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Author: sashamore Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 122849  
Subject: Re: real estate sell Date: 10/22/2006 7:41 PM
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isnt it true that if he buys "like property" within a certain period
of time, he only pays tax on the dif between what he paid and what he sold...

or is it that he gets a one-time sale of his home, and if he buys a new home with the $$, there is no tax involved....

and isnt there some kind of benefit for a one-time sale of your home
once you have reached a certain age???

or, did i mix all this up? or did i make it up?

i seem to rememember a client who sold a picasso at a huge profit after
owning it for 10 years,....i think we were able to buy another painting
within 90 days...using the profit funds...and thus were not
charged tax on the gain....

or am i confused again?

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