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Question on selling home
Posted on 3/5/18 at 2:08 pm
Posted on 3/5/18 at 2:08 pm
Fiancé and I will be married later this month, and hopefully purchasing our first house together around then. In the meantime, I will be listing and selling my current home.
I think my home will sell quickly. In which case, I will take the proceeds from the sale and deposit into my savings account to have on hand for when we find a house to purchase.
My question is what will happen as far as the profit my selling my current home? I assume they'd be consider capital gains, but if I turn around and use them to purchase a new house within a couple weeks/months, how will it affect my taxes for the following year.
TIA
I think my home will sell quickly. In which case, I will take the proceeds from the sale and deposit into my savings account to have on hand for when we find a house to purchase.
My question is what will happen as far as the profit my selling my current home? I assume they'd be consider capital gains, but if I turn around and use them to purchase a new house within a couple weeks/months, how will it affect my taxes for the following year.
TIA
3
Posted on 3/5/18 at 2:28 pm to fillmoregandt
If the profit is $250,000 and under ($500k if married), you don't owe anything. You have to be living in the home two of the last five years. Here is the link to the info on the IRS website. Home Sale Exclusion
Posted on 3/5/18 at 2:29 pm to fillmoregandt
you have 6 months to reinvest in a new property
Posted on 3/5/18 at 2:31 pm to hawkeye007
quote:
you have 6 months to reinvest in a new property
Huh? Where u get this info from? I don't think that's accurate.
Posted on 3/5/18 at 2:33 pm to hawkeye007
quote:
you have 6 months to reinvest in a new property
This is accurate for a rental property in a 1031 exchange.
Posted on 3/5/18 at 2:34 pm to fillmoregandt
250k will be tax free if you've lived there 2 out of the 5 years. There is no time limit in which it has to be reinvested.
The time limit mentioned above may be mistaken for a Sec 1031 gain.
The time limit mentioned above may be mistaken for a Sec 1031 gain.
Posted on 3/5/18 at 4:49 pm to Cousin
Thanks guys
Posted on 3/25/18 at 4:55 pm to Mingo Was His NameO
Any way around the residence time?
Wife and I purchased a fixer upper last year and just accepted a job offer that will require us to relocate - will put us moving out just after a year of living in it.
Worried we’re going to get hosed on the profits from selling this home. (Purchased for $80, put another $20 in it, appraises for $150. Anticipating a sell price of $120)
What options do we have?
Wife and I purchased a fixer upper last year and just accepted a job offer that will require us to relocate - will put us moving out just after a year of living in it.
Worried we’re going to get hosed on the profits from selling this home. (Purchased for $80, put another $20 in it, appraises for $150. Anticipating a sell price of $120)
What options do we have?
Posted on 3/25/18 at 7:23 pm to GetMoney11
Pretty sure you can count the 20k improvements you made. So if sold for 120 you only pay taxes on 20k gain.
Posted on 3/26/18 at 5:17 am to GetMoney11
You can get a waiver if you are forced to sell under two years of ownership. I don’t know the specifics, but I believe any move >50 miles can trigger the waiver. Google it and I’m sure you will get the info you need.
Posted on 3/26/18 at 8:09 am to ATLdawg25
quote:
I believe any move >50 miles can trigger the waiver
This is true. I think it allows for a partial exclusion based on the number of months you lived there. Either way, the link in the first reply to the IRS guidelines probably outlines it.
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