Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 04-01-2015, 12:02 PM
Junior Member
 
Join Date: Apr 2015
Posts: 1
Property Sold And Bought New Properties

Hi,

I have a question about my income tax. I sold a property last year and with that money I received from sold property I bought couple new properties. I also paid off my remaining mortgage of my house that I live in. Now I do not have any money left as all of the money I received from selling the property I reinvested in the properties (bought new properties). How do I file this on my income tax? What forms do I need to attach to my income tax? thanks for your replies.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 04-01-2015, 09:22 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
Quote:
Originally Posted by [MZ] View Post
Hi,

I have a question about my income tax. I sold a property last year and with that money I received from sold property I bought couple new properties. I also paid off my remaining mortgage of my house that I live in. Now I do not have any money left as all of the money I received from selling the property I reinvested in the properties (bought new properties). How do I file this on my income tax? What forms do I need to attach to my income tax? thanks for your replies.
what kind of pty did you sell? Rental pty? If it is then, you must recapture the unrecap sec 1250 depre taken as depreciation in the past years and it is taxed as ordinary income at 25% aslongas your tax rate is 25% or higher. If your marginal taxrate was 10% then it;d be taxed at 10%, if your marginal tax bracket is 15% then it ‘d be taxed at 15%. After you subtract the remaining long term capital gains’d be sec 1231 gains so UNLESS your tax bracket is 25% or higher, our long term sec 1231 gains’d be taxed at 0% if your tax bracket is 25%^ or higher thern it’d be taxed at 15%.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
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

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
What is the potential tax liability for a properties sold outside the US Geek1974 For 2014 0 01-19-2015 09:55 AM
paid transfer tax deduction on property bought in Spain Estepona Itemized Deductions 1 02-02-2014 06:13 PM
How does the IRS treat the gains from Flipping off mulitiple foreclosure properties bought and sold within a short period of time? TaxGuru Capital Gains 0 12-29-2010 03:01 PM
MD LLC bought/sold townhouse in DC - do I file MD tax forms, DC tax forms, or both? Susan Limited Liability Company 0 02-05-2009 10:54 PM
How to report Loss- Stocks Bought in Dec 2006, sold in Feb 2007.. pruthik_21 Capital Gains 3 02-05-2008 04:49 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.