Small business,such as local business,personal finance,credit and real estate.
If a 2nd home in a family trust is sold, do I have to pay tax on the gain from when it was bought, or when?
23Mar2008 Filed under: CorporationsQuestion:
This is in reference to a second home that is used for a vacation home and the title is in a family trust. If it is sold the capital gain tax would be substantial if the basis is from when the house was originally bought. It was put into the family trust in 2004, and an appraisal was made at that time.
Answer:
I would contact a tax professional.
You might have to pay capital gains tax if it is not your primary residence, but I DO NOT KNOW. I would contact a tax professional.
Resource related business question and answer:
Ask House Sale Taxes Questions
... 2nd house. my mother quick claimed the house she owned to me and my sister, after her death we sold the house. My sister bought a second home ... do the taxes said we don't have to pay tax... We bought ...'I just bought your hard drive' - The Red Tape Chronicles - MSNBC.com
... regardless and should have to pay ... I trust know one when it comes to personal info on my family and friends I might have in my computer. ... When you sell your home do you ...People Also View other Questions
- retire sell home for gain,buy new home,is the roll over in new home exempt from cap gain tax?
- Has capital gains tax law changed regarding living in a home for 2 years and being able to sell w/no tax owed?
- What would my capital tax gain be on $200,000.00 profit from the sell of my vacation home owned 3 yrs?
- Withholding on the sale of investment property?
- What is the guideline for paying capital gain when you cash out a mutual fund?
- Propert gain tax related?
- Do I have to pay capital gains on the sale of a house if I lost my job and collected unemployment and moved?
- Any tax experts around?
- In Canada can interest and taxes be added to the ACB of a parcel of land when for 15 years there was no income
- If I lived in a house over 2 years and sell it for a profit, can I keep all the gain tax-free?
About Business Question & Answers
All business info,here are more and more business questions and answers,you will find some information about small business.Also not only you can ask someone to settle your small business problems but also you will give some answers what you have known.Of cource,please be kindly noted: our site is a plat for yours,small business questions and answers in our website are offered by user.
Answer This Question