What is the name of your state (only U.S. law)? Florida
We have a single family home in Ridgefield,CT.
We moved to Florida and bought our current home 4 years ago. The house in CT has been on the market on and off because of "the market" not being well.
We had a family friend staying in the house for a couple years to save us from going back and forth during winter months in case of weather issues such as we had the first year we were gone (pipes froze).
We just received an offer on the house for approx $310,000. This house was not an "investment property"....we lived in it for close to 30 years before I retired and we moved, it just hadn't sold.
We haven't had it as our primary residence 2 of the last 5 years, if what I read on line about home sales taxes is correct, no capitol gains if under $500,000.
We've put a lot of money into the house over the years with remodeling, new deck, furnace, oil tank, carpets, flooring, etc.....
Do we still have to pay the 15% capitol gains tax on it and is there any way to avoid it?
I believe we were there (my wife) for one year of the last 5 as she lived there until she retired a few months after me.
By the time the realtor takes their cut, fees, etc, etc and we pay off the equity loan we borrowed against it to buy this home....we may be in the minus.....
Any help would be appreciated...
Thank you
Gary
We have a single family home in Ridgefield,CT.
We moved to Florida and bought our current home 4 years ago. The house in CT has been on the market on and off because of "the market" not being well.
We had a family friend staying in the house for a couple years to save us from going back and forth during winter months in case of weather issues such as we had the first year we were gone (pipes froze).
We just received an offer on the house for approx $310,000. This house was not an "investment property"....we lived in it for close to 30 years before I retired and we moved, it just hadn't sold.
We haven't had it as our primary residence 2 of the last 5 years, if what I read on line about home sales taxes is correct, no capitol gains if under $500,000.
We've put a lot of money into the house over the years with remodeling, new deck, furnace, oil tank, carpets, flooring, etc.....
Do we still have to pay the 15% capitol gains tax on it and is there any way to avoid it?
I believe we were there (my wife) for one year of the last 5 as she lived there until she retired a few months after me.
By the time the realtor takes their cut, fees, etc, etc and we pay off the equity loan we borrowed against it to buy this home....we may be in the minus.....
Any help would be appreciated...
Thank you
Gary