by Whirly on December 7th, 2006

Whirly

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I bought a house for $355,000 in July of 2005. I put $10,000 into this property. I plan on selling this house for $490,000 in January of 2007. Will I have to pay a capital gains tax? This is my primary house.

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Answers. 2 helpful answers below.

  • by chessmasterrookie on December 12th, 2006

    chessmasterrookie

    yes you will have to pay capital gains because you have lived there less than 2 years If you stay at least 2 years all capital gains up to 250k if single or 500k if married is yours tax freeeeee!!!! You only have 7 months to go just hold tight and put the property up for sell at least 4 months before the july 2007 pay day.

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  • by northernlight on December 7th, 2006

    northernlight

    It depends on where you live. In Canada, you only have to occupy the home for one year before you can sell without paying capital gains.

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You're reading I bought a house for $355,000 in July of 2005. I put $10,000 into this property. I plan on selling this house for $490,000 in January of 2007. Will I have to pay a capital gains tax? This is my primary house.

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