Posted by JOHN K HASLACH, CPA MST on June 03, 2004 at 09:49:17:
Where did you hear that if it’s two years there is not capital gains tax?? The maximum long term capital gains for your house would be 15% You must hold it more than 1 year.
Capital Gains taxes when owned for 1 year - Posted by Realmaven
Posted by Realmaven on June 03, 2004 at 07:58:06:
Hi,
We have a house we rehabbed and are ready to sell. It will have been at least one year between closings (since we bought it and sell it). What will be the capital gains taxes on the profits? We understand that if it’s two years, there are none, but what about one year? The house is in our names, not a corp or LLC…
Thanks!
Realmaven
the 2 years applies… - Posted by David Krulac
Posted by David Krulac on June 07, 2004 at 16:56:02:
when you are selling your PERSONAL residence, then therre is no capital gain $250,000 Tax free if single, $500,000 if married. This does NOT apply to investment properties.