Date: Wed, 16 Aug 2006
How long do I have to report the capital gains after I sell my home?
Date: Fri, 08 Sep 2006
Any capital gains are reported on your income tax returns for the year of sale. For 2006, the income tax returns are due on April 16, 2007. Remember to apply any exclusion you may be entitled to. (See our report – "Could your residence be the ultimate tax shelter?")
Also, watch the estimated tax requirements. For most taxpayers, there is no penalty for underpayment of estimated tax provided last year’s tax is paid through withholding. If you need help with this, see a tax advisor.
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that any written tax advice contained on this website was
not written or intended to be used (and cannot be used) by any
taxpayer for the purpose of avoiding penalties that may be
imposed under the U.S. Internal Revenue Code.