Capital gains from sale of house? read details plz?

For federal, If the house was your primary residence for 2 of the last 5 years, then you are able to walk away tax free with $250K (single) and $500K (married). For state, I believe OR will take and credit you back. OR taxes your gain or distribution (or allows your loss) received during the year. Limit net losses to $3,000 ($1,500 if married filing separately). The capital loss carryforward allowed on your full-year Oregon return will be the same carryforward allowed on your federal return. If your federal return includes a gain already taxed by OR, then you can subtract it on your state return.

If you're an American and lived in the house more than 2 years as your principal residence, then there's no implications. The newest tax laws allow you to have unlimited capital gains on the sale of your primary residence as long as you've lived there 2 years straight.

Even if it was less than 2 years, there are cases where you can avoid cap.gains taxes, for example if you were forced to move due to a job transfer, etc. If you've been there less than 2 years, consult a tax specialist, but otherwise you needn't worry about it at all.

How long did you own the old house?

If it was at least 2 years, you do not need to worry about capital gains. If it was less than, better save for taxes on both state and federal.

If you are single and this is your primary residence you can have up to a $250,000 gain with no federal tax implications. I am not sure if the state follows the same guidelines. If you are married you each get the $250,000 ($500,000 total) gain with no federal implications.

I am an accountant in Illinois that specializes in tax. If you have any further questions you may email me at christopherswing@yahoo.com

You suggested "we" offered a house. in case you or your husband were given a interest that replaced into more desirable than 50 miles away, you're able to get a prorated exclusion on the sale that ought to cover your income so that you would pay no tax. IRS Pub 523 states that if "the hot position of employment is a minimum of 50 miles further from the domicile you offered than the former position of employment replaced into." yet an extra reason that you'll be able to qualify for a prorated exclusion is that if the sale resulted from "unexpected situations." back, verify with Pub 523 for examples. you could b e able to qualify. i'm sorry it isn't uncomplicated yet, after all, that's taxes. sturdy success. Jim Kirby, CPA

Check with your accountant......but I can tell you that when I sold my first house (New York) we weren't required to pay on the capital gains because you get a one time "free-bee" on your FIRST house. Thank goodness cause we made a nice profit.

If you had lived in the house for at least the past two years and it has been your primary residence then that profit is not taxable so you don't have to worry about it.

Sounds like you got a free pass on this one. If you ever sell investment property look at the 1031 exchange, although it certainly doesn;t apply to this situation.