a house and your going to sell it for more than you owe. Tax
wise, what does this mean? Will this hurt you or will you be able to
benefit from the capital gains. Well you may be surprised to find out
that you may not have a to pay taxes on those capital gains, you may
actually be relieved from paying taxes. All of this relies on your tax
professional, his advice and if....
- You owned and
lived in the house as your primary home for at least 2 out of the
last 5 years.
- Your gain was
less than $250,000 (or $500,000 married filing jointly).
- You've not sold
another primary residence in the past 2 years before the sale.
- You have not
depreciated your home while using it in a business or rental activity.
- If you do not
meet any the above conditions, then you may have to pay taxes on part
of your capital gain.
reading for more information on "Tax
Issues" that you will need to know about in order to be
better prepared for a California Mortgage Loan!
Use our quote
form, a mortgage feature on California Mortgage & Home Equity
Loans, Co. to locate a lender in your area offering the mortgage
product that best suits your needs. The independent lender you select
will work with you to help find a low-cost mortgage that meets your
needs. Apply today!