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Enter your phone number to the Click2Talk box on the right and be contacted by
Gregg or Lisa Whitney within seconds.
Gregg and Lisa Whitney know that many
people selling their home have a few questions
about Capital Gains.
A capital gain on the
sale of a principal residence is afforded
special treatment for  Federal income tax
purposes. Married Sellers of a principal
residence may generally exclude up to $500,000
of gain ($250,000 of gain in the case of
single individuals) from gross income, provided
the real estate was used as the Sellers'
primary residence for at least two years
during the five year period ending with
the date of the sale. Gregg and Lisa Whitney
realize that Capital Gains is an area of
interest regarding the sale of a home.
Their
partnership, also known as Whitney and Associates,
has a proven, long-term track record of
successful real estate sales in the La Jolla,
California Real Estate Market. When selecting
a La Jolla, California Real Estate Agent,
Gregg and Lisa Whitney are the experts in
La Jolla, California and they have provided
this helpful information about Capital Gains
specifically for you.
Just about everything you own and utilize
for personal purposes are capital assets.
When you decide to sell one of these items
(in this case a home) you must estimate
what your capital gain (or loss) will be.
This is the difference between what you
paid for your home, and what you sold it
for. We realize here at Whitney and Associates
Real Estate the importance of knowing your
capital gain or loss on your home, and therefore
the amount of money you will either pocket
or pay out of pocket.
In order to estimate the capital gain
or loss on your La Jolla, California home,
use the following formula:
(Basis)
| Amount Originally
Paid for Property: |
___________ |
| Added to Original
Closing Costs: |
_______________ |
| Added to Capital (major) Improvements: |
_______________ |
| Less Depreciation (both maintenance
and home value): |
_______________ |
Compute to get Adjusted Sales Price:
(Sales Price) |
_______________ |
| Gross Amount Property Sold For (w/o
deductions): |
_______________ |
| Less Selling Costs: |
_______________ |
| Compute to get Adjusted Sales Price: |
_______________ |
| (Realized Taxable Gain) |
|
| Adj. Sales Price Minus Adj. Basis: |
_______________ |
| (Tax on Gain) |
|
| Depreciation Recapture Multiplied
by 25%: |
_______________ |
| Net Realized Gain Multiplied by 15%: |
_______________ |
| Compute to get Capital Gain: |
_______________ |
(Gregg and Lisa Whitney
would like to make it a point that this
formula is used for information purposes
only and should not take the place of an
accountant or professional.)
At Whitney and Associates, we are the
right choice for the buying or selling of
a home in La, Jolla, California.
Have any questions or like to learn more?
Use our handy form on the side of the page
to contact Gregg and Lisa Whitney. You will
see that we only require your email address.
Gregg and Lisa Whitney understand that your
privacy is important to you and we respect
that. We do not share your information with
anyone without your permission.
Gregg and Lisa Whitney realize that you
are probably in the information gathering
stage of your process, and we want to provide
assistance to you in any of your La Jolla,
California Real Estate needs. If you would
like to talk to Gregg or Lisa Whitney in
person, feel free to call Whitney and Associates
at our main line at 858-456-3282.
When you are ready to invest in the real
estate market let us help you. After all,
we are the experts in La Jolla, California
Real Estate. | 
