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Author: 1FingerWilly Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121106  
Subject: Captial Gains on Home Date: 10/23/2001 10:39 AM
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My wife and I are relocating and need to sell our house. We've lived in it a little over a year and a half. If we sell it before two years, I understand we'll have to pay tax on the profit. We are trying to decide if we should just get it over with and pay the tax or keep our permanent residence in the house for another 5 months and commute to the new town. I'm trying to figure out what our cap. gains tax rate would be. I assume it has something to do with our income bracket. Is there an online resource that has all of this info. Trying to make an informed decision.

Thanks,

1fw
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Author: Charlie48K Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 54776 of 121106
Subject: Re: Captial Gains on Home Date: 10/23/2001 3:30 PM
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My wife and I are relocating and need to sell our house. We've lived in it a little over a year and a half. If we sell it before two years, I understand we'll have to pay tax on the profit. We are trying to decide if we should just get it over with and pay the tax or keep our permanent residence in the house for another 5 months and commute to the new town. I'm trying to figure out what our cap. gains tax rate would be. I assume it has something to do with our income bracket. Is there an online resource that has all of this info. Trying to make an informed decision.

Why are you relocating? If it's a job move, you can get a partial exemption. see the posting a liitle earlier:

http://boards.fool.com/Message.asp?mid=15970496

and the responses.



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Author: 1FingerWilly Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 54793 of 121106
Subject: Re: Captial Gains on Home Date: 10/24/2001 10:55 AM
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Thanks so much for the heads up. We are moving because of a job change. If I am reading the IRS page correctly, we shouldn't have to pay any tax on the sale.

1fw

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Author: Charlie48K Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 54794 of 121106
Subject: Re: Captial Gains on Home Date: 10/24/2001 11:01 AM
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That's the way I read it too. Good luck on the new job.

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