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Started By
Message
capital gains tax....help
Posted on 3/23/14 at 2:35 pm
Posted on 3/23/14 at 2:35 pm
Can you roll over capital gains from home sale into a qualified retirement account to avoid tax on sale? IS this possible....Any CPA advice is greatly welcomed..
2
Posted on 3/23/14 at 4:14 pm to 404to225
There should be no capital gain on the sale of your main home. If it's an investment property you could have setup a 1031 exchange if you were looking to buy a similar property.
Posted on 3/23/14 at 4:33 pm to 404to225
If you lived there for less than 2 years, then I don't think CG is avoidable.
Posted on 3/23/14 at 8:36 pm to LSUGUMBO
Correct. There are certain conditions that must be met to avoid the CG. I assumed the original poster had met these requirements. To vague of a question to answer with specific tax advice.
Posted on 3/23/14 at 9:16 pm to Taxing Tiger
If you lived in house for 24 out of last 60 months, you can avoid gain up to 250K if you are single, 500K if you are married.
If you have not lived in the house for 24 months, and you have a gain, consider yourself lucky, pay the tax, and move on. =)
If you have not lived in the house for 24 months, and you have a gain, consider yourself lucky, pay the tax, and move on. =)
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