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Old 08-24-2005, 10:17 AM
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Capital gains on personal residence sale

What is the name of your state?California. I'm selling my personal residence that I've owned and lived in for 30 years for a smaller house. I know about the $250,000 per person capital gains tax exclusion, but I will realize more than $500,000 in gains.

Do I have a taxable situation on the capital gain over $500,000 even if I roll over all the proceeds into the new property?. If so, is it at a 15% rate. My real estate agent raised the issue but wasn't sure of the answer.
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Old 08-24-2005, 01:03 PM
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Yes, you will have capital gains to pay on any gain over $250,000. It doesn't matter whether you sink it into new property or not. Sorry.

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This post does not create an agreement to represent you before the IRS, nor does it invoke confidentiality regulations. Postings are based only on the information provided and you should consult a tax professional in your area before relying on information contained in this post.
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