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  #1  
Old 06-09-2005, 06:38 PM
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Join Date: Jun 2005
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Capitol gains liability

What is the name of your state?California.Good day,thanks for the forum.I currently own a vacation property which i will have have owned for 1 year this September.I want to sell it,as it has appreciated a bit.According to my research my Fed liability will be 15% based on filing jointly with my wife,as our combined income is in the $50,000.00 range,and I seem to recall California tax will be 5% for a total liability of 20% Is this sound? Any insight would be greatly appreciated.Thanks again.Mark.
  #2  
Old 06-12-2005, 05:23 PM
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Join Date: May 2004
Posts: 41,373
Quote:
Originally Posted by Lewiston
What is the name of your state?California.Good day,thanks for the forum.I currently own a vacation property which i will have have owned for 1 year this September.I want to sell it,as it has appreciated a bit.According to my research my Fed liability will be 15% based on filing jointly with my wife,as our combined income is in the $50,000.00 range,and I seem to recall California tax will be 5% for a total liability of 20% Is this sound? Any insight would be greatly appreciated.Thanks again.Mark.
It definitely shouldn't be more than that. However, please remember that capital gains is only paid on the "profit"....selling price minus basis.
  #3  
Old 06-13-2005, 12:45 AM
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Join Date: Jun 2005
Posts: 2
Quote:
Originally Posted by Lewiston
What is the name of your state?California.Good day,thanks for the forum.I currently own a vacation property which i will have have owned for 1 year this September.I want to sell it,as it has appreciated a bit.According to my research my Fed liability will be 15% based on filing jointly with my wife,as our combined income is in the $50,000.00 range,and I seem to recall California tax will be 5% for a total liability of 20% Is this sound? Any insight would be greatly appreciated.Thanks again.Mark.
Would it not be a short term gain as the property was not held for a year? Maybe I misunderstand the situation but it will not be a year until this coming Sept, right?
  #4  
Old 06-13-2005, 08:46 AM
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Join Date: Jun 2005
Posts: 2
Thanks for the replys.I should have included the sale would be post September,so it would be over one year.Thanks again.
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