- NEW!
by wildthorn on January 3rd, 2009
Before the law allowing you to not pay capital gains on the first $250,000 (single) or $500,000 (married) the rule used to be as you say. If you used the money you got from the home you sold and bought another home as expensive or more expensive you could defer capital gains.
This would be worth talking to someone at your bank or a tax advisor. If this rule is still in effect it could save you a lot in taxes.
Good luck.
by Sherri on January 3rd, 2009
Selling your primary home and putting the profit down on a new home will NOT exclude you from capital gains.
IF you sold your old home due to a change in place of employment, you can get a partial exclusion of the $250K/$500K. With the downturn in the economy, this partial exclusion just may be enough!
Does it make sense for the Feds to tax real estate transactions at 3.8% when the housing market is in the toilet?
by tominhouston on July 25th, 2010
| 1 person likes this
What do you miss most about having about 3% what you used to have to spend on life's pleasures?
by technios on September 21st, 2009
| 2 people like this
Can you toss me that rope?
by lifeline on January 4th, 2012
| 2 people like this
What do you miss from 2011?
by Closed Cal on January 7th, 2012
| 1 person likes this
If i have lived in a house less than 2 years, sell it and put all the profits into my new house, do i have to pay capital gains tax on the profit that i put into my new house? i live in minnesota
by bdom77 on October 9th, 2008
| 2 people like this
You're reading Work for the us gov't and was directed to move with orders, I sold my home but did not live in it for 2 out of 5 yrs, immediately bought a new primary home and put the amount after payoff towards my down payment should this exclude me from capitol gains?
- which can also be phrased in the following ways:
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Comments
Sorry, this rule is no longer in existence for the sale of primary residence. It does still exist for sale of business property doing a 'starker' exchange.
by Sherri on January 3rd, 2009