capital gains tax....help | TigerDroppings.com

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404to225
Southern Fan
Member since Dec 2013
13 posts

capital gains tax....help


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..






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Taxing Tiger
LSU Fan
Prairieville
Member since Mar 2013
41 posts

re: capital gains tax....help


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.





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LSUGUMBO
New Orleans Saints Fan
Shreveport, LA
Member since Sep 2005
4859 posts

re: capital gains tax....help


If you lived there for less than 2 years, then I don't think CG is avoidable.





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Taxing Tiger
LSU Fan
Prairieville
Member since Mar 2013
41 posts

re: capital gains tax....help


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.





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LSUFanHouston
LSU Fan
NOLA
Member since Jul 2009
905 posts
 Online 

re: capital gains tax....help


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. =)






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