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Do I pay capital gains tax on property sold in Arizona?

asked by imoecc (18)

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Tags:  real estate  taxes

answers

Yes. The rate I paid when I sold a house in tempe was at a rate of 5. 04. That was was for short term and for long term occupancy.

10 votes

The IRS allows the deferral of capital gains taxes in Arizona, buy using certain tax strategies. If these strageies are not used then capital gains tax must be paid.

6 votes

You will pay capital gain tax on any home sold with a profit over 250,000 dollars for an individual or 500,000 dollars for a couple; that is the federal tax owed. Capital gain taxes for the state depend on your income.

5 votes

The rules seem to change now and then and I'm not a tax expert, but in the past you would have a certain amount of time to reinvest the money from the sale (maybe a year) or you would be liable for the tax. The IRS wouldn't care where the land was located in the US.

reply
posted by elden (114)
3 votes

It doesn't matter in which state you live in, when you make a gain in selling real estate it has to be claimed on your federal tax return. You have the option to request a form from your realtor to re-invest the gain in a new property that you can buy.

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posted by kenvde85 (31)
3 votes

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