skip to Main Content
The smarter way
to do assignments.

Please note that this is just a preview of a school assignment posted on our website by one of our clients. If you need assistance with this question too, please click on the Order button at the bottom of the page to get started.

Do I have to pay capital gains tax on my primary residence?
I assume you never used this house for business or rental income. The short sale is not related to capital gains. Capital gains is the difference between the sale price of the house and your basis (generally your cost). If you have capital gains, you might be able to exclude these gains. If you have owned and lived in the house for two of the five years preceding the sale, and your gains are less than $250,000 ($500,000 if MFJ), you…

can exclude the gains. Otherwise, you may owe capital gains tax. The other tax involved is tax on cancelled debt. The cancelled debt is the difference between the outstanding debt on the house and the proceeds of the sale. You may be subject to income tax on the amount of the cancelled debt.

GET HELP WITH THIS ASSIGNMENT TODAY

Clicking on this button will take you to our custom assignment page. Here you can fill out all the additional details for this particular paper (grading rubric, academic style, number of sources etc), after which your paper will get assigned to a course-specific writer. If you have any issues/concerns, please don’t hesitate to contact our live support team or email us right away.

How It Works        |        About Us       |       Contact Us

© 2018 | Intelli Essays Homework Service®