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Old 08-11-2005, 03:50 PM
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Selling a home under age 55

What is the name of your state?
Massachusetts

I would like to know if I would pay outrageous capital gains taxes if I sell my home before age 55? This is my first home and I would be looking to buy another house of greater or equal value. I am told that this is no longer a law but want to make sure before proceeding.
Thank you.
  #2  
Old 08-11-2005, 05:14 PM
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[url]www.irs.gov[/url]
  #3  
Old 08-11-2005, 06:54 PM
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Location: Pittsburgh (North Hills)
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More specifically - [url]http://www.irs.gov/taxtopics/tc701.html[/url]
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Old 08-11-2005, 06:57 PM
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Quote:
Originally Posted by peepershops
What is the name of your state?
Massachusetts

I would like to know if I would pay outrageous capital gains taxes if I sell my home before age 55? This is my first home and I would be looking to buy another house of greater or equal value. I am told that this is no longer a law but want to make sure before proceeding.
Thank you.
Depends upon what you consider outrageous. For the Feds, you receive an exclusion of the first $250,000 of gain if you owned the home for 2 years and used it for your primary residence for at least 2 of the last 5 years. It is $500,000 if married and filing jointly.

Age no longer makes a difference. Whether you buy a new home no longer makes a difference.

MA income tax law may be different.
  #5  
Old 08-11-2005, 11:21 PM
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Post all tax issues in the Tax Law forum.
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