2006-08-09 14:06:41 · 4 answers · asked by girl_isla 1 in Business & Finance ➔ Renting & Real Estate
If you are planning to buy another house with the proceeds then you should look into a 1031 Exchange. If you have a real estate agent you can ask them about it. Its basically an account that you put the money into until you are ready to use the money to purchase another home and the government does not tax it.
2006-08-09 15:12:54 · answer #1 · answered by Mel 2 · 0⤊ 0⤋
There are specific exceptions to the 2 year requirements, but I am not sure of all of them. Generally, they are based on a change of circumstances beyond your control - job transfer, etc. Even then, you prorate the capital gains tax (if you were only in the property for 1 year, then you get an exemption for half of the tax, if you were in the property for 18 months, you get an exemption for 18/24ths or 3/4ths of the tax).
2006-08-13 13:01:09 · answer #2 · answered by TarDane 2 · 0⤊ 0⤋
1031 exchanges are for business or investment property, not personal property.
2006-08-09 18:00:39 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
What country ffs?
Have you considered arson?
2006-08-09 14:26:07 · answer #4 · answered by Anonymous · 0⤊ 0⤋