Capital Gains
We are planning on selling our home that we've lived in for 7 yrs. At the moment, we do not have plans on purchasing a new one. Is there a way we can defer the capital gains taxes on the proceeds we get from selling? We owed approx. $88K and will sell for around $150K.
Asked on 1/31/05, 4:23 pm
1 Answer from Attorneys
Ronald Cappuccio
Ronald J. Cappuccio, J.D., LL.M.(Tax)
Re: Capital Gains
Since the home has been your principal residence for more than two years, and the gain is less than $500,000, you will not pay any federal income tax on the gain.
For further tax planning information, see my web site at:
http://www.saveyourestate.com/
I hope this helps!
Answered on 1/31/05, 9:35 pm
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