We bought a house 1 year ago, paid $170,000 for it, spent about $10,000 on improvements and expect to sell it for $200,000. I want to buy a small horse farm about 40 miles from where I am now and go into business for my self - would the profit off the sale from my house be subject to capital gains or do I have to wait until I've lived in the house 2 years? Also if I get my projected price of $200,000, what would I be looking at paying in capital gains if liable? Keep it simple please - I'm blonde and crap with numbers! :-)
Cheers
2007-11-18
14:04:42
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6 answers
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asked by
lisa m
6
in
United States