how much
If one sells primary residence for 1 million and then
buys another property for 500,000 must any capital
gains taxes be paid?
Asked on 3/06/04, 2:44 pm
1 Answer from Attorneys
Norman Nadel
Norman Nadel, Esq.
Re: how much
The rollover rules you allude to are history. Gain is arrived at by subtracting the cost of the house from the selling price. An exclusion, $250.000 for singles and $250,000 for marrieds, is allowable.
Answered on 3/07/04, 10:21 am
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