I purchased my first home 1 year ago and recently sold it, netting $50K. I forgot about capital gains and found a clause suggesting that if my gains are less than $114,576 (calculated as $250,000 divided by 24 months, multiplied by the 11 months I lived in the property), I don't have to pay capital gains. Is this correct, and how does it apply given that I moved due to neighbor harassment?

January 22nd, 2024

What forms do I need to use to report the sale of a residential rental property that I owned and rented out for seven years?

December 26th, 2023

What are the gift and inheritance tax rates in France, and what are the most tax-efficient ways to transfer assets to family members?

July 12th, 2023

Is there a certain date that W2 forms have to be given back to employees by their employer? My boss said he has until the end of February, but I think they are due by the last day of January.

March 21st, 2023

We are US citizens moving to Canada and planning to buy a home there. We are considering keeping our home in California as a rental property. What kind of capital gains tax (including percentage) would we have to pay if we sold our US home in two years or twelve years after moving to Canada? Should we get any documentation on the value of our home before moving to Canada? Will we also have to pay taxes in the US in addition to Canada if we sell after twelve years?

May 27th, 2023