How long do I have to report the capital gains after I sell my home?

September 13, 2006

From:  Kay
Date:  Wed, 16 Aug 2006

How long do I have to report the capital gains after I sell my home?

Answer

Date:  Fri, 08 Sep 2006

Hello Kay,

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.

Good luck!
Mike Gray

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