have to live in property for at least 2 years before selling.lived there for 1 year. mailing address only has changed until march, 2007. car ins. address is for mass., plates are for mass., license is for mass. mailing address will be back to mass in march 2007. will this qualify me for living there for the two years? have owned property, a duplex since 2005. was inherited. son lives on one side will use his address as my primary address. will this work?
2007-01-21 15:01:38 · 4 answers · asked by karen i 1 in Business & Finance ➔ Taxes ➔ United States
i moved 1200 miles away, but only for 6 months. i am not selling for a few years, so how long do i need to hold it for?
2007-01-22 14:05:21 · update #1
you need to talk to a expert realestate or tax lawyer.
dont get into trouble.
2007-01-29 01:44:20 · answer #1 · answered by tennessee 7 · 0⤊ 0⤋
We can't condone cheating. Sorry.
Are both homes in the same vicinity? Or did you move over 50 miles to get a new job or due to some unforseen circumstances?
Also, how big of a gain are we talking about on the sale? If you are talking about a $10,000 net gain, the maximum tax is only $1500.
2007-01-22 08:27:34 · answer #2 · answered by WealthBuilder 4 · 0⤊ 0⤋
To be legal, you'd have to actually live there, not just have your mailing address there. Can you get away with cheating, and lying on your taxes? Maybe.
2007-01-21 23:41:54 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
Nooooo...
2007-01-28 23:13:15 · answer #4 · answered by Anonymous · 0⤊ 0⤋