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Country Discussion Topics
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Need some advice gang
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James(Ga)    Posted 01-31-2005 at 16:39:05       [Reply]  [No Email]

Back in September i sold some land and got a good price for it,Now do i have to pay taxes on it or i do i have to put it into more real estate and do i have a certian ammount of time to do it in? I will be greatful for any advice. I did have a book on real estate laws but for the life of me i dont know where i put it or if i loaned it to someone and forgot. James

deadcarp    Posted 02-01-2005 at 00:06:30       [Reply]  [No Email]
i'll put a bug in your ear - 3 out of every 4 real estate transactions in this country are never reported as income. never. and the taxpayers still overpay by a billion/year. if the blind are really leading the blind, who's minding the store? :)

Peanut    Posted 01-31-2005 at 17:15:06       [Reply]  [No Email]
Steve and Archie are right. When you talk to an accountant, you need to ask about the capital gains laws surrounding a real estate transaction. Steve hit the nail on the head - the laws have changed in the last couple of years. We are wondering the same thing but with stock transactions. I am visiting the accountant real soon for answers.

If you don't have a taxman/accountant that does your taxes, you should be able to get a local one to give you advice for free or next to nothing. Ask a couple different ones the same questions. Compare the answers and make a decision.

Good luck.

PS - this is the busy time of the year for all accountants. Make your appointments as soon as you can - they are going to be hard to come by.

Steve/TN    Posted 01-31-2005 at 16:57:14       [Reply]  [No Email]
James, you will need to talk to an accountant on this. The capital gains laws have changed in the last few years. Once, you could avoid the capital gains taxes by investing in like-property within a year or so. I believe that this has been changed and not for our benefit. The tax will be about 20% of the profit that you made on the property. This does not take into account the inflation factor. I think it should.

Archie    Posted 01-31-2005 at 16:53:46       [Reply]  [Send Email]

Hi James I think i would talk to my tax man. Or maybe even a real estate lawyer. There is a lot of loop holes and you don't want the goverment coming back on you in a couple of years.if they ever catch you in a mistake where they came up short they will audit you for a while. That is no fun. Archie

ratface    Posted 01-31-2005 at 19:00:05       [Reply]  [No Email]
I probably will add to the confusion. You can exclude capital gains on a primary residence up to $500,000. Primary residence is a home you have lived in at least two years of the last five. The old rules for capital gains of residence where you had to buy a property of equal or greater value with the one time $125,000 exclusion are no longer valid. If this was just unimproved land I haven't got a clue. IRS website has information on this as well as I would search for something like capital gains unimproved property. The most important factor is if you resided on the property.

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