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Old 02-27-2005, 11:13 PM
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Tax on sale of residential property?

What is the name of your state? Arizona
I have looked up government pubs on determining tax on the sale of a residential home, but am still confused. Looking for help. From what I understand, if you sell your house within 2 years of ownership/residence, you have to pay a capital gain tax on the profit. This I understand. But I'm not clear on what tax, if any, you pay if you sell after the 2 year mark. Do I still have to pay taxes on the profit I make if I sell after 2 years? From what I understand, I don't. But this sounds too good to be true....I can make a $90K profit on the sale of my house after 2 years and not have to pay ANY tax on this? What if I don't roll all this over into the purchase of a new home?
Please explain! Thanks!
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Old 02-27-2005, 11:25 PM
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Join Date: Aug 2003
Posts: 1,848
Yes, it's true. No, you don't have to roll it over into anything. You can pave the driveway with it if you like.

Snipes
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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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