All Forum Posts by: Donald Hendricks

@Natalie Kolodij thank you for the clarification.  People have provided information, but it conflicted with information provided by others.  

Does anyone have an answer to this issue?

 If I could interpret 2018 rules into 2019 rules and sort through all that crap I would not be hear asking the question. 

So is the answer to his question, YES?  Only the portion of the gain that puts you over the threshold is taxed at the applicable rate (15% or 20%), but if you do not exceed the threshold, your gain is taxed at 0%

@Ashish Acharya if your position is correct, then what is this all about?

@Lori Greene there is one CPA in this thread, @Ashish Acharya, but his advice is not consistent with what I am reading.  It is also not consistent with what @Brandon Turner wrote in an article that I found here on BP dated February 9, 2019, https://www.biggerpockets.com/blog/real-estate-tax... .  

@Anthony Dooley ok, so I have not been alseep too long.   Thwt is the way I thought it was, but what I was reading only told part of the story.    Thanks for the clarification.

Ok...  I have been alseep at the wheel for a minute, so I am not up to date.

I have decided to sell a rental house that I have had for over 2 years, so it is in the long term catagory.  I am selling because I moved out of state and I worry about the house all the time.  I Googled Capital gains and am reading that if I am married and filing jointly and make less than $78,750 income that my tax liabilty on gains is 0%.

For real?

What am I missing?

I don't know about you, but I don't have $40k+ laying around to rehab a house if it were to have been flooded to the rafters. That is how.  But waking I am.  It will now be an insurance companies problem from this day forward.  

They want to stay, not really a whole lot of options really right now, and I am not charging them rent until the repairs are made, minimum 1 month free.