U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Florida > West Palm Beach - Boca Raton - Boynton Beach
 [Register]
West Palm Beach - Boca Raton - Boynton Beach Palm Beach County
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 10-09-2017, 06:22 PM
 
Location: Ashland, Oregon
254 posts, read 131,286 times
Reputation: 484

Advertisements

My sister bought a house in West Palm Beach last March. She's had some work done on it and has now decided she doesn't want to keep it. Sigh. Anyway, if she sells if after a year will she have to pay a Flip Tax? Or does she have to wait longer, like two years? I don't think it matters to her but it bothers me that she was so impetuous as to take on this project.

Any information would be most appreciated, thanks!
Reply With Quote Quick reply to this message

 
Old 10-18-2017, 06:36 AM
 
292 posts, read 349,407 times
Reputation: 207
what is a flip tax? never heard of it and as far as I know there is no such thing

Now there is ordinary income tax due on any sale if you lived there less than 2 years. But inasmuch as she lived there only 1 year highly unlikely she has a big gain if a gain at all. any improvements made to home, any closing costs buying or selling can be deducted. so even if she had a $20,000 gain the tax would me minimal $3000 to $5000



If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income. You may qualify to exclude up to $500,000 of that gain if you file a joint return with your spouse.

In general, to qualify for the exclusion, you must meet both the ownership test and the use test. You're eligible for the Section 121 exclusion if you have owned and used your home as your main home for a period aggregating at least two years out of the five years prior to its date of sale. You can meet the ownership and use tests during different 2-year periods. However, you must meet both tests during the 5-year period ending on the date of the sale. Generally, you're not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home.
Reply With Quote Quick reply to this message
Reply
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.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Florida > West Palm Beach - Boca Raton - Boynton Beach
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top