My wife and I have combined taxable income of about $60,000. We have two children, and mortgage deduction. We sold stocks as part of a major renovation of our home. We have capital gains (mostly short term) of about $52,000. A quick run through with Turbo Tax has me owing nearly $20,000 in Federal tax. How can I reduce this, legally?
Posts Tagged ‘Capital’
I Sold Stock For Home Improvement, Now I Have A Huge Capital Gain Tax Liability. How Can I Reduce The Tax Due?
Thursday, December 31st, 2009How Do I Account Home Improvement Costs During The Time Of Sale Of The Property Considering Capital Gain?
Thursday, December 10th, 2009If I have spent 5-6 lakhs on Home Improvements from the time I have brought this property and during the time of sale when I am calculating the Capital Gain, how do I account or show the expenses on Home improvement and also the cost incurred for advertisement, Chartered accountant fee etc? Please Advice