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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

$3,507,400
3 Beds 4 Baths RX-10977515 MLS ACTIVE Status The Driftwood BLDG.
With only five exclusive residences, each offering elegance and comfort. Discover sophistication with glass-encased primary suites and expansive balconies, balconies ranging from 600 to 1600 sq ft. Experience the seamless integration of indoor and outdoor living with expansive glass sliding doors, inviting the waterfront panorama into your home. The Driftwood Singer Island - modern luxury meets panoramic Intracoastal views in a boutique setting. Captivating sunrise and sunset views, walking distance to the beach and more. Every detail has been meticulously crafted, whispering luxury and tranquility. Nestled near dive sites, The Driftwood beckons to nautical enthusiasts with dock space available for vessels up to 100 ft.Unparalleled location across Peanut Island and less than half mile from Palm Beach Inlet and the blue waters of the Atlantic Ocean. Singer Island boasts seven miles of pristine beaches and upscale hotels and resorts. Near Singer Island is John D. MacArthur State Park which features almost two miles of beaches, snorkeling and scuba diving, hiking and biking trails, and mangrove forests. Near Lake Worth Lagoon and the Intracoastal Waterway where you can kayak, canoe, hike short trails and visit the Nature Center. A wide range of shopping and dining establishments. Short drive to beautiful beaches of Jupiter and Juno Beach. Built with precision on concrete pilings, a new sea wall, and flood zone compliance, this sanctuary stands as a testament to security and peace of mind. Floors constructed from 9.5-inch poured concrete, while the property stands elevated to 7 feet above average sea height for added safety. Indulge in the luxury of space and convenience with a fully gated property, ensuring privacy and exclusivity, each residence offers a private elevator and air conditioned 2 car garage.

2323 Lake Drive Unit #Unit 2 South 2nd Floor, Singer Island

$3,495,150
3 Beds 4 Baths RX-10977498 MLS ACTIVE Status The Driftwood BLDG.
With only five exclusive residences, each offering elegance and comfort. Discover sophistication with glass-encased primary suites and expansive balconies, balconies ranging from 600 to 1600 sq ft. Experience the seamless integration of indoor and outdoor living with expansive glass sliding doors, inviting the waterfront panorama into your home. The Driftwood Singer Island - modern luxury meets panoramic Intracoastal views in a boutique setting. Captivating sunrise and sunset views, walking distance to the beach and more. Every detail has been meticulously crafted, whispering luxury and tranquility. Nestled near dive sites, The Driftwood beckons to nautical enthusiasts with dock space available for vessels up to 100 ft. Unparalleled location across Peanut Island and less than half mile Singer Island boasts seven miles of pristine beaches and upscale hotels and resorts. Near Singer Island is John D. MacArthur State Park which features almost two miles of beaches, snorkeling and scuba diving, hiking and biking trails, and mangrove forests. Near Lake Worth Lagoon and the Intracoastal Waterway where you can kayak, canoe, hike short trails and visit the Nature Center. A wide range of shopping and dining establishments. Short drive to beautiful beaches of Jupiter and Juno Beach. Built with precision on concrete pilings, a new sea wall, and flood zone compliance, this sanctuary stands as a testament to security and peace of mind. Floors constructed from 9.5-inch poured concrete, while the property stands elevated to 7 feet above average sea height for added safety. Indulge in the luxury of space and convenience with a fully gated property, ensuring privacy and exclusivity, each residence offers a private elevator and air conditioned 2 car garage.

2323 Lake Dr Unit #Unit 1 North 2nd Floor, Singer Island

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