Home     Law Advice     Insurance Advice     Community    
Go Back   FreeAdvice Legal Forum > REAL ESTATE LAW > Buying & Selling a Home
Reload this Page real estate gains

Powered by Attorney Pages


  Find An Attorney In Your Area    
 

Reply
 
LinkBack Thread Tools Rate Thread Display Modes
  #1  
Old 09-14-2004, 02:58 PM
teep55902
Guest
  
Posts: n/a

real estate gains

What is the name of your state? OH & MN

I sold a house in Aug'04 that I bought in Aug'03 for a profit of approx 25K in OH. I moved to MN because of a job transfer and am planning to buy a house here. I heard about some provision in capital gains taxation which might save me some money if I invest the captial gains in to a primary residence within 6 months?? Does anyone know if it's true?? Any other ideas from gurus is definitely appreciated.
  #2  
Old 09-14-2004, 04:22 PM
Member
  
Join Date: Jul 2004
Posts: 170
taxes on a primary residence on the capital gains of a home are normally exempt if you have Physically resided in that residence 2 of 5 years. You however have not. (only one year). Since you moved for a job change, You may however qualify for a reduced exemption based upon the number months you lived there.
  #3  
Old 09-14-2004, 08:02 PM
Senior Member
  
Join Date: May 2000
Location: Catatonic State
Posts: 75,781
Tax gurus may be available on the Tax Law forum.
Reply

« Previous Thread | Next Thread »


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes Rate This Thread
Linear Mode Linear Mode
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
BB code is On
Smilies are On
[IMG] code is Off
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On
Forum Jump

All times are GMT -5. The time now is 10:41 AM.

Contact Us - FreeAdvice - Archive - Privacy Statement - Top

IMPORTANT NOTICE
THE VIEWS EXPRESSED ON THIS PAGE WERE NOT REVIEWED BY THE EDITORIAL STAFF OR ATTORNEYS AT FREEADVICE.COM. Thousands of professionally prepared and reviewed questions and answers in 130 legal categories are to be found at the Question and Answer pages at FreeAdvice.com.
FreeAdvice Forums are intended to enable consumers to benefit from the experience of other consumers who have faced similar legal issues. FreeAdvice does NOT vouch for or warrant the accuracy, completeness or usefulness of any posting or the qualifications of any person responding. Use of the Forums is subject to our Terms and Conditions which prohibit advertisements, solicitations or other commercial messages, or false, defamatory, abusive, vulgar, or harassing messages, and subject violators to a fee for each improper posting. All postings reflect the views of the author but become the property of FreeAdvice. Information on FreeAdvice or a Forum should not be relied upon and is not a substitute for advice from an attorney licensed in your jurisdiction who you have retained to represent you. To locate an attorney visit AttorneyPages.com. Copyright since 1995 by Advice Company. All Rights Reserved.