Message Font: Serif | Sans-Serif
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next
Author: brxkic One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 125005  
Subject: Definition of Primary residence--capital gains Date: 4/24/2006 1:56 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0

Have a question about a pending sale of my house that I hope you can help:

OK, bought my house in VA ub June 2001. Lived there straight thru until August 2005. In August 2005, I moved to FL and bought a house in FL in Sept 2005. My sister is still living in my house in VA, and I go there on my time off every so often. If my FL house is declared as Primary, but I lived in the VA house for at least 2 out of 5 years (in this case a little over 4 years up till August 2005), is my house in VA also my primary residence?

What is necessary to call a primary residence primary? and is there such a thing has having 2 primarys (in my case, one in VA and one in FL)?

If I sell my house in VA now, do I have to pay capital gains tax (the gain will be about $100,000)?

Thank you for all the advice!
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.