Posted by singh on November 06, 2007 at 17:02:24:
Thanks for clearing that up
tax on sale of home - Posted by Michael
Posted by Michael on November 04, 2007 at 19:43:45:
Hello
I own a home in NY. I would like to sell my home and put the difference into a new home elsewhere. Would I have to pay taxes on the sale if I was to do it this way?
Primary Residence or No? - Posted by Rich-CA
Posted by Rich-CA on November 05, 2007 at 20:15:07:
It matters. If you are living there, get your mail there, etc., then its your primary. In which case you get $250k tax free if single or $500k if married when you sell.
Re: tax on sale of home - Posted by James (Ala)
Posted by James (Ala) on November 05, 2007 at 07:07:24:
If this is your residence, read this link then talk with your attorney.
James (Ala)
Re: tax on sale of home - Posted by Singh
Posted by Singh on November 05, 2007 at 06:27:14:
You will not have to pay if you “exchange” your current property for another "like " property- this is referred to as a 1031 {Tax Deferred} Exchange. You could get more info here:
I also suggest you speak to a RE lawyer about this.
Re: tax on sale of home - Posted by Frank Chin
Posted by Frank Chin on November 06, 2007 at 13:59:47:
No can do for 1031 if it’s his own home. He can sell it tax free on gains $250K/individual or $500K/couple if he lives there 2 out of the last five. Plus tax free is better than tax deferred.
1031 OK if an investment property.
Frank Chin