Capital gains on the sale of a new home?

SSDVC · 05-21-2010, 05:42 AM

If you are rolling it into another home, and that home is the same price or greater than the one you are selling, then you don't have to worry about it.

If you are never buying again, you can take a one time exemption.

If you have a tax accountant, you could take those improvements as an addition to your basis and it would probably be a wash.

Hey, I'm no expert, so please go get some expert advice. I just stayed at a Holiday Inn last night !

Mugen910 · 05-21-2010, 11:14 AM

Quote:

Originally Posted by SSDVC

If you are rolling it into another home, and that home is the same price or greater than the one you are selling, then you don't have to worry about it.

If you are never buying again, you can take a one time exemption.

If you have a tax accountant, you could take those improvements as an addition to your basis and it would probably be a wash.

Hey, I'm no expert, so please go get some expert advice. I just stayed at a Holiday Inn last night !

I need to find that Holiday Inn..

SSDVC · 05-22-2010, 06:09 PM

Crap, from what I just read, I apparently didn't get a good nights sleep. I am glad someone here had more current advice.

05-21-2010, 05:42 AM	#1
SSDVC Life is short, Relax Join Date: Aug 2009 First Name: Scott Location: Eastern CT Posts: 222 Trading: (6)	Re: Capital gains on the sale of a new home? If you are rolling it into another home, and that home is the same price or greater than the one you are selling, then you don't have to worry about it. If you are never buying again, you can take a one time exemption. If you have a tax accountant, you could take those improvements as an addition to your basis and it would probably be a wash. Hey, I'm no expert, so please go get some expert advice. I just stayed at a Holiday Inn last night !

05-22-2010, 06:09 PM	#3
SSDVC Life is short, Relax Join Date: Aug 2009 First Name: Scott Location: Eastern CT Posts: 222 Trading: (6)	Re: Capital gains on the sale of a new home? Crap, from what I just read, I apparently didn't get a good nights sleep. I am glad someone here had more current advice.