I have taken a job that is about 500 miles from my house, therefore will be selling it this summer. I bought the property about seven and a half years ago and have lived in it the entire time minus the last two weeks since I’ve been on the job. The property has appreciated about 200k since then. There have been no other properties bought or sold by me in this time. Now my question is two fold:
Do I basically classify for an exemption since I am well over 50 miles from my last job and home and if so, should that pretty much negate the capital gains that I will see from the sale? And:
I wasn’t going to buy a house immediately, because I wanted to see which area of town I’ll live in. Depending on what I’m looking at capital gains wise, I may change that idea. Is there a benefit to purchasing a house in this calendar year, in order to insure that Uncle Sam doesn’t grab all of my hard earned gains over the last seven years?
2007-05-18
12:05:59
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4 answers
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asked by
Deep Thought
5
in
United States