The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: House in Roth?||Date: 10/6/2003 7:59 PM|
|Author: foobarista||Number: 67090 of 118623|
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
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,
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