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Capital Gains

When you buy a real estate in Maryland andfees, cost of stamp papers, traveling and
sell it for a higher price, the differencelitigation expenses incurred while
between the selling price and the purchasetransferring the real estate property in
price is known as capital gain. In otherMaryland.
words, profit from selling a property for a
higher price is the capital gain on theCapital  gains  tax:
property. Capital gains may be short-term or
long-term.Capital gains tax is charged on the gain that
you make on selling a real estate for profit
Short-term gain: If you sell your propertyin Maryland. It is calculated by subtracting
within 3 years after purchasing it, the gainthe cost of acquisition of real estate from
is  called  short-term  capital  gain.the transfer price of the property. The
difference is added to your taxable income
Long-term gain: When a gain occurs fromand charged according to the tax bracket you
selling a property after 3 years of itsfall  into.
purchase,  it  is  a  long-term capital gain.
The tax rates for short-term and long-term
Calculation of capital gain: Capital gain iscapital gains are often different. You must
the difference between the selling price orbe alert of the tax structure of Maryland to
the transfer price and the total cost ofknow what tax bracket you fall under and what
acquisition  of  the  property.tax rates are applicable for your capital
gains.
The cost of acquisition includes purchase
price of the property, cost incurred inCriticism: It is often argued that capital
registration of the real estate property ingains tax results in double payment of taxes.
Maryland, its repairs, storage expenses, etc.The property's value that is sold might have
In short, all the expenses of capital naturebeen included in the value of assets sold by
are  part  of  the  cost  of  acquisition.you while calculating wealth tax. Thus,
including capital gain in the income tax
The transfer price includes commission orstatement in the same year may result in
brokerage paid by the seller, registrationdouble-payment of taxes.



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