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re: Capital gains question on real estate
Posted on 4/26/24 at 3:41 pm to rpg37
Posted on 4/26/24 at 3:41 pm to rpg37
quote:
Buy home for $100,000 and sell it five years later for $200,000.
If I remember right, and I'm sure we will have a CPA correct me, you pay nothing in capital gains if you've lived in the house 2 of the last 5yrs.
3
Posted on 4/26/24 at 3:52 pm to Lsut81
quote:
If I remember right, and I'm sure we will have a CPA correct me, you pay nothing in capital gains if you've lived in the house 2 of the last 5yrs.
I have had a CPA tell me the following of a home I have in Oxford, MS.
She said that if I buy a home and live there for five years, then make it a rental for five years, then move back into it for two years and sell, it is NOT excluded from capital gains. Is this not correct? She said I would be responsible for the gain divided by the number of years I lived there and then the recapture depreciation. It gets complicated.
Posted on 4/26/24 at 6:32 pm to Lsut81
If you are single, you get a 250k exemption on capital gains if you have lived in the house 2 of the last 5 years. 500k if you are married.
If the house went up more than your exemption, you still have to pay capital gains on anything over that amount.
If the house went up more than your exemption, you still have to pay capital gains on anything over that amount.
Posted on 4/26/24 at 10:09 pm to Lsut81
quote:
I remember right, and I'm sure we will have a CPA correct me, you pay nothing in capital gains if you've lived in the house 2 of the last 5yrs.
There's an exemption amount. Also, if you live in it less than two years, you can prorate the exemption which still may cover the full capital gain.
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