500K CAP GAIN - NOW WHAT? - Posted by JG

import · February 6, 2002, 2:22pm

Posted by David Krulac on February 06, 2002 at 15:59:40:

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import · February 6, 2002, 2:22pm

Posted by JG on February 06, 2002 at 15:22:50:

I was just curious if there are people on this website who have been able to pull off a 500k capital gain every 2 years and never have to report this to Uncle Sam?

Please step forward and let us know.

import · February 6, 2002, 3:10pm

Look at this CREonline link… - Posted by David Krulac

Posted by David Krulac on February 06, 2002 at 16:10:52:

http://www.creonline.com/wwwboard/messages/arc_2001/arc_56/56325.html

import · February 6, 2002, 2:58pm

Its every two years… - Posted by David Krulac

Posted by David Krulac on February 06, 2002 at 15:58:51:

and you must report it to the IRS, but you don’t have to pay tax on the first $500,000 of capital gains if married.

Check the archives on this board for past posting on this subject.

import · February 6, 2002, 2:28pm

New Tax Exemption for Primary Residences - Posted by HarryAtl

Posted by HarryAtl on February 06, 2002 at 15:28:01:

Sure anyone can do this every 2 years and not have to pay a dime on it. It is the capital gains exemption from the sale of your primary residence. The qualifier is that you have to have lived there at least 2 out of the last 5 years. Although I think you can only take this exemption only once every 5 years. Hence the out of the last 5 years part. Your CPA should know the correct thing. It’s 250K per person, so 500K exempted for a husband and wife.

Harry