#gains

Husband and I moved on military orders. We sold our house without owning 2+ years. Do we owe Capital Gains Tax?

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Husband and I moved on military orders. We sold our house without owning 2+ years. Do we owe Capital Gains Tax? My husband is active-duty army. We moved in June on hard military orders to a new state. We are currently renting since this station is very temporary and will be moving again this spring. We purchased our home in North Carolina December 2022 and sold this past June 2024. Just under the 2 year mark that dismisses capital gains tax. After sellin…

Reddit Personal Finance 394 2024-12-13

Capital gains on sale of a gifted house

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Capital gains on sale of a gifted house My mother transferred the deed for her house to me for $1 in 2004. I just sold the house for $275,000. Is capital gains tax calculated from the house’s value in 2004 to the 2024 sale price, or from $1 to the 2024 sale price? If the former, how is the value of the house in 2004 determined? submitted by /u/mpompe

Reddit Personal Finance 736 2024-12-02

Inconsistent income, stock market gains, health insurance question!

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Inconsistent income, stock market gains, health insurance question! So for 2024, I earned around $20,000 up to August, but hit it off big on short term captial gain in the stock market and will estimate by end of December have a total income of $60,000 to $70,000. I was told since I’m in medicaid I should report this sudden change but I’m not planning to use it any time soon, so it’s ok to report it next year? N…

Reddit Personal Finance 1.0k 2024-12-01

Capital gains tax question- I promise I googled first!

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Capital gains tax question- I promise I googled first! Hello friends of Reddit. I’m hoping someone can help me answer this question. I’m helping my mom sell a piece of property and I’m pretty confused about what her tax liability will be. The property is not her main residence, it’s a rural piece of property that had a hunting cabin on it that really is no longer being used. It was never rented out….

Reddit Personal Finance 539 2024-11-23

WhatsApp Gains Voice Message Transcripts

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WhatsApp Gains Voice Message Transcripts Popular Meta-owned messaging app WhatsApp today announced a new transcription feature that’s designed to provide you with a transcript of a voice message received from a friend or family member. WhatsApp says that voice message transcripts are designed for instances when you’re in a loud place and can’t stop to listen to a traditional voice mes…

Mac Rumors 817 2024-11-22

Would I owe capital gains tax in this case?

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Would I owe capital gains tax in this case? I will soon inherit a rent house from my father, who recently passed, in a city about 6 hours away from me (Texas). When initially purchased by my father last decade, its purchase price was roughly $45K. My father rented this unit out all these years and, in fact, it still has a tenant. Once the deed is transferred to me, if I choose to sell it …

Reddit Personal Finance 623 2024-11-21

Capital gains home sale exclusion

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Capital gains home sale exclusion We lived in our house for 5+ years and moved 1.5 years ago. We’ve kept the old house and have been renting it out but now plan to move back to the old place while we undertake an extensive renovation. I’d estimate we will be back in our old house for 1 year during the construction. After that we’ll sell the rental and move back to our new spot. …

Reddit Personal Finance 395 2024-11-12