Question from Duane
March 22, 2010 at 4:29pm
We are Oregon Snowbirds’ whose primary home is in Oregon. We additionally endemic a Adaptable Home but not the acreage in a SE Cal Spa. We awash the MH for a $10,000 accretion (18% in 12 years). What are the tax ramifications of this sale?
Answer: Duane – Based on the advice in your catechism the adaptable home you awash was not your basic home and it would not be acceptable for the appropriate analysis the auction of basic homes can receive.
Any accretion in the auction of the adaptable home would be appear on your federal assets tax acknowledgment for the year of the sale. If you endemic the home for added than one year, which you did, the accretion is a continued appellation basic gain. You charge to use a Schedule D to account the accretion and accommodate the accretion on your Form 1040. The tax amount on continued appellation basic assets is about lower than your approved tax rate. If the auction took abode in 2009 or 2010 and your approved tax amount was 10% or 15%, your continued appellation basic accretion tax amount is 0%. The continued appellation basic accretion tax amount for the 25%, 28%, 33% or 35% tax ante is 15%.
So, for federal assets tax purposes, the best tax amount on continued appellation basic assets is currently 15%.
There may additionally be some accompaniment assets tax ramifications for you. You should acquaintance the Oregon Department of Revenue at www.oregon.gov/DOR or alarm them at 800-356-4222 or 503-378-4988. You can acquaintance the California Franchise Tax Board at www.ftb.ca.gov or by buzz at 800-852-5711.
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