Tax Incentives for Buyers/Sellers
By lin
12/10/10
12/10/10
Capital Gains Tax Incentives for Buyers and Sellers:
Take advantage of the extraordinary tax incentives offered on property purchased from now until June of 2011
– No long-term capital gain tax on seller upon sale during the eligible time period
– 50% reduction on long-term capital gain for buyer upon future sale
– Increase in deductible capital loss amount for individual taxpayers from $1,000 to $5,000; and extended carry forward period from 5 to 15 years
– 50% exemption for seller and purchaser on transfer fees (stamps and vouchers)
– No stamps and voucher fees on cancellation of mortgage debt
– Rental income from residential properties is also tax exempt for 10 years
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