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 Homebuying Help!!!?
I live in the Cleveland, OH area and I want to purchase a home within the next few months. I make a decent amount of money and have my down payment as well as money offered through my job for first ...

 how long does tenant have to sign new lease with new owners.?
lease has expired with old owners,now have new owners beginning july 1, 2007....

 PLEASE HELP! The apt. I am suppose to move into 2day is a DISASTER!!?
I signed the lease, they gave me my keys & that "move in" inspection report form that you fill out and return within 48hrs. So, I went over last night to run through the checklist, ...

 How do I find history on the property my house is built on?

 I live in cook county illinois. how do I evict a person staying with my sec 8 tenant without my consent?

 Can a tenant legally withhold rent because they claim that repairs need to be made in the apartment they are r
The apartment in located in Queens, New York. The tenant signed a one year lease; there is four months left to the lease. Every month since moving in the rent has be extremely late and paid out ...

 I have a friend who is canadian citizen. Can he and I jointly own a house in Florida? Where can I the get info

 Question about suburbs in Melbourne Australia...?
With a budget of Au$400-500k where would you buy a house for a family of 4?...

 Can you get a mortgage if you are still paying off student loans?
The loans are always paid on time, but there is still a couple more years to go. I'm not hurting for money and there is enough saved up for a down payment and I can afford the monthly payment ...

 where can you find houses for rent in illinois?

 Any suggestions, advice or cautions from those who've used a VA guaranteed home loan ?
I'm also a first time home buyer, thank you....

 Mortgage options in CA and TX?
I am debating buying in the So Cal market (where I currently rent) or move and buy in San Antonio, TX area. I want to get pre-approved for a loan so I know what my options are. Will I need ...

 real estate legal costs ?
Has anyone used a Real Estate Lawyer to sell their home "by owner"? About how much did the lawyers services cost and was it worth it?...

 Renter's Rights?
There is more to the story. She has used the grounds that she presented my checks for payment., and they were NSF. Well of course they would be., I had just pulled the money out of my bank on Wed, ...

 Can I break my apartment lease for good reasons?
I just entered into a lease two months ago, and have some problems. When I was looking at the apartment, I was told that I had air conditioning and how much it would cost to run it, there is no ac, ...

 dha lahore latest balloting result for National ID # 915060-105500-5?

 Are there any homeowners associations in Nebraska?

 where to move in richmond, virginia?
i need a cheap part of town that isn't too dangerous. the churchill area was suggested. any ideas on areas to look for places to rent?...

 I have a 628 Experian Score, What kind of interest rates should I be thinking about?
I want to buy a condo soon. What kind of interest rates should I be factoring?

 what is a heloc ?

artic ranger
If I inherit a house and sell it later,do I pay capital gains?

I believe the value of the house at the time you inherit it becomes your cost basis. The value at the time you sell will determine if you have a gain or a loss.

Yeap, you do!!!!!!!

Yup. Here in Canada, it would be on your next income tax returns.

If the house was covered under the estate tax exemption, the value of the home when you received it will be your cost basis. If it has gone up let's say $10,000 since then, you will pay capital gains taxes on that $10K. Just remember, if this is within 2 years, you will pay a higher tax rate - this is called short term capital gains, I believe this rate is whatever income tax bracket you are currently in. If it's after 2 years, it should be long term capital gains, and I believe that rate is 15% (on the gain).

You can avoid this by doing a 1031 tax deferred exchange and purchasing a like-kind investment after you sell this home. There are time periods you must meet, so you need to speak to your CPA. The good thing is that, after 5 years of ownership of the new property, and at least 2 years of living there as your principal residence, you can use this as a principal residence sale and have an exemption up to $250K in gains for a single person.

Another idea is to move into this property and live there for at least 2 years for the same exemption.

Write if you have more questions at sean@rmfa.com.

Good luck!


momma dog
Depends, if you use your profits to buy another house within, I believe, 2 years, no. Check the IRS website for time limit.

If you don't purchase another house, then yes.

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