After a buying a house and reselling for profit, how does one calculate capital gains on the tax form?
It depends on how long you owned the property before selling it. Also if you lived in the house for 3 of the last 5 years than you can exclude $250,000 of your capital gains. To figure your capital gains take the selling price minus the cost of the home plus any improvements you made. The Difference is your capital gains.
Visit www.scottservices.info for a low cost solutions to get your taxes done.
What items would you recommend any car owner to carry in their vehicle for emergency situations?
An AED and a basic first aid kit.
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