- NEW!
by dr james on March 26th, 2008
depends on whether the next newer house is more expensive or less than the first house and many other factors...see a cpa for the best answer to fit your needs. and exemptions.
normally you have 24 months to buy another home.after the sale of the first.
the amount of time in the first house, 6 months, may or may not be noticed by the irs ...definitely check with a qualified professional for help on this one in your state
by Paula Straub on October 17th, 2005
Unfortunately, yes. If you have to leave due to loss of a job, illness, or a few other exceptions, you may qualify for a partial deduction.
by Jtigger on September 22nd, 2007
Yes you do. If you lived in your home less than 24 months, you may be able to exclude a portion of the gain. Exceptions are allowed if you sold your house because the location of your job changed, because of health concerns, or for some other unforeseen circumstance.
http://taxes.about.com/od/taxplanning/qt/home_sale_tax.htmhttp://taxes.about.com/od/taxplanning/qt/home_sale_tax.htm
by Banker0679 on September 22nd, 2007
less than 12months you will pay full capital gains on the profit. at least 30% in taxes
If you sold the house for 200k..and purchased it for 200k...then you wont need to pay anything.
You would need to own the house for at least 2yrs to avoid any tax penalties...and it's up to 250k for a single person
My husband died in 2006. Will I still be able to use the full $500,00 capitol gains exclusion when I sell our home?
by Anonymous on July 29th, 2007
| 1 person likes this
If I sell part of my 4 acre property which has been my primary residence for 6 years what are the capital gains implications, if I'm keeping the home and just selling fields.
by jeffrey on May 22nd, 2007
| 5 people like this
My mother is selling her primary residence and purchasing a condo. Since the condo is a lot more expensive than her current home, she will have to sell some stock to make up the difference. Are any capital gains tax exemptions available f
by Anonymous on November 4th, 2007
| 1 person likes this
What exactly is the $250,000 tax break?
by Anonymous on June 13th, 2007
| 2 people like this
My husband and I have lived in a mobile home for 2.5 years. We are buying a new home, and selling this one for $18,000 more than we bought it for. Are we going to have to reinvest the profits to avoid paying capital gain tax?
by Tara Oxley on December 11th, 2007
| 2 people like this
You're reading If an owner occupies a home for 6 months and then sells it to buy another house, do they have to pay capital gains tax on the sale of the first one?
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