thank you.
2006-09-03 07:06:48 · 4 answers · asked by Louise J 1 in Business & Finance ➔ Renting & Real Estate
The laws changed a few years back. Now people of any age can exclude up to $250,000 gain ($500,000 for married filing joint) on their main home if certain conditions are met: you have to have owned the home and lived in the home for at least two years out of the previous five before the sale, and can't have excluded gain on another house in the two years prior to the sale.
This is for federal - there could still be state capital gains taxes due, depending on the state.
2006-09-03 11:59:04 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
The laws have changed alittle check them online at your state's tax site.
2006-09-03 07:27:48 · answer #2 · answered by Pantherempress 7 · 0⤊ 0⤋
You might try calling the IRS. I do not know.
2006-09-03 07:13:00 · answer #3 · answered by old_woman_84 7 · 0⤊ 0⤋
wahey
2006-09-03 07:07:38 · answer #4 · answered by Anonymous · 0⤊ 0⤋