Dollars($)
Post Posted: Fri Jun 04, 2010 6:51 am    Post subject:
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P.S. My house is currently close to going into forcosure..... forgot to include that
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

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Location: Nevada
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Post Posted: Fri Jun 04, 2010 11:29 pm    Post subject:
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Hi adamwest,

You will be liable for the capital gains taxes when you make a profit from the sale of the property. If there is no profit, you won't be liable for the capital gains taxes.

Thanks
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Post Posted: Sat Jun 05, 2010 3:34 am    Post subject:
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Thanks for the reply. But I will be able to discharge it under the mortgage debt relief act of 2007, under Principal Residence Exclusion, when i file my taxes, right. ??????
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