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STIS: Simple tax question

Posted by Strongbad (aka Rambler14) Apr 17 '12, 11:40

What happens if I sell my house, and are planning to use that money as my down payment on another one?

But the 2 events happen in different years?

Am I going to owe a LOT in Year 1 and get alot of it back in Year 2?

Responses:

Nope. profits under $250,000 are exempt. Profits over $250,000 must be used in 2 years -- nm - decline Apr 17, 11:42 3
- Ah. Nice. Mrs.V was keeping all the receipts from the home improvements we've done over the last 5 years... - Ser Vermyn Apr 17, 11:45 1
  - [deleted]
- Unless he didn't live in the home for 2 of the past 5 years or had a sale in the last two years. -- nm - spamlet Apr 17, 11:45
here -- (link) - znufrii Apr 17, 11:41 7
- Graci. So it looks like... yes. -- nm - Strongbad Apr 17, 11:42 6
  - errr... no. (under 250k and I've lived there for 8 years) -- nm - Strongbad Apr 17, 11:44 5
    - how the hell does anybody get out from a house with money in their pocket these days? 8 years means you got IN on the bubble upswing - zeitgeist Apr 17, 11:48 2
      - We bought in the fall of 2007, and will almost certainly be profiting if/when we sell later this year. - Ser Vermyn Apr 17, 11:52
      - 15 fixed with a good down payment - Strongbad Apr 17, 11:51
    - Then it would be exempt. -- nm - spamlet Apr 17, 11:45 1
      - Yes. Thanks ST! -- nm - Strongbad Apr 17, 11:47
I suspect that those words have never appeared in the same sentence before -- nm - zork Apr 17, 11:41
Could you do a 1031 exchange? -- nm - lileve Apr 17, 11:41

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STIS: Simple tax question

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