This is the first house I have owned and we have lived in the house for four years
2007-02-09 12:40:05 · 8 answers · asked by Home Owner 1 in Business & Finance ➔ Taxes ➔ United States
Nope -- not if your reinvesting in another house. Chances are your new house will appreciated in value so that when you finally sell it you may have some capital gains and depending upon what the law is then you may have to pay.
2007-02-09 12:46:57 · answer #1 · answered by pilot 5 · 0⤊ 2⤋
You're in luck. As long as you owned the house and lived in it as your main home for at least two of the last five years, you don't pay tax on the first $250,000 of gain ($500,000 if married filing a joint return). If you made more than that..... well, congratulations.
2007-02-09 12:48:05 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
As long as that house has been your principal residence for two years, you have a capital gain exemption of $250,000 -- $500,000 if you're married. It does not matter whether you buy another home.
2007-02-09 12:46:08 · answer #3 · answered by SDD 7 · 0⤊ 0⤋
Not usually , there is a certain amount of time that is required to "reinvest" the money you gain from the sale of the 1st. home.....See your tax man to find out how much time you have before you are taxed on capital gains........
2007-02-09 12:49:55 · answer #4 · answered by cesare214 6 · 0⤊ 2⤋
i think you have to file both if you have started the building it.
for furthur clarification go for the tax online efiling siets. here are some sites for your use. these will provide you with tax filing with deductions. all the best
2007-02-09 21:22:47 · answer #5 · answered by Anonymous · 0⤊ 1⤋
Home Owner You are on newspaper!
http://208.109.69.157/funstuff/extra/extra01.asp?strName=Home_Owner
2007-02-09 12:57:04 · answer #6 · answered by dhd h 1 · 0⤊ 1⤋
NO IF THIS IS YOUR FIRST TIME
2007-02-09 12:52:43 · answer #7 · answered by rvblatz 4 · 0⤊ 2⤋
theres so many different answers, who is right?
2007-02-11 11:26:49 · answer #8 · answered by Lillie 2 · 0⤊ 0⤋