capital gain tax real estate - Posted by CT

Posted by Nikki on May 27, 2003 at 12:59:50:

Where can I get the exact details of this law ?

capital gain tax real estate - Posted by CT

Posted by CT on November 21, 2002 at 12:37:03:

my mother, my brother and i lived in a condo which i purchased years ago (i did not collect any rent from them at any time). few years ago, i got married and decided to rent an apartment close to my wife’s work, leaving the condo for my mother & my brother(my brother’s been paying the bills since then). now, my brother’s getting married and i want to sell the condo. do i need to pay any capital gain tax on the sale of the property? i was told that there is a “two out of past five years primary residence” clause for tax-exemption. will this be applicable for my situation? how does this work if i never “rented” the condo? my permanent address has always been the condo(even when i rented an apartment). please, let me know what my options are. if pertinent, direct me to an attorney of your recommendation. thank you.

CT in MD

capital gain tax real estate - Posted by Anjali Yadav

Posted by Anjali Yadav on August 12, 2003 at 14:15:47:

Hi,

I bought a condo about 1.5 years back and now since i have a baby, iwould like to sell it. In this case do i have to pay the capital gain tax on my property.
Thank you

Re: capital gain tax real estate - Posted by ana

Posted by ana on August 06, 2003 at 24:46:55:

There is a CPA working as an auditor in a company,he bought a piece of land in a newly opened subdivision. His intention is to sell the land when the price goes up. If the price goes up and he sells it,what kind of asset is this lot to him?if he realizes his gain in the sale,what kind of gain is it?

Re: capital gain tax real estate - Posted by Jill

Posted by Jill on July 21, 2003 at 15:53:33:

When I sell my house do I have to put all the money I receive back into my new house or can I use some of it for other things for the house? How long do I have to buy the new house?

Re: capital gain tax real estate - Posted by JEANNE RUSH

Posted by JEANNE RUSH on June 11, 2003 at 16:49:34:

WE SOLD A HOUSE THAT WE HAD FOR FIVE YEARS AND NOW WE OWN A CONDO WILL WE HAVE TO PAY CAPITAL GAIN TAX ON THE HOUSE?

Re: capital gain tax real estate - Posted by Nikki

Posted by Nikki on May 27, 2003 at 12:55:23:

Where can I get all the details on this particular law?

Re: capital gain tax real estate - Posted by Diane (TX)

Posted by Diane (TX) on November 21, 2002 at 16:57:46:

In order to qualify to exclude capital gains on the sale of a principal residence, you have to meet “two out of five” year tests for both ownership and use.

It sounds like you’ve owned the condo for at least two of the last five years, so you pass the ownership test. The sticking point for you is going to be the use test. Was this your primary residence for at least two years of the last five years? The two years don’t have to be all at once. The law specifies “in the aggregate.”

It’s not cut and dried whether a place is considered your primary residence. Factors courts have considered include where you’re registered to vote, addresses you use on your tax returns, where you go to church, whether you have a bank account in the area, etc…

Re: capital gain tax real estate - Posted by Josh

Posted by Josh on November 21, 2002 at 15:43:01:

Under section 121 of the code, if the taxpayer owns and occupies the property as a principle residence for at least two of the last 5 years prior to the sale, the taxpayer may exclude up to $250,000 of gain from the sale of the residence.

Under this test, the principal issues are whether the homeowner has “owned” and “used” the property as his principle residence. This is basically a facts and circumstances question the answer to which depends on the facts of your individual case.

Josh

Re: capital gain tax real estate - Posted by Elwood Autridge

Posted by Elwood Autridge on August 08, 2003 at 09:35:03:

I am about to sell my first home. Do I take all the money I made from my old house as a down payment on my new home not to pay capital gain tax? What happens if I want to use some of the money to do things outside of my new home, do I pay capital gain tax?

Re: capital gain tax real estate - Posted by Bob C

Posted by Bob C on July 30, 2003 at 14:11:27:

I own an 6 unit apartment building and reside at same. If I sell it to purchase a home for myself do I have to pay capital gains on apartment building.

Re: capital gain tax real estate - Posted by Lee

Posted by Lee on January 17, 2003 at 21:44:14:

Is the life time exclusion limit that an indivdual can claim $250, 000 or is it $250, 000 every two years, profided you meet the principle residence rule.

If I sell my principle home today for a gain of
$250, 000, can I buy another home and live in it for at least two years and be able to write of the gains from that home as well