If I deal in my primary residence do I recompense taxes on the assets gain if I do not reinvest surrounded by another residence?
Aug.06, 2011 in
Small Business Questions
If I deal in my primary residence do I recompense taxes on the assets gain if I do not reinvest surrounded by another residence?
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August 6th, 2011 at 6:25 am
Not necessarily – there is an exclusion of $250,000 for single and $500,000 married file jointly, assuming that you assemble certain test regarding use and tenancy. See the publication linked below. Yes
August 6th, 2011 at 6:25 am
yeah the guy right above me is correct… it’s $250,000 exemption on your house and $500,000 if you file shared
August 6th, 2011 at 6:25 am
Absolutely … why would you want to do that? If you hold buying low and selling high, your investment purely keeps growing until sooner or after that, you can pay brass for your home!