This is a tough one.

[threedogs]

sale of two homes

State: Georgia

I have searched far and wide for an answer to this question, with little or no avail. Please help.

I owned a house, John owned a house. We got married April 29, 2000. One month prior to our marriage (3/2000) we purchased a home together. At the time we got married we each still owned residences and were in the process of trying to sell them. Each of the homes had been our primary residences for more than 2 years, respectively.
(so at the time we got married we owned three homes, his, mine and ours)
My home sold in June, 2000...his home sold in October, 2000.

My question:
Since we owned our homes separately, can we each use the Capital Gains exemption? or does getting married mean than we can only avoid capital gains taxes on the first property we sold? and we will owe taxes on gains from my husbands property?

Is there any exception for newly married couples who each sell their individual primary residences within a few months of getting married?

Thanks!

 

[Andy Green]

Are you even liable for the tax? Where in the tax code is it even stated that the activity of selling a house is a priviledged activity that is taxable? If you have the time you can check this out for yourself and see that what you have been brainwashed into thinking you owe, you probably don't owe. Buy Otto Skinners 3 books and see what I am talking about. ottoskinner.com

How much is your fair share anyway? If you work 20 hours a week and I decide to work 60 hours a week, should I pay more or less than you? A fair share is actually the same amount for each individual; the way our forfathers set up the constitution. Nobody has to pay more than anyone else. If I am lazy and like to work 20 hrs. per week and I like to go to the park every day, aren't I getting more use of public money than the guy who works 60 hrs per week? Therefore the guy working less hours should pay more of the share since he is getting more use of public money. Our system isn't set up to reward the lazy man. It is set up to charge every man a fair share.

The income tax is a tax on priviledged activities. An indirect tax in the form of an excise tax. Your income is merely the measure of the amount of activity you do (whatever that activity is). The big question is; are you involved in some revenue taxable activity as is stated by a section or code in the IRC? Are you involved in selling alcohol, tobacco, or firearms? If not, you probably are not even liable for the "income" tax.

Study up on it and see that what I am saying is true... quit donating your childrens inherritance to the Gov't.

Andy

 

[threedogs]

My question refers to the tax law that allows a Capital Gains exemption up to $250,000 on the sale of your primary residence once every two years. My husband and I have two primary residences that we owned and occupied independently before getting married. I need to know if we both allowed to take the exemption even though we are filing a joint return?

As far as my or your fair share goes, you are preaching to the choir Andy Green. I agree that the current tax system is stacked and unfair to the citizens who work most and keep this nation's economy alive. Bring on the flat tax or a national sales tax...I pledge my support.

I've listened to the "income tax is voluntary and not constitutional" theory. Sorry, not buying it.