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Old 10-11-2015, 11:46 PM
1 posts, read 452 times
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Just a note on Real a Estate in U.S., when you sell a home that is your primary resident, your home, where you live, you do not have to buy another home in two years. You can take your proceeds, individual $250k & couple $500k without purchasing another property in two years & without paying any taxes. The old law was you had to purchase a property within two years. This was changed probably about 20 years ago. This rule doesn't apply to investment property. Investment property tax gain is 15%. You can defer the tax by rolling it over into another property by doing a 1031 tax deferred exchange, where you don't receive any money/cash. If you take any money from the sale whatever you take would be consider boot & will be taxed. Hope this explains the U.S. Real estate tax rules a little!
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Old 10-12-2015, 01:06 AM
Location: Windsor, Ontario, Canada
11,265 posts, read 13,159,648 times
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Handy information for us here in CANADA. lol

Jesus. If you're gonna spam, spam the right board. lol
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Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

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