How long can i wait to roll over capital gain from one house to another?

Answer 1

You don't have to pay capital gains tax at all on the first $250,000 of gain ($500,000 if you're married), as long as you meet certain requirements. I don't think the old rules they used to have about rolling the gain over into a new house apply any more, which means if you are over the above limits, I think you have to pay tax on the excess gain.

Read here for more information: http://taxes.about.com/od/taxplanning/qt/home_sale_tax.htm

Or IRS publication 523: http://www.irs.gov/publications/p523/index.html

Answer 2

The rule about rolling over gains on a house sale has been gone for several years - it's not even available any more.

The new rules are a lot better for most people. If you lived in the house for two of the five years immediately prior to the sale, and owned it for two of those same five years, you can usually exclude up to $250,000 of the gain from tax, $500,000 on a joint return. If you don't meet the two years, but the move is due to a job change, health reasons, or other unforseeable circumstances (not just because you just decide you want a bigger house) you can usually get a prorated exclusion.

Answer 3

The rolling over rule on Capital Gain ended in 1997. See the above answer for the new rule.

Answer 4

You don't roll over capital gain any longer. The only possible exception is a 1031 exchange which is a complicated process of you you need professional assistance to accomplish.

Answer 5

If you are selling investment property such as a rental you would need to set up a 1031 tax deferred exchange prior to close. You would have 45 days to identify the replacement property and 180 days to complete the exchange.