Rental and home property. Need pay more tax due to the rental income when sell it?
Absolutely you need pay tax. It doesn't matter it is home or it's a rental for the rental part, and you need report the income tax every year, not after you sold it. So it means, e.g., e.g. if you bought this property and for five years already, and every single year, if you run it, you need report rental income as your income every year, if the prompt is under your own name, and for sure, you need to report the income times for your personal and plus your salary and other incomes.
But if it's under company and be different, that's for the rental income. So it doesn't matter is a rental property or is your home? Okay? So the rental practice, and you are not living there, you are writing the whole property out. And for this kind of things, and you need to pay the capital gain. For capital gain, it means you bought this property at $1 million. Right now you are selling at $1.5 million. 80 means half a million dollar is the profit.
And of course detect some renovations or some cost or expenses. And then for the $5 million, you need to pay the capital again. OK? So if it's your home, if it is your prime residence, and the capital gain will be exception. So it means even you bought it at $1 million right now, you sell it 1 lb. Family dollars, you made half million dollars profit, but it's your home who have been living there since the very beginning, so you don't need to pay the capital gain. But there are some exceptions.
So even for the rental practice, there are some, except, e.g. if it's a farm or if it's fisher related property, probably you don't need to pay the capital game. And for the details, you need to check on the CIA or your content. And for your prime residence, you don't pay the Cardrican. But there are some exceptions as well. Even is your home, even you are living there, as you are prime residents, maybe you still need to pay the capital again, but for the details, and go to type with the CIA or your accountant.
Actually, there are many other taxes, so I'm not very sure what kind of taxes you're asking for. The property tax, you should pay that every year as well, so it doesn't matter if you are going to sell it this year or next year, or you are running it out or not.
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