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How much Capital Gains on your Singer Island Condo

If you sell your home or condo in Singer Island how much in capital gains do you have to pay and what are capital gains?

Capital gains is the profit a homeowner makes when they sell a piece of property for a profit. The gain is the difference between what they owed on the home and at what price the home was sold.

For instance: if a homeowner has a $200,000 mortgage on a piece of property and cells that property for $300,000 they've made $100,000 in capital gains profit. There is a tax on that profit that sellers must pay unless they are exempt or excluded based on their marital status and the amount of profit. Individual homeowners can exclude up to $250,000 in the profit from the sale of the home and married couples can exclude up to $500,000. However, this is only acceptable if the homeowner has lived in the home and owned it for a minimum of two years. These two years do not have to be consecutive but in the five years prior to the sale of the house, homeowners must have occupied the property for at least 24 months within that five-year period.Singer Island Capital Gains Taxes when selling There are certain exceptions such as selling the house because of a relocation or mandatory job change, medical concerns or other unforeseen circumstances. In which case, many times these sellers will use a "short sale" to sell the property, but this is really only used in cases where the homeowner owes more on the property in the home is worth. The IRS gives unique examples of unforeseen circumstances such as natural disasters, acts of war or terrorism, changes in unemployment, death or divorce.

But what if your profit is over the individual or marital status limits?

If you're selling your home and your profit is over the excluded amount you take the sale price of the property and subtract the basis which includes any remodels, home improvements or significant capital improvements you may have made over the years. This can be difficult so keeping receipts on home improvements is important. Once subtracted from the sale price of the home you should be able to figure out exactly how much profit you'll gain from the sale of your home. This is extremely important especially in situations where the home is owned free and clear. Once you understand what the difference is then you can use the federal and state rate to calculate the amount of tax.

What if I have not lived in the home for two years?

In cases where you have not owned a home for the recommended time or you have owned a rental property, there are certain exclusions and exceptions in which you won't have to pay capital gains taxes. One option is to simply roll the profits into a new investment property in which case you would use a 1031 tax exchange form. You are simply exchanging the tax from one property to another. Capital gains can be avoided altogether in this case if you eventually live in the investment rental for two years and then sell. Otherwise, if you sell for profit and do not reinvest in another property you will most likely have to pay capital gains taxes.

For more information on the capital gains exclusion or for rolling one property's profits into another's please give me a call.

New Singer Island Property For Sale

$2,795,000
3 Beds 4 Baths RX-10835981 MLS ACTIVE Status Oceans Edge BLDG.
Located in an Exclusive Development of only 40 units, this wonderful 3 Bedroom 3 1/2 Bathroom Condo has beautiful views from the Ocean to across the wide Intracoastal and the city lights. It is ready for you to move into as it is being sold turn-key, mostly furnished. There is more than 18,000 square feet of amenities: Newly remodeled Social Meeting Room with Ocean Views, Theater Room with newly installed 4K Projector, 3rd Floor Pool & Spa in a garden setting with unobstructed Ocean Views, Grilling Area with newly installed Grills, Fitness Center with state-of-the-art exercise equipment, 24-hour Staffed Entry, Concierge, Private residents' air-conditioned storage facility, Enclosed parking garage with private access for residents. ''Also See More Info Supplement'' The 3rd bedroom is currently being used as an office, only needs a door installed to make private. The Envelope Project which includes painting, caulking & stucco/concrete restoration is well underway, and with newly installed fiber optic lines to each unit, PLUS new AC Units there are many more years of worry free luxury lifestyle ahead of you in this beautiful home. Most items like furniture, furnishings, etc. will be included, but some furniture and personal items such as clothing, family pieces, etc. as well as other items of personal worth to seller will be excluded. More photos will be added. Subject to errors, omissions, change and withdrawal.

5050 N Ocean Drive Unit #903, Singer Island

$2,200,000
3 Beds 3 Baths RX-10835803 MLS COMING SOON Status Corniche BLDG.
Completely renovated rarely offered 3-bedroom residence boasting incredible panoramic ocean and Intracoastal views from every room! Some key features include marble flooring throughout, custom kitchen with top of the line appliances including Wolfe and Subzero, custom cabinetry in both kitchen and baths with frameless showers and master bath over-sized whirlpool, full condo water filtration system, and much more! Being offered fully furnished and turn-key! Additional features include impact glass windows and doors, custom built-in closets, over-sized expansive balconies just perfect for enjoying all that this direct oceanfront condo has to offer! Includes 2 garage parking spaces. Call today for additional details! Corniche is a luxurious oceanfront condominium tower, See Supplement... located on Singer Island with 24-hour security, concierge and gated garage parking. This premier building has been newly renovated from the lobby to the hallways complete with resident amenities including an oceanfront pool & spa, fitness room with state-of-the-art equipment, his and her saunas, lush tropical greenery, ocean room for entertaining with bar & media room and so much more! Singer Island offers an abundance of local amenities including nearby shopping at the luxurious Gardens Mall and world-renowned Worth Avenue, golfing at the North Palm Beach Country Club, PGA National, Abacoa Golf Club, in addition to a plethora of water sports such as world-class snorkeling, scuba diving, sailing, jet-skiing, kayaking, paddle-boarding, and some of the best fishing in South Florida, all with easy access to Palm Beach International Airport!

5200 N Ocean Drive Unit #18a, Singer Island