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Forum: USA

Jun 30th 2010, 8:40 pm

Replies: 17

Tax implications for buying a House in USA

Views: 5,208

Posted By Jscl

Re: Tax implications for buying a House in USA

I think that sort of advice is worth paying for, to get correct, as usually $100,000s of dollars are involved. Nothing I've come across suggests the tax basis in the US is anything other than the...

Forum: USA

Jun 28th 2010, 10:27 pm

Replies: 17

Tax implications for buying a House in USA

Views: 5,208

Posted By Jscl

Re: Tax implications for buying a House in USA

The base value for any capital gains is always the value of the property at purchase/acquisition.

Yep, Giantaxe, I misread the post. When you convert to rental is irrelevant to capital gains on...

Forum: USA

Jun 28th 2010, 8:34 pm

Replies: 17

Tax implications for buying a House in USA

Views: 5,208

Posted By Jscl

Re: Tax implications for buying a House in USA

Capital Gains taxes will only be paid on any GAIN, never the whole cost, so like Washsaint said, if it was bought at $400K and sold at $430K, if you're taxed at all, you'd only be taxed on the gain...

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