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Author: tsouth Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127886  
Subject: Re: Taxes on gain of home sale? Date: 4/12/2001 7:29 AM
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I closed on a house i bought on sept. 27, 1999. I want to move for no special reason, other than I want a bigger house. Can I sell this house before sept. 27, 2001, and still avoid paying taxes on the gain? And if I can't is it all or nothing. In other words, is the tax prorated for, let's say 1.5 years in the same house, instead of 2, which I've heard what you have to have for no tax on the gain.


Nope, you have to live in the house for 2 years. You can get a prorate your profit on the house if you are moving a long distance for a job change, but it sounds as though you don't qualify for that. It may be worth it to assure that you close on the sale of your current house AFTER Sept. 27, 2001.
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