TaxAudit Blog

Tag: capital gains

Capital Gains Tax

As long as you used the home as your main residence for at least 730 days during the last 5 years, you may be allowed to exclude up to $500,000 of capital gain.

Read More ›

Gold Bullion

You are responsible for paying the taxes on the amount realized in the sale. The buyer is generally not required to withhold income taxes on the proceeds.

Read More ›

Capital Gains

I had investment capital losses of over 17,000 dollars, yet my Schedule D is only allowing a $3,000 loss. Can I take the additional losses in future tax years?

Read More ›

Vacant Land For Sale

You can "deduct" real estate taxes paid over the course of owning a piece of land in the year the land is sold, if the land was vacant, but there is a catch.

Read More ›

New Roof Being Installed

Replacing an entire roof will increase the cost basis of the home. However, any costs paid or reimbursed by an insurance are not added to the home's basis.

Read More ›

three bars of gold

I am considering buying Gold Bullion. I am 68 and do not plan on using an IRA of any kind for this. What are the tax implications of buying gold?

Read More ›

This blog does not provide legal, financial, accounting, or tax advice. The content on this blog is “as is” and carries no warranties. TaxAudit does not warrant or guarantee the accuracy, reliability, and completeness of the content of this blog. Content may become out of date as tax laws change. TaxAudit may, but has no obligation to monitor or respond to comments.