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Real estate sales repoted as income

Sent to Tax Experts October 28 2004 at 2:13 AM
   

I sold my personal home in early 2003. I also just reecently sold a piece of property that I bought with my brother in October, 2004. How much of this income am I required to report to the IRS on my 2004 federal tax return? Thanks!!!

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October 28 2004 at 3:24 AM (1 hour and 10 minutes and 59 seconds later)
         
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Sandi Hargrove, SkyHawks -- Master Tax Advisor, Enrolled Agent -- 99% Positive Feedback on 1208 Tax Accepts
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October 28 2004 at 3:41 AM (16 minutes and 39 seconds later)
         
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T. R. Miller, The SunTaxMan -- Public Accountant , Tax Preparer -- 100% Positive Feedback on 118 Tax Accepts
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October 28 2004 at 3:43 AM (2 minutes and 14 seconds later)
         
 I stand corrected on the issue of the home sale.  Mr Miller is correct that this should be an issue for 2003 rather than 2004.  Sorry!

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Sandi Hargrove, SkyHawks -- Master Tax Advisor, Enrolled Agent -- 99% Positive Feedback on 1208 Tax Accepts
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October 28 2004 at 5:28 AM (1 hour and 45 minutes and 3 seconds later)
         
My brother and I have owned this particular property for three (3) years. Does this mean that I will be able to take the lower capital gains tax rates? Also I sold my personal home in 2004, not 2003....sorry that was a typo error...
thanks!!
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October 28 2004 at 5:40 AM (11 minutes and 55 seconds later)
         
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Cap gain on the property owned for 3 years - long term (more than one year) - lower rate.

Residence sale in 2004, subject to exclusion rules cited in earlier post.



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T. R. Miller, The SunTaxMan -- Public Accountant , Tax Preparer -- 100% Positive Feedback on 118 Tax Accepts
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October 28 2004 at 1:42 PM (8 hours and 1 minute and 31 seconds later)
         
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 Since you owned the property with your brother, you will be eligible for the lower capital gains tax rate for the sale.  The rate is 5% if you are in the 10-15% tax bracket or 15% if you are in any other tax bracket.

Thank you for allowing me to help. My qualifications are listed in my profile. Please click to accept my answer. Bonuses are warmly welcomed. Information provided is based on data provided and is not intended to avoid tax or penalties.
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Sandi Hargrove, SkyHawks -- Master Tax Advisor, Enrolled Agent -- 99% Positive Feedback on 1208 Tax Accepts
I am a Master Tax Advisor and Enrolled Agent. I have 40 years experience. Trucking specialist.
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