Reply With QuoteYou get taxed on the gains
we have a house in Havasu we are thinking about selling.. we have not owned it quite a year yet.. but someone told us that if we sell it before owning it for 2 years we get taxed alot of money.. is this true.. any help and suggestions are appritiated..
You get taxed on the gains
But if you make me a swinging deal you can claim a loss
how come you don't get taxed on the gains after 2 years..
New tax law. It also depends on how much money you make on the sale. I believe it's 500k for a couple.
Be happy. You used to have to be 55.
wow.. thank you..
You have to have resided in the house (as a primary residence) for 2 out of the past 5 years.
I don't think the 2 year rule applies to a vacation home. You'd get soaked on the Capital Gains no matter how long you owned it.
(Unless it's changed since the last time I checked.)
Originally posted by MRS FLYIN VEE
wow.. thank you..
Mrs FV. I think that only applies to your primary residence...
Originally posted by Boatcop
You have to have resided in the house (as a primary residence) for 2 out of the past 5 years.
I don't think the 2 year rule applies to a vacation home. You'd get soaked on the Capital Gains no matter how long you owned it.
(Unless it's changed since the last time I checked.)
thank you sweety.. it is a rental but we need a bigger garage so we need to sell. but if not I just have to deal with the 1 inch left on each side of the boat.
Originally posted by Dr. Eagle
Mrs FV. I think that only applies to your primary residence...
it is a vacation home so i need to dbl check I think..
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