Posted by Redline on August 02, 2000 at 22:04:13:
You have to live in the property as your primary residence for two years to get the full exemption.
RL
Can I get out of paying taxes??? - Posted by ginger
Posted by ginger on August 02, 2000 at 19:20:34:
Bought a house, then had to sell it 21 months later due to a job transfer. Made a 30k profit on the sale of the house. This was my primary res. I know we fell short of the 24 month rule. Is there any way we can legally get out of paying taxes on the profit???
Thanks!
Re: Can I get out of paying taxes??? - Posted by The Baze
Posted by The Baze on August 02, 2000 at 21:45:59:
As long as the sale was due to a job transfer, you will get a pro rata share of the exclusion. Example: assuming you’re married so that the exclusion is $500,000, you get 21/24ths of the exclusion, or $437,500. Any gain above that will be taxed at capital gains rate. If you’re single, cut the above numbers in half. Hope this helps.
Tom Bazley
Re: Can I get out of paying taxes??? - Posted by Suzanne
Posted by Suzanne on August 02, 2000 at 19:51:39:
I thought that the 24 month rule applied to the time frame you have to purchase another principle residence. I am not sure if it applies to the time period you had to own the property prior to selling. I believe that you just need to do another purchase of a principle residence to bypass the tax.
Re: Can I get out of paying taxes??? - Posted by ginger
Posted by ginger on August 02, 2000 at 22:44:43:
That’s what I was hoping …thanks!