Is there an IRS tax table and Pennsylvania state tax calculation for 2007 ?
Q.I am curious....pls help me 1. How long does a property (home) need to be rented out to qualify for a 1031 exchange ? 6 months, 1 year, 3 years ? What are the rules ? 2. What is the capital (Pennsylvania) gains tax on the sale of one's principal home. I am told that the first $500,000 of capital gain is tax free but what about the amount above $500,000 ? What rate is it taxed at ? Is it a flat percentage ? Is there an IRS tax table and Pennsylvania state tax calculation for 2007 ? Any imput, info etc would be highly appreciated.
A.There is generally an exclusion on the first $500,000 of gain provided you file jointly and have owned and lived in the house for two of the last five years. (Detailed rules for less than two years, only one owns, single, etc.) The rest of the gain is taxed at capital gains rates, currently a maximum of 15% if owned for over one year. State tax in addition.
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