How Are Captol Gains Calculated For Pre-construction
I bought a house in pre-construction phase, It will be completed by Mar05 and now the same houses are going for 70k more than i bought, If i sell it and take the 70k out how much should i pay in taxes assuming the closing is simultaneous.
Also i recently changed my employer so can i get any exemption on taxes if i say i sold my house because of change in my employment.
Sugesstions welcome...
Quote:
On 2004-12-17 14:20, srganesh wrote:
I bought a house in pre-construction phase, It will be completed by Mar05 and now the same houses are going for 70k more than i bought, If i sell it and take the 70k out how much should i pay in taxes assuming the closing is simultaneous.
Also i recently changed my employer so can i get any exemption on taxes if i say i sold my house because of change in my employment.
Sugesstions welcome...
It sounds like you will have to claim it as ordinary income or short term capital gain and pay taxes accordingly. Your change of job should be of no consequence as this was never your primary residence.