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Financial Planning / Tax Strategies
|Subject: Re: Sold House with $100K Cap Gain||Date: 10/17/2001 7:42 AM|
|Author: pmarti||Number: 54667 of 124763|
In 1994 I purchased a house for $125,000. Yesterday, I sold the house for $231,000. This means I have about a $106,000 capital gain that I now have to pay taxes on.
Before we get carried away, let's make sure you have a problem. Did either you or your wife use this house as your primary residence for 2 of the last 5 years? If so, none of the gain will be taxable; in fact, you don't even have to report the sale. See IRS Publication 523.
If you still think you have a problem, let us know.
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