Posted on: 17th Dec, 2006 08:02 pm
Is it possible to take advantage of the capital gain tax exemption of $250,000 for more than once? Supposing that one buys it in 1999 and sells in 2002 for $200,000 gains. And then again buys a property in 2003 and sells it in 2006 for another 200,000 gains?
Hi tucker,
If you received any profit from the sale of the property, then you will be liable for paying capital gains taxes on the profit.
Thanks
If you received any profit from the sale of the property, then you will be liable for paying capital gains taxes on the profit.
Thanks
Before selling our home in 2005 our property was split and we are now selling the land. We didn't have to pay capital gains at that time on the sale of our home. Do we now have to pay capital gains tax on the sale of the land and if so what would be the rate. I am a senior citizen with low income.
Hi susieq,
If you earn any profit from the sale of the property, you will be liable for paying the capital gains tax. You should contact a tax adviser and take his opinion in this regard.
If you earn any profit from the sale of the property, you will be liable for paying the capital gains tax. You should contact a tax adviser and take his opinion in this regard.
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