Tax Guru – Ker$tetter Letter

Helping real people win the tax game.

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No Residence Reinvestment Requirement

Posted by taxguru on February 11, 2006

Q:

Subject: RE: tax question
 

I have a question for you, if I have lived in my home less than 2 yrs and I sell it and take the money and put in to the new home will I pay capital gaines tax on that money. I am married

 

A:

You can see all of the residence sale rules here on my website.

You can see that what you do with the sale proceeds has no effect whatsoever on your possible tax obligation.

You should work with your own personal tax advisor to see if you qualify for the pro-rated tax free exclusion.

Good luck.

Kerry Kerstetter

 

This entry was posted on February 11, 2006 at 2:40 PM and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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