Capital gains are profits that from capital assets stocks, bonds or real estate. A capital gains tax can be levied on these profits. Find helpful articles, videos, blog posts and radio shows about capital gains and the types of transactions that involve capital gains.
Primary House Tax Break
Primary House Tax Break Wife's name isn't on the deed. Can they still enjoy the full $500,000 primary house tax break? Q: I have a question about the primary residence tax break. I am selling my primary home in Chicago that I’ve owned for about 30 years. I owned another property in another state and [...]
Calculating Capital Gains
Calculating capital gains on sale of a home is tricky. Especially if you've made improvements to the property. Not everyone enjoys calculating capital gains on the sale of a home. It requires keeping close track of the cost of improvements made to the property over the years. Over the past few weeks, we’ve fielded a [...]
How Do I Avoid Capital Gains Tax for Jointly Owned Property?
How do I avoid capital gains tax for jointly owned property? This reader wants to know how best to go about using the home sale exclusion when they sell the property. Q: My wife and I own our home jointly. The home has appreciated substantially in the 25 years we have owned it to the [...]
How Do I Avoid Capital Gains Tax on the Sale of a Second Home?
How do I avoid capital gains tax on the sale of a second home? This reader sold their second home and wants to know how to reduce capital gains tax. Q: I sold my second home last year. I had owned that home for many years. I bought a new one at a higher price. [...]
How to Avoid Paying Capital Gains Tax on Inherited Property
How to avoid paying capital gains tax on inherited property. Minimize the potential tax consequences of transferring property from parent to child. Q: I have a question about a recent answer you gave to a reader. The question relates to a daughter that acquired her share of the home from her mom while her mom [...]
How Are Capital Losses Deducted?
How are capital losses deducted? This reader wants to know how to go about claiming long-term capital losses on income taxes. Q: My wife and I sold two adjacent properties via quit claim deeds this year. We originally bought the properties in 1994 for $20,000, ($10,000 each) as an investment. We thought we’d build rentals [...]
How Capital Gains Tax on the Sale of a Property Held in a Trust Works
How capital gains tax on the sale of a property held in a trust works. This reader wants to know if they can claim a capital loss on the sale. Q: I enjoyed your column in the Washington Post. I am trustee of my father's trust. Upon his death, his 50 percent interest in the [...]
How Do I Get Rid of PMI on My Mortgage?
How do I get rid of PMI on my mortgage? What can you do if you don’t want to pay private mortgage insurance on your mortgage loan? Q: I appreciate your articles and landed on your site after reading your article on prepaying your mortgage. I have a question for you about mortgage loans, private [...]
Automatic Extension for 2003 Tax Return
If you still haven't filed your 2003 tax return, you're running out of time. Your automatic tax extension is almost up.
Avoid Capital Gains Or Gift Tax On Real Estate Investment
What's the best way to pass a second home on to heirs? If you don't want to pay capital gains tax on a sale or a gift tax you should give your heirs an ownership share of the home gradually. If you give an amount of the real estate investment equal to the amount that's not subject to gift tax you can avoid gift tax. Right now you can give people up to $13,000 a year tax-free. That protects everyone from paying capital gains tax or gift tax on this real estate investment.