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Need Help - House Sale / Capital Gains Question
Posted on 5/20/15 at 7:40 pm
Posted on 5/20/15 at 7:40 pm
Just sold house for $220,000 (had paid $150,000). Buying new house for 217,500. Will I take a capital gains hit on the $70,000 profit? I plan to put $42,000 down on the new house, and will spend the remainder on upgrades and repairs.
Thank you in advance for your help.
Thank you in advance for your help.
2
Posted on 5/20/15 at 7:44 pm to sertorius
If you lived in the house over two years, you likely will not have tax consequence. The fact that you bought another house has no affect anymore.
Posted on 5/20/15 at 8:00 pm to LSU1018
Thank you for your input. I actually asked TD first, but amazingly a google search gave me an easy reply.
Posted on 5/20/15 at 10:02 pm to sertorius
1031 exchange
Posted on 5/21/15 at 7:43 am to Tingle
quote:
1031 exchange
Not necessary in the sale of a personal residence.
Posted on 5/21/15 at 8:35 am to Bear Is Dead
If you depreciate a rental property for 10 years or so, then move into the same property for two years as your primary residence, then sell it, do you owe taxes/$$$ re depreciation?
Kind of random question, but thanks to anyone who can answer.
Kind of random question, but thanks to anyone who can answer.
Posted on 5/21/15 at 8:51 am to Solo
quote:
If you depreciate a rental property for 10 years or so, then move into the same property for two years as your primary residence, then sell it, do you owe taxes/$$$ re depreciation?
Depreciation has really nothing to do with cap gains. I just know you are allowed a significant amount of tax free cap gains on your personal residence. Im sure there are a lot of if's on the term "personal residence".
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