After selling a home, what is the time limit to avoid paying capitol gains?

Question

Does the tax on capitol gains apply for the year ending or is it conditional on the date of the sale?

Answer 1

If you are a US resident, living and selling a property in the US, you have one year from the date of sale to buy another, more expensive property, to avoid capital gains taxes.

Answer 2

Barb,

a single taxpayer who owns and lives in a home for 2 out of the past five years can sell that property free of tax up to a gain of $250,000. That tax-free gain amount is doubled for married taxayers filing a joint return.

a taxpayer can do this every two years.

For example, you buy a house on January 1, 2005 for $200,000. and live in that house until January 2, 2007, when you sell it for $300,000, or a gain of $100,000. No tax.

On January 3, 2007, you do it all over again. On January 4, 2009, you sell and do it all over again. No tax on the gain.

What a country, huh?

Answer 3

conditional on the date of sale, 2 years!!!

Answer 4

lease the homestead out and flow back for one extra 20 months sometime throughout the time of the subsequent 5 years. lease the homestead for a year and then finished a like type replace (1031) for investment assets. otherwise there could be an threat to get a proration back, seek for advice from a tax attorney.

Answer 5

One year from date of sale.

Answer 6

http://www.choicefinance.net/john-hodges.htm#taxfacts