IRS Finalizes House Sale Regulations

RE:IRS Finalizes House Sale Regulations

Gerry — Mon, 02 Apr 2007 11:00:00 GMT

If we want to qualify under the safe harbor clause of change of employment, can we sell our house before the new employment begins or does it have to be after the commencement of the new employment (50 miles away)? The reason for this question is bec we want to have enough time to sell the house and make the move rather than move then sell the house afterwards and end up with a mortgage and a rent.

RE:IRS Finalizes House Sale Regulations

Michael — Thu, 26 Oct 2006 11:00:00 GMT

We recently sold our home and were pressed to buy another one right away. We really bought this home for an investment but we listed it as primary residence because we planned to live here at least 2 years minimum. I now am told that my job requires me to transfer which involves more than a 50 mile radius. My question is, if I sell my home and buy another one putting all profit back into another home, can I avoid paying any taxes on this new purchase?

RE:IRS Finalizes House Sale Regulations

Richard — Wed, 20 Sep 2006 11:00:00 GMT

Can replacement residence be purchased before sale of old residence? If so, how soon must sale of old residence be made?

RE:IRS Finalizes House Sale Regulations

Bree — Tue, 05 Sep 2006 11:00:00 GMT

My house is in my name alone and I have lived here for 50 years. If I put the house into a revocable trust will I be able to sell it within the next year and still be able to take advantage of the capital gains tax or will I have to stay in the house another 2 or 3 years?

RE:IRS Finalizes House Sale Regulations

John — Wed, 05 Jul 2006 11:00:00 GMT

I am a widower, and I'm going to remarry in six months. Do I have to sell my current principal residence which I have lived in for the past 11 years prior to my forthcoming marriage so that my future wife will also be eligible for the $250,000. Exemption when she sells her home at some future date? We are going to live in her home after we marry.

RE:IRS Finalizes House Sale Regulations

Nicola Perry — Mon, 17 Apr 2006 11:00:00 GMT

We owned a house in Mississippi (in the Hurrican GO Zone) and sold it after 8 months because of damage AND my husband was moved by the military from New Orleans to Pascagoula, Mississippi, a distance of about 125 miles...we made $36000 profit and put 100% of it into a new house that cost more than the old house. Do we have to pay capital gains tax?

RE:IRS Finalizes House Sale Regulations

John — Wed, 12 Apr 2006 11:00:00 GMT

Anon Terry, I would like to know the answer to your question as well.

RE:IRS Finalizes House Sale Regulations

nancy — Mon, 10 Apr 2006 11:00:00 GMT

anon terry was your question answered?

RE:IRS Finalizes House Sale Regulations

mirian hill — Tue, 04 Apr 2006 11:00:00 GMT

Please explain the number of years a homeowner is exempt from paying capital gain on the sale of a home. I have rented my home and would like to sell it. Does the five year clause begin at that point, or pryor to the renting of the home. I rented the home in Aug.2003 I had lived in the home for 22 years before renting. Does capital gain mean that I do not have to pay taxes on the money received from the sale of the home.

RE:IRS Finalizes House Sale Regulations

Robert Fisak — Mon, 03 Apr 2006 11:00:00 GMT

For example, I bought my primary residence for $100,000. I then sell the home for $200,000. Then, I buy another home to be my primary residence for $250,000. Is the $100,000 appreciation from the sale considered a capital gain? If it is, what is my tax liability?

RE:IRS Finalizes House Sale Regulations

todd — Sun, 12 Mar 2006 12:00:00 GMT

I lived in a home that the owner and I had an agreement of rent to own by hand shake. I finally had enough to buy it, but 4 months after the closing a land developer offerd to buy at 1 12 times the purchase price. Since I lived in it for 9 years under rent to own, does that count to the 2 year exemption?

RE:IRS Finalizes House Sale Regulations

Ken — Sun, 26 Feb 2006 13:00:00 GMT

If the owner of a revocable trust dies, do heirs to a house that is in that trust have to pay capital gains taxes when the house is sold?

RE:IRS Finalizes House Sale Regulations

Anon Terry — Sat, 25 Feb 2006 13:00:00 GMT

When does the homeowner exemption from capital gain expire, if not extended by Congress?

RE:IRS Finalizes House Sale Regulations

Mike Quenneville — Mon, 06 Feb 2006 13:00:00 GMT

I would like to know what form I fill out for the exclusions because I have lived in my home for 8 months and I am moving for new employment more that 50 miles away. I am selling the house and I will make $43000.

RE:IRS Finalizes House Sale Regulations

Jamie — Mon, 06 Feb 2006 13:00:00 GMT

My husband and I owned our house for about 10 months and then we sold it because he was being stationed in Iraq for a period of time. I want to know if we're considered exempt bc of his orders. We made a profit of about $54,000.00. If we are exempt, do we still report the sale of our home? I recently seeked professional help from H & R Block and they said I simply don't submit any form stating the sale of my home. Is that right???