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Slackerous Maximus
Join Date: Apr 2005
Location: Columbus, OH
Posts: 18,240
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Rolling over profits from home sale to new home? How long?
Once you sell your house, how long to you have to roll the profits over before you get hit with capital gains? I was under the impression it was 2 years.
Is there a Fed. website that says for sure? Thanks. EDIT: I have my answer. Thanks guys. Here is the IRS doc: http://www.irs.gov/publications/p523/ar02.html#d0e1939
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2022 Royal Enfield Interceptor 2012 Harley Davidson Road King 2014 Cayman S, PDK Mercedes E350 family truckster Steam locomotive. Yes, you read that right. Last edited by HardDrive; 01-06-2007 at 10:06 PM.. |
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01-06-2007, 09:14 PM
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Registered
Join Date: May 2004
Location: Lake Cle Elum - Eastern WA.
Posts: 8,417
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I'm thinkin' if you lived in the house 2 of the last 5 yrs, you keep the profits and no need to buy a new house. Rules that were revised about 5-7 years ago? I could be wrong?????
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Bob S. 73.5 911T 1969 911T Coo' pay (one owner) 1960 Mercedes 190SL 1962 XKE Roadster (sold) - 13 motorcycles |
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01-06-2007, 09:28 PM
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Bollweevil
Join Date: Dec 2003
Location: Fulshear, Texanistan
Posts: 3,363
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The capital gains rules were changed a few years ago. Not sure of the number but think the first $500K of the proceeds from the sale of your house (primary residence) are exempt from capital gains. $250K if single, $500K if joint return IIRC.
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Jack 74 911 Coupe 2.7L - K21 Option - S suspension Last edited by 74-911; 01-06-2007 at 09:41 PM.. |
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01-06-2007, 09:38 PM
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Registered
Join Date: May 2002
Location: Georgia
Posts: 3,205
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That is correct. No need to hurry.
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1986 3.2 Carrera |
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01-07-2007, 06:27 AM
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Yep. You now have a lifetime total of $500k if married and $250k if single that you can make on a house and be exempt from taxes. Of note you don't have to roll the money into the new house to be exempt either.
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Rick 1984 911 coupe |
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01-07-2007, 06:59 AM
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Edministrator
Join Date: Aug 2003
Location: SF east bay
Posts: 25,428
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Not lifetime. You can exclude up to $500K every two years. All you got to do is pick the right neighborhood...
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Good post? Leave a tip! O - $1 O - $2 O - $3 |
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01-07-2007, 07:15 AM
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Wow, you are correct:
http://www.bankrate.com/brm/news/real-estate/20041018a1.asp $250k if single and $500k if married unlimited amount of times. Only stipulation looks to be that it is your primary residence and you have to have lived there for 2 out of the last 5 years. Amazing.
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Rick 1984 911 coupe Last edited by Nathans_Dad; 01-07-2007 at 08:02 AM.. |
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01-07-2007, 08:00 AM
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