CraftWEB Hot Glass Talk  

Go Back   CraftWEB Hot Glass Talk > Hot Glass > General Hot Glass Discussion

 
 
Thread Tools Display Modes
Prev Previous Post   Next Post Next
  #26  
Old 06-12-2018, 04:01 PM
Pamela Sherwood Pamela Sherwood is offline
Registered User
 
Join Date: Aug 2015
Location: Palo Alto
Posts: 15
Pamela Sherwood is on a distinguished road
The shelter from capital gains for your primary residence is $250K for one person, $500K for a couple. You can take advantage of the tax shelter once every 5 years, provided its different residences - you can't accumulate more tax shelter by living in one house for 20 years.

The basis for calculating how much is "capital gain" is the excess value over what you paid, plus certain capital improvements (not maintenance). The federal rate is in the 25% range for long term capital gains, and states typically tack something on top.

The tax shelter for a dwelling not your primary residence is quite complex, and generally relates to rental properties, which can be sold without paying capital gains - as long as you reinvest in a "like for like" property.
Reply With Quote
 


Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is Off
HTML code is Off
Forum Jump


All times are GMT -5. The time now is 04:47 AM.


All published comments within these message boards are the opinions of its contributor and does not represent
the opinion(s) of the owner(s) of this website. Please see the Terms of Use file for more details.

Books to Help Artists Avoid Online Scams: Top 10 Email Scams | Social Media Scams

Powered by vBulletin® Version 3.7.2
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.
© CraftWEB.com. Opportunity Network. 2008. All Rights Reserved.