Official Carleton H. Sheets^® Website

Whenever you sell real estate and make a profit, you increase your income. If this occurs, you will need to report that income to the taxing authorities and pay is called a capital gains tax. In the United States, the taxing authority is the Internal Revenue Service and a Schedule D form must be completed when filing a 1040. The capital gains tax laws can sometimes be difficult to navigate as there are rules and exemptions. The following list was compiled to help you research capital gains taxes in order to be more fully informed, to understand your tax liability, to calculate the estimated tax on your gain, and to help you budget and plan strategies:

• http://www.irs.gov/taxtopics/tc409.html - The IRS website is an ideal starting place for those who are searching for information on capital gains tax laws within the United States. You will find information on tax rates, forms, and publications that will help you assess and file your taxes.

• http://www.irs.gov/newsroom/article/0,,id=106799,00.html — This is an additional resource with more definitions and descriptions of capital gains tax facts.

• http://en.wikipedia.org/wiki/Tax#Capital_gains_tax — This site provides some general information regarding taxes and is a good overview and summary of the various types of taxes that can be levied. The capital gains section provides an overview and definition.

• http://en.wikipedia.org/wiki/Capital_gains_tax - This is a link that provides more detailed information on capital gains and can provide a rough overview of capital gains tax laws in a variety of countries.

• http://www.smartmoney.com/tax/capital/index.cfm?story=capitalgains — This handy guide provides tips and tactics for navigating the complicated world of capital gains tax laws.

• http://www.bankrate.com/nydn/itax/tax_adviser/20080521-capital-gains-exclusion-a1.asp - This site provides individual advice regarding tax questions including capital gains tax laws.

• http://www.slackerwealth.com/2008/05/capital-gains-dividends-and-taxes.html - This site provides specific information on individual questions pertaining to capital gains.

• http://taxes.about.com/od/taxplanning/qt/home_sale_tax.htm - This site has some valuable insights into capital gains tax exemptions and strategies.

Capital gains taxes occur on any real property that is sold at a profit. There are both short- and long-term capital gains depending on whether you owned the property for less than a year or over a year. The profits from the sale of real estate, including land and homes, are the most common forms of income subject to capital gains taxes. Visit the links compiled above to find out your rights and responsibilities and to help you prepare for your taxes.

---

Add this page to your favorite Social Bookmarking websites