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r1xxx
 Post subject: Tax acountent
PostPosted: Wed Apr 05, 2006 6:13 pm 
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I bought a property for $60,000. 14 months ago and it was damaged by fire and payed off by the insurance, I was going to fix it my self. now i want to sell it for $30,000. will i have to pay capital gains tax? and how much? sorry for even posting such a topic but im suposed to sign papers on the sale on friday and can't get in touch with my acountent(soon to be ex acountant)

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Ben
 Post subject:
PostPosted: Wed Apr 05, 2006 9:22 pm 
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If you bought it for 60,000 and sold it for 30,000 you would take a loss, not a gain.
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rondog
 Post subject:
PostPosted: Wed Apr 05, 2006 9:27 pm 
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But he also was paid $ by the insurance co. after the fire. So does that come into play?

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diarmadhim
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PostPosted: Fri Apr 07, 2006 8:54 am 
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interesting... I would say yes, because you are making money on the deal.
My advice...talk to an accountant.

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kicker1_solo
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PostPosted: Fri Apr 07, 2006 6:19 pm 
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The way this is going to work is you will have to pay on it unless you turn right around and invest that money into something else. How much you'll have to pay, I can't really say...

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