Looking for advice...

LadyT said:
Next Friday at 8!
Click to expand...

You should be clear so the retard doesn't get lost. Cypress.... her new address in DC is 1600 Pennsylvania Ave. It is a costume party with a mid east theme. You are to dress in Mid Eastern attire. She would also consider it a huge complement if you entered chanting death to Bush.
 
LadyT said:
I think you only have to worry about capital gains taxes if the gains were over either $250 or $500K (yeah, I know big difference) and you resided there for over 2 years, so it sounds like you're in the clear unless your gains were well over $250K. If they were just over you can deduct your home improvements over that time to reduce your liability. But this is from vaguely reading overviews. I'm no CPA.
Click to expand...

Gaines are going to be like $70,000
 
Jarod said:
4 years, tell me if I am wrong, but I think because it was homesteded for over three years I do not have to pay cap gains.
Click to expand...
You need to live in the home for 2 1/2 out of five years.

In other words, you must live there for half of a year for at least five years. This means, in order to avoid taxes on gains over a certain level, you must sell after 4 1/2 years in which you have lived in the home for at least 6 months of each of those years including the first 1/2 year of the "fifth" year.
 
Damocles said:
You need to live in the home for 2 1/2 out of five years.

In other words, you must live there for half of a year for at least five years. This means, in order to avoid taxes on gains over a certain level, you must sell after 4 1/2 years in which you have lived in the home for at least 6 months of each of those years including the first 1/2 year of the "fifth" year.
Click to expand...

Done! Thanks
 
You must log in or register to reply here.
Back
Top