How long do I have to wait in Illinois to sell my house so that I am not penalized for the profit? I pretty much flipped my house, but don't want to lose all of my profit to taxes.
2006-12-20 07:43:54 · 8 answers · asked by Allison L 6 in Business & Finance ➔ Renting & Real Estate
Tfoley are you high? That was not my question.
2006-12-20 08:02:56 · update #1
Hi. When I used to do mortgages in my state, typical rule of thumb was 30-60 days. Check with your LO or lending institution to find specifics. They are usually a pretty good source. You can also check with the IAMB - Illinois Association of Mortgage Brokers.
Best of luck!!
2006-12-20 07:48:45 · answer #1 · answered by Future Doc 2 · 0⤊ 0⤋
Years Listen Chicagoland Real Estate is a Joke, and a Ripoff, You trust People in Illinois.
I say Relocate to Better Much More Trusting Real Estate Market, I suggest Texas, Arkansas or Oklahoma, California, or Iowa, If the Market is Expensive or Cheap doesn't matter Tax Associars in Illinois are Crooked and not Honest, Use some Peace of Mind.
2006-12-20 07:58:00 · answer #2 · answered by tfoley5000 7 · 0⤊ 3⤋
Kathleen M is thinking of Federal Capital Gains Tax. Check with a Real Estate Lawyer or Broker. Some of the advice here is flaky.
2006-12-20 08:06:48 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You have to live in a house for 2 out of the past 5 years, and not purchased another home during the 2 years.
2006-12-20 07:46:22 · answer #4 · answered by Kathleen M 4 · 0⤊ 0⤋
Its not Illinois you have to worry about its Uncle Sam.
Any gain you make on the sale of a primary residence that you have not resided in for 2 of the past 5 years is taxable as regular income, by the IRS.
2006-12-20 08:11:39 · answer #5 · answered by Anonymous · 0⤊ 0⤋
In the state of ILLINOIS.. I am understanding that in order to buy a home to flip , you have to live in the home for 2 of the past 5 years, otherwise you will pay taxes on it as a regular income..
what if you rent the home after reconstruction for the two years, then sell it? are you liable for taxes then?
2016-04-01 13:10:41 · answer #6 · answered by Sharon 1 · 0⤊ 0⤋
Thank you! Very valuable information and it gives me better knowledge on the topic
2016-08-23 13:18:12 · answer #7 · answered by ? 4 · 0⤊ 0⤋
I'm not sure
2016-08-08 22:03:06 · answer #8 · answered by ? 3 · 0⤊ 0⤋