Do I have to pay tax on my gain from the sale of my condo.The profit earned was re invested in the next home?
Answers: You do not have to pay tax on a gain of up to $250,000 ($500,000 in some cases if you are married and filing jointly) as long as you meet the following requirements.
During the five years ending on the date of the sale:
a. You owned the home for at least two years AND
b. You lived in the home for at least two years
You also cannot have excluded the gain on the sale of another home within two years of the date of the sale.
If you don't meet these conditions, then you may have to pay capital gains tax.
Contrary to what many people believe, you do not have to reinvest the profit in a new home to qualify for the exclusion.
For more information, go to www.irs.gov and download Publication 17. The information is in Chapter 15.
I just completed a finance class and this was one of the questions on a test.
The answer is no, a single taxpayer can exclude up to $250,000 of the capital gain every time you sell the home as long as you have lived in the home for a period of two years
How can we check HDMF (Pag-ibig) contributions or premium?
Answers: You must go to the HDMF office that covers the city where your office is located.
If your office is within Makati City, go to the 3rd floor of the Justine Building and ask for a copy of your Employee Statement of Accumulated Values. You need to show your your company Id card.
The Justine Building is located at the Senator Gil Puyat Avenue - near the corner of Ayala Avenue and Gil Puyat Avenue in Makati City.
Have a nice day !
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