Capitol Gains - Posted by Lioness

import · January 10, 2003, 1:07pm

Posted by Will on January 10, 2003 at 17:35:18:

she’s right. If you lived there as your principal residence 2 years out of last 5, then upto $250k for single and $500k for married are exempt from any tax.

import · January 10, 2003, 1:07pm

Posted by Lioness on January 10, 2003 at 14:07:31:

I have a home that is worth $340,000. I would like to sell and re-invest in a cheaper home (around $200,000), to get my mortgage payments down. Is this possable to do without getting hit with Capitol gains?

import · January 10, 2003, 1:17pm

Re: Capitol Gains - Posted by Julia

Posted by Julia on January 10, 2003 at 14:17:39:

As far as I remember form www.irs.org (or .gov), whatever - If this is your first or second home (meaning you live in it, it’s not a rental) and you lived in it 2 years out of last 5 - then your gains up to 250,000 are not taxable.
Something like that.