Capital Gains Questions

[crabcake]

Originally posted by PFgal
I called my tax chick and she says we can take a 1-time exclusion. Why couldn't Sleuth do the same thing?

it's a state tax issue vs. a federal one. just one of the many ways Maryland likes to really 'give it to ya' when it comes to keepin' your money. And it applies when you sell the house as a non-resident of the state where the property is located.

 

[JabbaJawz]

Originally posted by crabcake
it's a state tax issue vs. a federal one. just one of the many ways Maryland likes to really 'give it to ya' when it comes to keepin' your money. And it applies when you sell the house as a non-resident of the state where the property is located.

If he continues to pretend his lives in the house and is selling it, though, would that even come into play? Or are you saying it would be a problem since he's rolling his $$ into a house in another state?

 

[crabcake]

Originally posted by PFgal
If he continues to pretend his lives in the house and is selling it, though, would that even come into play? Or are you saying it would be a problem since he's rolling his $$ into a house in another state?

I don't know yet; that's what I'm waiting on. When i was gonna sell my place this summer and go back to Arizona, my realtor told me that if I was out of state for settlement, I'd have to pay this other tax (can't remember what it was called) b/c I would be considered a non-resident.

 

[sleuth]

Originally posted by crabcake
I don't know yet; that's what I'm waiting on. When i was gonna sell my place this summer and go back to Arizona, my realtor told me that if I was out of state for settlement, I'd have to pay this other tax (can't remember what it was called) b/c I would be considered a non-resident.

I'd be more than willing to pay $180 for a plane ticket to come back for settlement. Especially if it means saving me several thousand.

 

[crabcake]

Originally posted by sleuth
I'd be more than willing to pay $180 for a plane ticket to come back for settlement. Especially if it means saving me several thousand.

I meant "out of state b/c of your new residential status"

Just be patient, dammit, and let me get the info and post it when he calls.

 

[crabcake]

Sleuth ... ask your tax advisor for a "MD Non-Resident Seller Transfer Withholding Tax Addendum" form and info on it, depending on when you are looking to move. I couldn't write down everything my realtor was telling me.

Also, this site may be of assistance.

 

[sleuth]

Originally posted by crabcake
Sleuth ... ask your tax advisor for a "MD Non-Resident Seller Transfer Withholding Tax Addendum" form and info on it, depending on when you are looking to move. I couldn't write down everything my realtor was telling me.

Also, this site may be of assistance.

Thanks CC.. I'll check it out.