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Need help with Capital Gains Tax

capital gains tax

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#1 jeznel

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Posted 28 April 2012 - 03:29 PM

I bought my house for $100,000 USD and now, 2 years later, I had to sell it for $105,000 fully equipped with appliances and furniture that I bought. I do have an FM2 and the necessary 6 months of CFE bills however, I mistakenly turned off my phone service and therefor have no TelMex bills. I'm assuming I do have to pay capital gains tax, but have no idea how to figure out how much money I am looking at paying. I did take a loss on the house as the furnishings and appliances were well in excess of the $5000 difference. How would capital gains be figured?

#2 mpb

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Posted 28 April 2012 - 03:49 PM

I bought my house for $100,000 USD and now, 2 years later, I had to sell it for $105,000 fully equipped with appliances and furniture that I bought. I do have an FM2 and the necessary 6 months of CFE bills however, I mistakenly turned off my phone service and therefor have no TelMex bills. I'm assuming I do have to pay capital gains tax, but have no idea how to figure out how much money I am looking at paying. I did take a loss on the house as the furnishings and appliances were well in excess of the $5000 difference. How would capital gains be figured?

You only need the CFE recent bills, not both with Telmex. Your Notario will deal with it and you should not owe capital gains tax as long as this finalizes before the new law come into effect and you have an FM2.




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