On Jan 1, 2009, at 8:24 PM, Dan wrote: > Yes. In the US at least, the difference between what you sell a home > for and what you paid for it originally is taxed. The amount you > originally paid for it is the starting "basis". As you make > improvements to the home, the cost of those improvements is added to > the basis. When you sell the home, this revised basis is subtracted > from the selling price. Example: > In 2000, you buy the home for $100,000 > In 2001, you have the driveway paved for $5,000. New basis for the > house is $105,000. > In 2009, you sell the house for $150,000. Taxes are due on > $150,000-105,000 = $45,000.
Hi Dan, Yes but only if this is not your primary residence. You can make up to $500,000 in profit as a couple selling homes before you have to deal with paying tax on your profit. http://ezinearticles.com/?Tax-Benefits-of-Selling-Your-Home&id=103683 Peace, Kevin Hoctor [email protected] No Thirst Software LLC http://nothirst.com http://kevinhoctor.blogspot.com --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "No Thirst Software User Forum" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/no-thirst-software?hl=en -~----------~----~----~----~------~----~------~--~---
