Quote:
Originally Posted by frose
home inspection showed nothing, what a suprise.. another unqualified contractor. the capital gains will kill me. I am not supporting THIS government. When I called the "home inspector" about the issues I found his answer was that they weren't there when he looked at it. not that i believe for a minute that he really looked at the house. Nothing I have ever said on here is false.. I only speak the truth and believe me this place is a not as nice as people may think..
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With all of your skills, why didn't you inspect the home yourself?
Capital gains will only be an issue if you make a profit above your buying price, your real estate commissions, and the expenses you incurred repairing all of those issues.
Short term, less than a year, capital gains is taxed as ordinary income. Long term more likely at 15% unless your income is quite high. As unhappy as you are here, perhaps it would be in your better interests to sell, pay a few percentage points more in capital gains taxes (which again you'll only be worried about if you made a tidy profit, in which case you shouldn't complain), and move on to greener pastures.