We are an active duty Army family and were relocated by the military from Washington State to Texas. We had to sell our home before living in it for two years which I was told by my realtor was the magic amount of time you have to live in a home before you do not have to claim the profit made on the sale as a capitol gain. Does anyone know for sure if there is any kind of exemption is you are forces to move by your employer. My husband was not deployed during this time (if this matters) and we bought a new home in TX about two months before we sold the WA home . Thanks!
2007-02-10 12:52:54 · 6 answers · asked by Karen 2 in Politics & Government ➔ Military
Contact a TAX expert, not some yahoo on YAHOO (yes I include myself). When in doubt, go to the PROFESSIONALS.
2007-02-10 13:16:31 · answer #1 · answered by Anonymous · 2⤊ 0⤋
I am not sure about all states but I do know that if you sell a house and make a profit it gets taxed. Now if you were to sell a house and make a profit but take that profit and put it into the next house you buy you will not get taxed for it. If I were you I would take the money from the previous house and put it in the new one if you find out you are going to be taxed on it. Like I said not sure if this is true in all states so talk to an accountant or tax person.
2007-02-10 14:45:48 · answer #2 · answered by d_rexroat 2 · 0⤊ 0⤋
The link decrease than is an IRS e-e book about promoting a house. i'm no longer particular if the area on military applies on your case. If it does no longer, the area on 'replace quite than Employment' seems to coach. It seems to me like you are able to exclude a income on the sale of your position.
2016-10-17 06:27:40 · answer #3 · answered by costarakis 4 · 0⤊ 0⤋
Military personnel are not exempted from taxes. Thus, bear with law, it is hard but it is still the law.
2007-02-10 12:56:41 · answer #4 · answered by FRAGINAL, JTM 7 · 0⤊ 0⤋
I'm not aware of any such exemption other than the basic homestead exemption. Your realtor and accountant would have better facts on this. I would trust them. And welcome to Texas, Ya'll!
2007-02-10 12:59:08 · answer #5 · answered by lizardmama 6 · 0⤊ 0⤋
Karen, go to the tax office and legal office on base they WILL have the correct replies for you..............
Good luck and enjoy your time in Texas.
2007-02-10 14:10:41 · answer #6 · answered by candy g 7 · 1⤊ 0⤋