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Financial Planning / Tax Strategies
|Subject: Selling your home & deferring tax?||Date: 1/1/2002 2:19 PM|
|Author: FoolOnThreadmill||Number: 56566 of 125435|
We bought a home about 9 months ago -- now, we are plaqnning to sell it (at a profit), and buy a bigger home.
So what does this mean for our taxes? Are the pre-97 rules on deferring gains on houses still available as an elective, or do those strictly apply only to property disposed of before May 7, 97?
What is the smart thing to do? Any approaches to run up the cost basis, run down the sale price that can be used, or otherwise roll gains into the new property?
One thing may be to get the buyer to agree to close in 3 months -- but there is also some interest in just getting it over with, having the deal closed and put the money in the new house...
Any ideas will be highly appreciated?
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