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Old 07-24-2011, 10:04 AM
 
Location: Henderson, NV
3,460 posts, read 2,258,479 times
Reputation: 36587

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Quote:
Originally Posted by newenglandgirl View Post
I'm curious about capital gains when you sell before the two-year period of owning a place. Did you have to pay that?
If you reinvest your gains in another property you don't pay capital gains tax. And you have a one time exemption from capital gains -- it was $250,000 the last time I checked.
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Old 07-24-2011, 11:57 AM
 
8,211 posts, read 11,929,872 times
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Quote:
Originally Posted by KiwiKate View Post
If you reinvest your gains in another property you don't pay capital gains tax. And you have a one time exemption from capital gains -- it was $250,000 the last time I checked.
It must be some time since you checked because the law you quoted above was superceded in 1997 or so. (I don't feel like checking on the exact date.) You can now use the $250k exemption ($500k for couples) as often as you like, but no more than once every 2 years.
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Old 07-24-2011, 12:32 PM
 
Location: Henderson, NV
3,460 posts, read 2,258,479 times
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Quote:
Originally Posted by MadManofBethesda View Post
It must be some time since you checked because the law you quoted above was superceded in 1997 or so. (I don't feel like checking on the exact date.) You can now use the $250k exemption ($500k for couples) as often as you like, but no more than once every 2 years.
You're right -- many years since I checked. Was just trying to respond to NEG's concern about capital gains.
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Old 07-24-2011, 04:22 PM
 
Location: Madison, WI
230 posts, read 351,356 times
Reputation: 68
IF you have a capital gain. In this market that is exceedingly difficult.
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Old 07-24-2011, 05:09 PM
 
Location: Los Angeles area
14,018 posts, read 17,759,876 times
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Quote:
Originally Posted by dmiller91 View Post
IF you have a capital gain. In this market that is exceedingly difficult.
Depends on when you bought. If you bought between 2003 and 2007 (roughly), then you are right. I bought in 2001 and I could realize a capital gain if I sold tomorrow. Lots of people have owned their homes far longer than I have - they would all realize a capital gain if they sold now.
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