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Registered
Join Date: Aug 2004
Location: Baton Rouge
Posts: 1,039
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Capitol Gains
We plan on selling our 1828 circa house and building another home. Do we have any gains to pay if...We sell for $340,000, payoff mortgage of $60K and then use the remaining monies to build our new home?
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12-30-2005, 07:36 PM
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Registered
Join Date: Apr 2000
Location: Mid-life crisis, could be anywhere
Posts: 10,382
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Two glasses of wine talking here...
If you've lived in it for two years, acquired it with cash down (not 1031) and are married, you are allowed an exemption of $500,000 ($250,000 if you're single). Sounds like you're ok. You can spend the money on whatever you like tax-free. I am not an accountant, but I did stay at a Holiday Inn last night.
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'95 993 C4 Cabriolet Bunch of motorcycles |
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12-30-2005, 08:27 PM
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Join Date: Jun 2004
Location: Colorado
Posts: 850
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If you want to read it first hand from the source, see the following:
http://www.irs.gov/publications/p523/index.html
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83 SC (gone) / 72 T (gone) |
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12-30-2005, 09:41 PM
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