Posted by NBAllen on March 06, 2008 at 12:35:42 from (198.246.171.200):
In Reply to: Re: What's it worth?? posted by Hotflashjr on March 06, 2008 at 12:03:13:
Definitely agree on getting YOUR appraisal - you want the appraiser "working for you". Of course, depending on how bad they want it, you can ask an appropriate price :-)
Hotflash, correct me if I am wrong, but the way I read the capital gains section:
a) if the property in question is held longer than 12 months, it is a "long-term capital gain" - therefore subject to 15% tax on the profit., not the "prevailing rate" of regular income.
b) If the property in question is a primary residence, the gain may be tax free. It is definitely treated differently from capital gains.
Caveat - I am not an accountant and do not pretend expertise in finance, taxes, or tax accounting; but I do figure my own taxes.
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