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selling a home owned 1-1/2 years

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B

bonll

Guest
What is the name of your state? California...

Selling a home which I owned 1-1/2 years. With appx $80K equity.
Will I have to pay taxes on the 1/2 year thats left? or for the full 2 years? :confused:

(I am selling just to move into a larger house not for any of the tax break exclusins).
 


abezon

Senior Member
You will have to pay capital gains tax on the entire profit. Currently, this would be 5 or 15% for a long term gain.
 
B

bonll

Guest
Thanks for your reply...

I guess I'll pospone the sale for another 6 months. Hopefully interest rates will still be low by then.

Thanks,
Bonll
 

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