- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
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.
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 5/21/15 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".
Popular
Back to top
Follow TigerDroppings for LSU Football News