Capitol Gaines Tax

Comments(5)

• 
  getgoing12th September, 2005

  Unless you have lived in it for two years you will have to pay capital gains.
  
  If you live in it for more then two years you can get up to 250k tax free if single and 500k if married. It would not matter what you did with the cash..
  
  Hope this helps

• 
  jansnead12th September, 2005

  Is this also true if the move was job related?

• 
  mojojojo_112th September, 2005

  you know i think that there is away of stepping down without any tax, but you might have to be over 55. If someone knows about this write more if you would

• 
  NewKidInTown312th September, 2005

  Depends upon how far away from your current house the new job is. How far was your commute from your current house to your old job location?
  
  How far is your commute from your current house to your new job location? If the commute to your new job (location) is at least 50 miles longer than the commute to your old job (location), then you can qualify for a reduced maximum capital gains exclusion on the sale of your house
  
  [ Edited by NewKidInTown3 on Date 09/12/2005 ]

• 
  NewKidInTown312th September, 2005

  Quote:On 2005-09-12 16:27, mojojojo_1 wrote:
  you know i think that there is away of stepping down without any tax, but you might have to be over 55. If someone knows about this write more if you would
  Mojojojo,
  
  The over age-55 capital gains tax break was repealed in 1997.
  
  ]