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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

$3,200,000
3 Beds 4 Baths RX-10796905 MLS ACTIVE Status Vistablue Singer Island BLDG.
Welcome to the exclusive and contemporary oceanfront residence of VistaBlue customized with unparalleled features and state-of-the-art amenities. This stunning 11th floor unit offers sweeping intracoastal and ocean views, designer touches and finishes by famed ''Interiors by Steven G'' and oversized wrap-around balconies complete with high-impact floor to ceiling glass. With an abundance of luxurious upgrades within the premier wing of residence ''C'', this exquisite 3 bedroom + den, 3.5 bath condo includes private elevator entrance, soaring 10-foot ceilings, expansive indoor and outdoor living spaces, custom ceiling design and electric window treatments, Lutron lighting and controls, Lutron blackout shades in bedrooms, and dazzling 72'' Italian porcelain tile throughout. Breathtaking kitchen, suitable for a culinary chef, is perfectly equipped with sleek modern finishes, Poggenpohl cabinetry, Silestone Quartz counter tops, separate island, and top of the line Miele and Subzero appliances including wine refrigerator and coffee/cappuccino station. Grand master suite is an enclave of relaxation and elegance. Bask in the dramatic intracoastal views with private access to wrap around balcony, his and her custom California closet system, and separate chilled beverage drawer. Within the master en-suite discover stunning marble tile that extends into oversized frameless glass shower, luxurious modern tub with free-standing tub filler faucet, and dual Quartz vanities. Owners have added extra features to this RARELY available residence: Customized ELAN smart home automation system that allows remote operation of security cameras, a/c system, lighting, as well as audio and video control. This modern oceanfront retreat features a chic boutique building, complete with 58 residences, 19 stories and 5-star amenities with manned gated entry, 24/7 on-site concierge, elevated pool terrace and sundeck overlooking the Atlantic Ocean and Intracoastal waterways. Enjoy resort style living year-round with your state-of-the-art fitness center, luxurious men and women's locker rooms, social lounge, wine bar with exclusive wine cabinet for each residence, cabanas, spa pool and expansive private beach. Residents of VistaBlue can take advantage of the various amenities offered by the neighboring Marriot Luxury Resort and Spa as well. Completed in 2018, VistaBlue is one of the newest and most luxurious oceanfront buildings in Singer Island. This elegant and prestigious residence has an array of upgrades and extras that cannot be captured through photos. The spectacular amenities, astounding views, and impeccable finishes of this stunning condo will leave you speechless.

3730 N Ocean Drive Unit #11c, Singer Island

Listing courtesy of Village Realty Group LLC.

$549,000
1 Beds 1 Baths RX-10796362 MLS ACTIVE Status The Resort At Singer Island BLDG.
Fully furnished 1 bedroom studio hotel condo with excellent western exposure (amazing sunsets!) with intracoastal views over Lagoon pool deck. Join Marriott's optional rental program or live the resort lifestyle yourself! Combining the flexibility of ownership with the branding of the Marriott Resort hotel, this 4-diamond hotel condo gives you the best of all worlds: own oceanfront real estate; get access to luxurious hotel amenities; optional rental program; ideal corporate retreat; or perfect weekend beach house. Simply put - this is resort living at its finest. This suite is sold fully furnished. The Resort at Singer Island is a smoke-free Four Diamond Marriott Resort and Spa destination. 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. Hotel amenities include a world class spa with blow bar, numerous dining options, kids club, beach club, two large pool decks (one with water slide). Room service, valet attendants, and a full-time concierge 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 720 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 hotel condos offers a luxurious contemporary modern edge. Enjoy majestic views of the Atlantic Ocean or Intracoastal Waterways from the expansive terraces in each suite.

3800 N Ocean Drive Unit #616, Singer Island

Listing courtesy of Sotheby's Intl. Realty, Inc..