We are selling a commercial building and will make a profit. The profit will only be about $100k, does this fall under the $250k/$500k tax exemption, or is that just for home sales? Can we avoid capital gains tax by reinvesting it in a second home we rent out? What is the time limit of renting before we can live in it as a primary residence?
Posts Tagged ‘Avoid’
How do I avoid Property Gains tax via an IRA?
14
Jul
I would like to sell property before I have lived in it for 2 years. How can I avoid the Property Gains tax by buying/selling in the name of an IRA? If I am 59.5, how long do I have to wait before I can take the money out without penalty?
What is the best way to avoid and garnishment from my wife wages and also income tax returns?
02
Jun
I am being sued for the about the amount of $3000. by Washington Mutal Bank credit card via a collection agent. I applied for this card many years back and I was the only one on the account. I need to know if the collection agent can get info about my wife and garnish her wages or income tax return. I do not work and have no other income. Is there any legal action on my part that I can take? Can I get help from lawyers with this issue?
How do I avoid capital gains tax on a condo I own in Florida?
02
Jun
I own and lived in condo for 18 mos., then rented it out. I am considering selling it, but do not want to have to pay all that capital gains tax. Suggestions please.
Can your repay a withdrawal from a rollover IRA to avoid penalties?
30
May
I need to take some cash from my rollover IRA and was wonder what the rules are regarding repayment. If I take out $5000 but the put $5000 back in say the next 12 months, can I avoid penalties or at least avoid the income tax?
The distribution would be to cover a shortfall caused by my extended maternity leave (which was last summer) and recurring illness. The illness qualifies as a disability according to SSA but I am not willing to give up and stay home yet, so I don’t think I could take a disability distribution.
Can Hank Paulson avoid tax on $600MM unrealized capital gain upon becoming a government employee?
23
May
A tax expert told me the following:
“Hank Paulson, the incoming Secretary of the Treasury, with a personal fortune of USD 700,000,000 has the right to benefit from a brand new tax exemption available only to those in government which is the right to sell all of his USD 700,000,000 of holdings and swap them into index funds or treasury bonds, and pay zero, that’s right, zero tax on his USD 600,000,000 of profits.
I take it the gist of it is:
- New rule exempts government employees from tax on any capital gains realized upon the sale of treasuries.
- Paulson has $700MM of Goldman stock, with $100MM basis.
- Paulson could trade his Goldman stock for Treasury securities, and that exchange of securities would be a non-taxable event, so the basis of the treasuries would be $100MM.
- Paulson could then sell the Treasuries for $700MM, but as a federal employee be exempted from tax on the $600MM gain.
Is this analysis correct?
Any way to avoid capital gains tax from the sale of one biz and the purchase of another in CA?
08
May
From what I understand, you do not have to pay capital gains tax from the sale of a home if you purchase another home. Is there a similar law for the sale of a business and the purchase of another business?
Will Edwards sell his tape via a Subchapter S Corp to avoid Medicare tax?
30
Apr
… like he does with the $$$ he got as an attorney?
Or to keep income taxes low, will he call it a capital gain?
Irs audit question – do you have to report losses to avoid an audit?
28
Apr
I had many stock sales in 2007 that were losses and I got tired of filling out the D-1 form so I didn’t report all my losses but reported all profits – I figured the time or the cost of an accountant wasn’t worth claiming the losses – then the IRS audited me thinking I was hiding profits – should I amend my 2008 to avoid the same situation – I also didn’t put all my losses in my 2008 filing.
How to Avoid Huge IRA Tax-Traps!
24
Apr
Product Description
100 page book that examines potential costly mistakes that IRA owners may get trapped in and the steps to avoid them…. More >>
How to Avoid Huge IRA Tax-Traps!
Can I avoid big taxes by reinvesting a big gambling payout in the same tax year?
14
Mar
Say I were to win a few million dollars gambling.
I know you get the w-2g at a casino, but can you reinvest the winnings in a business or other investment in order to avoid paying the taxes?
For example:
Bob wins a 5 million dollar super-fecta at the horse track. He then takes the 5 million dollars and uses it to invest in Bob’s Company Inc. in the same Tax year. Because Bob reinvested that money into a company, is there any way the company can receive the tax liability for the income he provided them in exchange for the income he received?
If I had won money, I would hire a tax attorney, but I am just curious how gamblers get tax shelters.