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Funkybutt
LIF Adult
Member since 4/15 3049 total posts
Name:
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Capital gains tax?
We lived in our LI house for 2.5 years and sold it recently. How much time do we have to buy another house without getting charged capital gains tax?
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Posted 5/8/17 10:38 AM  |
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bunnyluck
LIF Adult
Member since 1/14 3196 total posts
Name:
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Capital gains tax?
If your married and the house was your primary residence for at least 2 of the past 5 years, 500k profit is exempt from cap gains tax. You don't have to buy any other property for tax savings purposes, that rule is long gone. If youre not married the first 250k profit is exempt.
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| Posted 5/8/17 12:10 PM |
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bunnyluck
LIF Adult
Member since 1/14 3196 total posts
Name:
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Capital gains tax?
What I am not sure about, depending on your income, and profit from sale, there might be a newer tax related to affordable care act that is due when you sell. I am not familiar with those rules but know someone who was hit with it and very upset as they did not plan for it.
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| Posted 5/8/17 12:13 PM |
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Funkybutt
LIF Adult
Member since 4/15 3049 total posts
Name:
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Capital gains tax?
We didn't make $250,000 from the sale so hopefully we'll be ok bc we're not planning on buying for another 6 months (maybe a bit longer). Thanks for the info!
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| Posted 5/8/17 1:57 PM |
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