No. of Recommendations: 0
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.
Print the post  


Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
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.
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.