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http://boards.fool.com/the-other-thing-is-if-your-condo-is-your-primary-19675925.aspx
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| Subject: Re: House in Roth? | Date: 10/6/2003 7:59 PM | |
| Author: foobarista | Number: 67090 of 118623 | |
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The other thing is if your condo is your primary residence, you don't have to pay cap gains taxes anyway if you live in it for two years, up to $250,000, $500K if married filing jointly. Note that even if you did, you'd only pay cap gains taxes on profit, which crudely means sale price minus sale fees/RE commissions minus your "basis", typically the price you paid. So, if you bought your condo for $250K, and sold it for $550K, only ($50K - RE commissions) would be subject to cap gains tax. (Naturally, std disclaimers apply, read relevant tax documents, etc.) --Foobarista |
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