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Can someone help me understand capital gains tax?
Posted on 3/24/19 at 5:47 am
Posted on 3/24/19 at 5:47 am
I’m selling my house that I’ve lived in for 21 months and moving on to property that I purchased in November. Since I haven’t lived in the house for 2 years will I be taxed on the profit I make from the house?
5
Posted on 3/24/19 at 5:49 am to Leon Spinks
The rule states that you must have occupied the residence for at least two of the last five years in order to avoid capital gains tax.
Posted on 3/24/19 at 7:32 am to Leon Spinks
How much money are you making on the sale?
Posted on 3/24/19 at 7:55 am to Leon Spinks
Posted on 3/24/19 at 12:04 pm to Leon Spinks
Sell it. Pay the taxes
But make sure you find every amount you paid to fix or maintain the house. That can reduce the 30K. Start by looking on your credit card statements for Lowes and Home Depot, etc.
But make sure you find every amount you paid to fix or maintain the house. That can reduce the 30K. Start by looking on your credit card statements for Lowes and Home Depot, etc.
Posted on 3/24/19 at 7:34 pm to Leon Spinks
You can do a 1031 exchange into your next primary residence. That should help.
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