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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 Beds 5 Baths RX-10922524 MLS ACTIVE Status One Singer Island BLDG.
Magnificent direct oceanfront Penthouse (Lower) with panoramic views of both the ocean & Intracoastal. With 5,100 sq. ft of living space this 11th floor sky estate has 6 terraces (+Juliet Balcony) providing an additional 2,273 sq. ft. of outdoor space! 3 bedrooms, Florida Room, huge living room, 4.5 baths, 11 ft ceilings, gourmet kitchen, formal dining & breakfast/sitting areas, wet bar, fireplace & marble/wood floors complete this exceptional offering.Gourmet kitchen features 48-inch Sub Zero refrigerator, wine cooler, Wolf appliance package, double ovens, warming drawer, microwave oven, cook-top, Miele built-in coffee system & granite counter-tops. New Samsung stand up washer & dryer, custom built-ins , plantation shutters throughout, the 2 best parking spaces & large storage space. Imagine just 15 exquisite residences nestled in an exclusive gated beachfront enclave on the quiet end of idyllic Singer Island & amenities that are both spectacular to behold & rarely used. It is hard to describe just how special it is to live at One Singer Island unless you have lived here before. It is serenely quiet & steps away from a pristine empty beach where you routinely see manatees & stingrays swimming by! The wide intracoastal views to the west are dramatic! The full-floor amenities level features a private theater with stadium seating and a state-of-the-art audiovisual system, club room with full bar that opens onto an outdoor patio with a fireplace. Amenities also include a fitness center, billiard room and a wine room where temperature-controlled lockers offer residents storage for their finest wines. Only 15 residences in the entire building. One Singer Island bears WCI's ultra luxury designation. There are only 3 buildings in Florida that have this "One" designation (the other two being One Watermark Place & One Bal Harbor). The full-floor amenities level features a private theater with stadium seating and a state-of-the-art audiovisual system, club room with full bar that opens onto an outdoor patio (Versace Room) with fireplace. Amenities also include a fitness center, billiard room and a wine room where temperature-controlled lockers offer residents storage for their finest wines. Only 15 residences in the entire building. Residents can soak up South Florida's tropical climate at the oceanfront heated pool and spa or at Singer Island's magnificent beach via a private access boardwalk. Views of sandy beaches and sparkling turquoise waters await at the exclusive One Singer Island, a Florida condominium community. Situated towards the north end of Singer Island this community offers a sought-after level of privacy (the beach on the north end of Singer Island is very quiet and you can walk for miles up to Mac Arthur State Park sometimes without meeting any one at all!). This is a truly spectacular amenity and the real reason everyone wants to have a place in Florida!! Singer Island is a Florida tropical island resort community known for its beautiful white sandy beaches, exquisite waterfront homes, shopping, restaurants, and resort island charm. The peninsula of Singer Island borders the Atlantic Ocean, offering spectacular views and a fascinating marine and wildlife environment. Singer Island is comprised of three communities and a beautiful State Park, all located in Palm Beach County. Situated off the coast of Palm Beach, Singer Island was founded by developer Paris Singer, the child of sewing machine magnate Isaac Singer, and is now home to upscale hotels and beautiful white sandy beaches. The tropical resort community of Singer Island is approximately 5 miles long by 1/2-mile-wide and covers 1,500 acres. Singer Island is located 15 minutes from Palm Beach International Airport and 70 miles north of Miami, and only minutes away from year-round golf and renowned shopping. Singer Island is known for its blue water sport fishing as well as sailing, windsurfing, jet skiing and the ultimate in boating.

5310 N Ocean Drive Unit #1101, Singer Island

3 Beds 3 Baths RX-10919940 MLS ACTIVE Status
WELCOME TO YOUR BEACHFRONT DREAM, you'll be mesmerized by the spectacular 180 degrees of direct panoramic oceanfront views from the entire east side of the building with beautiful night lights and Intracoastal Waterway views to the southwest. Totally renovated unit with high end finishes, extra-large porcelain tiles throughout extending to the balconies, the kitchen has custom cabinets, one of a kind island including a waterfall countertop, two refrigerators and freezers plus wine cooler and built-in wine rack at the bar. The master bedroom has a custom expansive master bath, walk-in closet, and private balcony. This 3 bedroom 2 1/2 bath condo is light and bright; the spacious great room, dining room and front guest room have large floor to ceiling window. Included are 3 separate balconies, an in-suite laundry room, underground garage parking with 40 plus guest spaces and storm shutters. Also included with this stunning condo is a 24-hour manned gate, concierge located in the luxurious lobby, beautiful ocean lounge, recreational room, cozy billiards room, extra storage, library, picnic area with lushly landscaped grounds and a walking garden. Eastpointe II has private access to the beautiful Singer Island beaches. And if that isn't enough, we have more, an inviting very large, heated pool and hot tub, 3 tennis courts, and state-of-the-art fitness center with his/hers steam rooms. That's what makes this one of the island's best addresses.

5380 N Ocean Drive Unit #16i, Singer Island

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