Comments on: I live in 3 family home paid 115k refinance for 192k if i sell how much taxes do i have to pay, i dont work? http://www.refinance--blog.com/uncategorized/i-live-in-3-family-home-paid-115k-refinance-for-192k-if-i-sell-how-much-taxes-do-i-have-to-pay-i-dont-work Refinance Information and Deals Tue, 22 May 2012 16:24:44 +0000 http://wordpress.org/?v=2.7 hourly 1 By: Wayne Z http://www.refinance--blog.com/uncategorized/i-live-in-3-family-home-paid-115k-refinance-for-192k-if-i-sell-how-much-taxes-do-i-have-to-pay-i-dont-work/comment-page-1#comment-429 Wayne Z Sun, 18 Jan 2009 15:28:40 +0000 http://refinance--blog.com/other-taxes/i-live-in-3-family-home-paid-115k-refinance-for-192k-if-i-sell-how-much-taxes-do-i-have-to-pay-i-dont-work/#comment-429 How much you owe on the property is irrelevant. You really have two separate transactions: 1) The sale of the third you lived in which will probably be tax free. 2) The sale of the two/thirds you rented out which you will owe taxes on. The taxes are calculated on the difference between what you sold it for, less what you paid for it plus depreciation claimed between 2002 and 2006. This is a rather complex transaction. It is time to see a professional. How much you owe on the property is irrelevant.

You really have two separate transactions:

1) The sale of the third you lived in which will probably be tax free.

2) The sale of the two/thirds you rented out which you will owe taxes on. The taxes are calculated on the difference between what you sold it for, less what you paid for it plus depreciation claimed between 2002 and 2006.

This is a rather complex transaction. It is time to see a professional.

]]> By: T C http://www.refinance--blog.com/uncategorized/i-live-in-3-family-home-paid-115k-refinance-for-192k-if-i-sell-how-much-taxes-do-i-have-to-pay-i-dont-work/comment-page-1#comment-428 T C Sun, 18 Jan 2009 04:53:14 +0000 http://refinance--blog.com/other-taxes/i-live-in-3-family-home-paid-115k-refinance-for-192k-if-i-sell-how-much-taxes-do-i-have-to-pay-i-dont-work/#comment-428 You better sell it before the new congress gets in gear. All the tax cuts have been put in place by Republicans, and congress is now demo crate, so tax increases are coming. And about 40% You better sell it before the new congress gets in gear. All the tax cuts have been put in place by Republicans, and congress is now demo crate, so tax increases are coming. And about 40%

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