How long have i to live in my first own house before i can sell it an not be taxed?

Answer 1

If you buy a house in the Uk, if it is your own residence, and it is your only property then capital gains tax is not applicable. Second properties are eligible for CGT. No other tax payable (excluding stamp duties etc). Income tax not applicable. If you die before you sell it, then Inheritance Tax might be payable if it were over about £300,000 - but you wouldn't be paying it!

Answer 2

you may defer as much as $250K or $500K in case you're a pair in case you reside in a house for 2 out of the final 5 years formerly you sell (this is your standard place of abode). you will desire to pay capital features on something approximately $500K. you're able to do 1031 circulate (you would be wanting to apply an intermediary and don't sell formerly you have yet another homestead to purchase) to defer features. in some unspecified time interior the destiny you will would desire to pay for them besides. features are taxed the comparable way as the different capital benefit - i've got faith in case you carry the valuables for better than a 365 days, then 15% federal. i think of it could bypass as much as 36% for federal on little while era (below a 365 days) features. i don't understand approximately state taxes.

Answer 3

Providing it is your only place of residence you can move as often as you wish(without paying CGT) but bear in mind the legal and removal and other expenses every time you move, if you did this to make money, you would have to sell each house at quite a profit to cover the expenses and to make it Worth while to havea "nomadic existence"

Answer 4

In the US, you must own AND occupy the house as your principal residence for at least 2 years out of the previous 5 years counting back from the date of sale in order to qualify for the $250,000/$500,000 exemption on gain.