Question about capital gains on personal residence. HELP!!!! - Posted by Charity

Real Estate Investing
1

Posted by David Krulac on April 30, 2000 at 20:11:26:

if you own for 2 years you can get $250k tax free if single and $500k tax free if married.
you need to occupy for 2 of 5 years to qualify so its too early to turn into rental. If job transfer precipitated the sale before 2 years you can get partial exonoration.
David Krulac

2

Question about capital gains on personal residence. HELP!!! - Posted by Charity

Posted by Charity on April 30, 2000 at 20:05:50:

I bought my house in August and got a good deal (worth 240K, paid 195K) We like the home, but now we are adopting our baby and the payment is more than we really want (I am going to be staying home and doing investing) and we also want a yard. We would like to sell after this summer, but am I right in the fact that we have to stay for 2 years or we lose the gain? Is there a way around this?

Thanks!