USTaxForum
Hope to provide basic knowledge about US tax system.
博文
(2006-11-19 06:56:40)
TheBestTaxShelteraround—yourPersonalResidence!Ifyou’reahomeowner,UncleSamhasthrownyouataxshelterthat’sbeyondcompare.YoumaydeductthemortgageinterestpaidonyourannualtaxreturnanddeductthepropertytaxesonyourScheduleA.Ifyoudon’tcurrentlyownahome,thistaxbenefitissignificantenoughtomakeyoulookseriouslyathomeownership.“Points”Theconceptissimple,butitstartstogetalittlemorecomplicatedwhenyouaddin“poi...[阅读全文]
(2006-08-26 12:29:18)
Question:IwanttosellmyhomethatIhavelivedinfor5years,doIneedtopaycapitalgaintax?
Answer:Ifyouhaveownedandusedthepropertyasprimaryresidencefortwoyearsduringthefiveyearwindowsendingonthedateofsale,youcanexcludethegainupto$250,000forsingle,MFS,$500,000formarriedfilingjointly.Youcanexcludethegainonlyonceeverytwoyears.Capitalgaincalculation:capitalgain=sellingpricelesssomeclosingcostsandsettlementco...[阅读全文]
Answer:Ifyouhaveownedandusedthepropertyasprimaryresidencefortwoyearsduringthefiveyearwindowsendingonthedateofsale,youcanexcludethegainupto$250,000forsingle,MFS,$500,000formarriedfilingjointly.Youcanexcludethegainonlyonceeverytwoyears.Capitalgaincalculation:capitalgain=sellingpricelesssomeclosingcostsandsettlementco...[阅读全文]
(2006-08-12 18:24:01)
Question:IsthecapitalgainstaxonaprimaryresidencethatI'veownedforlessthantwoyearsprorated?
Answer:Itispro-ratedonlyifyoumeetaqualifyingexception.Seebelowforhowtoapplytherules.
UnderIRCSec.121ifasofthedateofsaleyouhaveownedandusedapropertyasyourprincipalresidencefor24outofthelast60months,thenyoucanexcludeupto$250,000ofgain($500,000ifmarriedfilingjoint)iffilingasingleorMFSreturn.
Ifyouhav...[阅读全文]
Answer:Itispro-ratedonlyifyoumeetaqualifyingexception.Seebelowforhowtoapplytherules.
UnderIRCSec.121ifasofthedateofsaleyouhaveownedandusedapropertyasyourprincipalresidencefor24outofthelast60months,thenyoucanexcludeupto$250,000ofgain($500,000ifmarriedfilingjoint)iffilingasingleorMFSreturn.
Ifyouhav...[阅读全文]
