2006-10-27 06:11:14 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United Kingdom
Providing it is your only home and you have actually lived there and have utility bills etc, it doesn`t matter. You only pay capital gains tax if you rent the house out and you have your home elsewhere.
2006-10-27 09:46:11 · answer #1 · answered by Social Science Lady 7 · 0⤊ 0⤋
The house must be your "primary residence" for 2 out of the 5 years prior to your sale. If you make a gain on the sale the first $500,000 (you need to check this in case it has changed. also it assumes married filing jointly) is exempt from Fed (and most states) income tax.
2006-10-27 06:24:10 · answer #2 · answered by etilyad 2 · 0⤊ 2⤋
assuming you sell the house for more than you owe on it, you will have to live there for 2 years before capital gains aren't considered. Of course, if you sell the house, and buy a more expesive home, it would also then be a moot point, since you don't have any gains
2006-10-27 06:15:59 · answer #3 · answered by wellaem 6 · 0⤊ 2⤋
First speak to an accountant. I am sure that all building are included none are exempt.
2006-10-27 06:13:15 · answer #4 · answered by alec c 4 · 0⤊ 0⤋