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Capital Gains

When you buy a real estate in Marylandor brokerage paid by the seller,
and sell it for a higher price, theregistration fees, cost of stamp papers,
difference between the selling price andtraveling and litigation expenses
the purchase price is known as capitalincurred while transferring the real
gain. In other words, profit fromestate property in Maryland.
selling a property for a higher price isCapital gains tax:
the capital gain on the property.Capital gains tax is charged on the gain
Capital gains may be short-term orthat you make on selling a real estate
long-term.for profit in Maryland. It is calculated
Short-term gain: If you sell yourby subtracting the cost of acquisition
property within 3 years after purchasingof real estate from the transfer price
it, the gain is called short-termof the property. The difference is added
capital gain.to your taxable income and charged
Long-term gain: When a gain occurs fromaccording to the tax bracket you fall
selling a property after 3 years of itsinto.
purchase, it is a long-term capitalThe tax rates for short-term and
gain.long-term capital gains are often
Calculation of capital gain: Capitaldifferent. You must be alert of the tax
gain is the difference between thestructure of Maryland to know what tax
selling price or the transfer price andbracket you fall under and what tax
the total cost of acquisition of therates are applicable for your capital
property.gains.
The cost of acquisition includesCriticism: It is often argued that
purchase price of the property, costcapital gains tax results in double
incurred in registration of the realpayment of taxes. The property's value
estate property in Maryland, itsthat is sold might have been included in
repairs, storage expenses, etc. Inthe value of assets sold by you while
short, all the expenses of capitalcalculating wealth tax. Thus, including
nature are part of the cost ofcapital gain in the income tax statement
acquisition.in the same year may result in
The transfer price includes commissiondouble-payment of taxes.



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