Capital gains tax

[mackdollar]

I sold my apartment last year for more than I paid for it. I am trying to figure out if I have to pay capital gains tax but I am totally confused by the information I've read.

Can anyone help me?

[bjl584]

How long did you own the property? If you own it for more than a certain amount of time and if it was your primary residence, then you may not owe any tax on it.

[maat55]

If it was your primary residence for two years, you do not owe tax.


[I]Generally, if you owned and used the home as your main home for periods totaling at least two years within five years ending on the date of these sale, you're eligible for the exclusion," says RIA's Trinz. "You look back at the last five years. Ownership and use may be at two different times. This would apply if you owned a home for five years, but didn't use it as your primary residence for that full period. For the first three years, you rented it and then moved into it as your main home for the final two before you sold it."[/i]
Read more: Capital gains home-sale tax break a boon for owners Capital gains home-sale tax break a boon for owners

[GrimJack]

I was going to post something about wickedly intelligent on this but my research tells me that I might be wrong because of all the conditionals so check out what the IRS says. maat55's link is even easier to understand

[jpg7n16]

All this is great if he lived in the US.

OP's location says 'UK' - if the apt was in the US, did you both own and live in it as your primary residence for at least 24 of the past 60 months?

If it's in the UK, you should probably check with an accountant in your area to see what the rules are regarding captial gains exclusions.


Though you should prob check with an accountant either way.

[chrisgayle]

Is UK is your residence place? If so,individuals who are resident or ordinarily resident in the United Kingdom are subject to a capital gains tax, charged at 18%. For people paying more than the basic rate of income tax, this increased to 28%. There are exceptions such as for principal private residences, holdings in ISAs or gilts. Certain other gains are allowed to be rolled over upon re-investment. Investments in some start up enterprises are also exempt from CGT.

[chrisgayle]

Is UK is your residence place. If so, individuals who are resident or ordinarily resident int he united kingdom are subject to a capital gains tax, charged at 18%. For people paying more than basic rate of income tax, this increased to 28%.There are exceptions such as for principal private residences, holdings in ISAs or gilts. certain other gains are allowed to be rolled over upon re-investment. Investments in some start up enterprises are also exempt from CGGT.

[chrisgayle]

Is UK is your residence place? If so, Individuals who are resident or ordinarily resident in the United Kingdom are subject to a capital gains tax, charged at 18%. For people paying more than the basic rate of income tax, this increased to 28%. There are exceptions such as for principal private residences, holdings in ISAs or gilts. Certain other gains are allowed to be rolled over upon re-investment. Investments in some start up enterprises are also exempt from CGT.