Capital gains on selling the house / Tax preparer's deduction
1) Is there any difference in the rate of capital gains tax, if the house is sold within one year of
purchase. (Is the tax lower if i sell te house after 3 years ?)
2) If I use a tax preparer for my 2001 taxes, can i use that as a deduction for my 2001 return or 2002 return ?
1 Answer from Attorneys
Re: Capital gains on selling the house / Tax preparer's deduction
First, your tax preparers bill in 2000 is deductable in 2001. Second, if the home you are selling is your principle residence you can sell it after 2 years and pay no Cap Gain on the profit that has accrued up to 250K for an individual, and 500K for a married couple. If you have any further questions do not hesitate to contact me.
Kindest Regards,
Geoff Lahn (734) 944-2269
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