Selling your primary residence. Try estimating the taxes owed at closing. Try it by clicking here: Taxes Owed On Sale Of Primary Residence, including federal and state taxes you might owe from a current or future sale.
Advanced Rental Property Forecast will consider taxes paid on a sale, a statement of cash flows, an income statement, accumulated depreciation, and any deferred tax losses. Keep in mind that this estimate aggregates certain variables, such as depreciation. It will not consider multiple property improvements and the details associated with their depreciation schedules. This basic holistic summary requires aggregate numbers to be input for specific variables to produce a general financial overview. Therefore, it is not an accurate accounting of a business. Try it by clicking here: Advanced Rental Property Forecast.
President Trump discussed the possibility of eliminating the capital gains tax on a homeowner's primary residence, as the exclusion amounts have not been adjusted for inflation since their inception. The calculator below compares the tax liability for the sale of an owner-occupied primary residence if the exclusion amounts were increased, but the tax was not eliminated. Please refer to the following for more information and additional sources: No Tax on Home Sale Act.
Downtown Jersey City
This is an example output for a potential homeowner looking to buy their first home. Try it by clicking here: Forecast of Primary Residence, including cash proceeds from a future sale, annual expenses, cash outflows after-tax right-offs, and any taxes you might owe from a future sale.
