Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next
Author: Raydude61 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121482  
Subject: Taxpayer Relief Act of 1997 Date: 8/15/1998 9:59 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Dear fellow Fools,
My question deals with the selling of a house. Recently, I sold my house and purchased a new one. We lived in the old house for over 5 years. We payed 35,000 for the house and sold it for 50,000. My question is:Do I have to pay taxes on the capital gain from the sale or am I exempt according to the Taxpayer Relief Act of 1997?
I file my taxes married filing jointly.
The reason for this question is because I plan on reducing my federal witholdings while ensuring I still am paying enough in to pay my taxes. The excess will be invested so that I can reap the benifits instead of allowing Uncle Sam using my money. (Like he really needs it). Thanks for reading about my situation.

Raydude

P.S. Fools Rule
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next

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.
Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Post of the Day:
Value Hounds

Considerable Headwinds for Profire Energy?
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 "#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