On the issue of a military personnel selling a property but this sets them free of deciding if they should sell or not as they are not taxed for certain things, meanwhile the civilian has to decide very carefully what he wants to do as he will be taxed heavily. There had been news the other day of real estate prices rising and the good news about this is that all these spots have lots of appreciations.
But the very bad news is that the government in turn likes to take advantage of that particular tax, news of this makes military personnel wonder if there is a better way for them as they work with the government. And the news for these people are not so bad, because there real estate sale can avoid capital gains tax but under a governed system. As people know before that if you sell your property and it sells for more than you paid for it then that is looked at as capital gains.
If the relevant capital gain is no more than two hundred and fifty thousand or $500,000 for a couple you will be able to avoid paying the capital gains tax as long as you have lived in the house for a minimum of two out of five years. And a great thing about this is that everyone is treated equally, but for military personnel who own homes the rules are the same for both them and the civilian and it comes with a particular exception.
No comments:
Post a Comment