Bought and lived in a house for a year and a half. just sold it. will i pay capital gains tax.
by 
justin
ANSWERS: 7
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in Australia you will unless you buy another family home with the money ... after 7years you don't pay any at all if its your family home
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Yes, unless you buy another home within two years for at least as much as your previous home sold for. Then you can carry forward the gain. You get a once in a lifetime exclusion on the gain in selling your home IF you resided in it 3 out of the last 5 years.
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In the US, yes. The it is a non-taxable event after 24 months. You now have to buy a house within two years and make sure it does not cost less than the one you sold.
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yes, in order to get the capital gains exclusion on personal property you have to live in the house for at least two years. or own it for 5. of course there are exceptions to it. if you have to sell your house do to moving with your job or something. you could still exclude capital gains.
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I want the answer to this question about Capital Gains
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Send me new answers to this question
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According to the 2008 U.S. Master Tax Guide on my desk right this minute you can get a partial exclusion of the capital gains on a house you've lived in less than two years for: 1)change of employment 2)health reasons 3)unforseen circumstances-such as loss of employment, legal separation, etc.
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