Legal Question in Real Estate Law in Maine

Real Estate buying & selling

What happens if you buy a house and then turn right around and sell it for more than you paid?


Asked on 9/14/08, 8:41 am

1 Answer from Attorneys
Jerome Gamache Ainsworth Thelin & Raftice, P.A.

Re: Real Estate buying & selling

Are you asking a tax question? The issue of taxes is best left to an accountant but in general terms if you used the house for a primary residence, even if briefly, then you can shelter the capital gains as exempt. The Closing Agent for the sale will provide forms you will need sign to indicate if you are eligible for the exemption. If sale is not eligible for exemption, the amount of tax is based on your individual situation.

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Answered on 9/15/08, 8:25 am


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