My parents are retired and have not paid tax in 3 years. Now they want to sell property for 250K and buy another for 75K. What will be there tax burden? :-S
If the property is your parents primary residence, no. If not, then the capital gains tax rate is 15%. What their tax burden will be depends upon their other income, their deductions, and tax credits that may apply.
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If the property is your parents primary residence, no. If not, then the capital gains tax rate is 15%. What their tax burden will be depends upon their other income, their deductions, and tax credits that may apply.
Thanks for the info. This will be a relief to them.
Thanks for the info. This will be a relief to them.