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CAPITAL GAIN - WHAT YOU DON'T KNOW MAY HURT YOU
Thu, 03/26/2009 - 08:10 — Ron Webster
Quite often Capital Gains tax is due on sale and transfer of a real property. In 1997 tax laws were substantially modified to provide a number of measures to allow individuals to keep more of the profits earned when a sale occurs.
Capital Gain defined
Gain is defined by taking the net closing proceeds and subtracting the "basis" of the property consisting of the actual price altogether with closing cost and captital improvements which enhance or extended the life of the property.
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