Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: FoolOnThreadmill Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121572  
Subject: Selling your home & deferring tax? Date: 1/1/2002 2:19 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0

We bought a home about 9 months ago -- now, we are plaqnning to sell it (at a profit), and buy a bigger home.

So what does this mean for our taxes? Are the pre-97 rules on deferring gains on houses still available as an elective, or do those strictly apply only to property disposed of before May 7, 97?

What is the smart thing to do? Any approaches to run up the cost basis, run down the sale price that can be used, or otherwise roll gains into the new property?

One thing may be to get the buyer to agree to close in 3 months -- but there is also some interest in just getting it over with, having the deal closed and put the money in the new house...

Any ideas will be highly appreciated?

Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

Disclaimer:
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.
Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
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.
Post of the Day:
Macro Economics

Economic Implications of Cuba
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
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 "#1 Media Company to Work For" (BusinessInsider 2011)! 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.
Advertisement