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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

$899,000
2 Beds 2 Baths RX-10874063 MLS ACTIVE Status The Resort At Singer Island BLDG.
Fabulous oceanfront luxury resort living with all of the amenities of a 4-diamond hotel! 2 bedrooms, 2 bath, 1,234 s.f. oceanfront suite with sunny Southeastern ocean views with extra-large HUGE TERRACE!!! Wonderful family friendly vacation retreat, relaxing & rejuvenating getaway or investment property on beautiful and unique Singer Island. Eligible for the hotel's optional owner's rental program. Featuring 239 all-suite resort units and 66 residential condominiums, the resort includes 4,000 square feet of meeting space, an 8,500-square foot spa, and all of the conveniences and services one would expect from a world-class facility. Hotel condo residences like this have become very popular because they offer a multitude of uses - it can be a family "place on the beach," a personal time retreat from a busy life or a getaway destination that can be used as a corporate benefit. Butler Service, valet attendants, and a full-time concierge will enrich guest experiences and activities, including coordination of private events, theater tickets, dinner reservations, and travel arrangements. Experience the essence of elegance in one or two bedroom resort units ranging from 800 square feet to just over 2,100 square feet of living space. Decorated with dark wood tones, stainless steel kitchen appliances, and marble baths, the resort offers a luxurious contemporary modern edge. Enjoy majestic views of the Atlantic Ocean or Intracoastal Waterways from the expansive terraces in each suite. Dining options include an alfresco ambiance at the ocean side eatery, the convenience of room service, or special events catered within the stunning entertainment veranda. Even a temperature-controlled wine room is available to store private wine collections. The white sands of Singer Island provide the ultimate place to relax. Attentive pool and beach side attendants provide everything from plush beach towels and relaxing lounge chairs to tempting frozen libations. Outdoor private cabanas are the ideal place to enjoy a casual poolside lunch.

3800 N Ocean Drive Unit #512, Singer Island

$749,000
1 Beds 1 Baths RX-10873094 MLS ACTIVE Status The Resort At Singer Island BLDG.
This rarely available 1-bedroom studio direct oceanfront hotel condo has an amazing view of the ocean and the infinity pool deck. There are only 21 direct ocean facing hotel condos in this 4 diamond Marriott Resort and these units command a high room rate while benefiting from lower maintenance fees due to their optimum size. The Resort at Singer Island offers fabulous luxury resort living with all of the amenities you can think of! This 1 bedroom, 1 bath 745 s.f. oceanfront suite has sunny eastern views. Top-of-the-line stainless steel appliances, beautiful marble floors and counter-tops, Wonderful turnkey vacation getaway or investment property on beautiful and unique Singer Island. Don't miss this one! Fabulous oceanfront luxury resort living with all of the amenities without the high price! Wonderful family/pet friendly vacation retreat, relaxing & rejuvenating getaway or investment property on beautiful and unique Singer Island. Eligible for the hotel's optional owner's rental program. Featuring 239 all-suite resort units and 66 residential condominiums, the resort includes 4,000 square feet of meeting space, an 8,500-square foot spa, and all of the amenities and services one would expect from a world-class facility. The hotel condo residence has recently become very popular because it offers a multitude of uses - it can be a family "place on the beach," a personal time retreat from a busy life or a getaway destination that can be used as a corporate benefit. Butler Service, valet attendants, and a full-time concierge will enrich guest experiences and activities, including coordination of private events, theater tickets, dinner reservations, and travel arrangements. Experience the essence of elegance in one or two bedroom resort units ranging from 800 square feet to just over 2,100 square feet of living space. Decorated with dark wood tones, stainless steel kitchen appliances, and marble baths, the resort offers a luxurious contemporary modern edge. Enjoy majestic views of the Atlantic Ocean or Intracoastal Waterways from the expansive terraces in each suite. Dining options include an alfresco ambiance at the ocean side eatery, the convenience of room service, or special events catered within the stunning entertainment veranda. Even a temperature-controlled wine room is available to store private wine collections. The white sands of Singer Island provide the ultimate place to relax. Attentive pool and beach side attendants provide everything from plush beach towels and relaxing lounge chairs to tempting frozen libations. Outdoor private cabanas are the ideal place to enjoy a casual poolside lunch.

3800 N Ocean Drive Unit #715, Singer Island