capital gains question - Posted by Israel

Posted by Ed Copp on June 29, 2003 at 21:03:45:

From the day you started living there. Then you must live there two of the past five years to avoid the capital gains tax. So if you moved into a tent, w/ a porta potty and put up a mailbox the day you bought the land then I guess that would be when you moved in.

capital gains question - Posted by Israel

Posted by Israel on June 29, 2003 at 19:33:50:

Hi everyone. I built my own house this past year. My question is, I bought the property in Feburary 2002 but did not finish the house until September 2002. When is the cut off date for capital gains. I.e. I know if I wait 2 years to sell it I do not haev to pay capital gains. Question is whether this is calculated from the day the property was purchased (used a lot loan), or from the day the C.O. was issued, or the day I closed on the permenent mortgage (converted construction loan to a perm loan)??

Thanks!