Re: OT: Real Estate Question - Buying in a new development - Saab General Bulletin Board - Saabnet.com
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Re: OT: Real Estate Question - Buying in a new development
Posted by Bob M [Email] (more from Bob M) on Fri, 12 Nov 2004 08:11:13
In Reply to: OT: Real Estate Question - Buying in a new development, Randy Thatcher [Profile/Gallery]
, Thu, 11 Nov 2004 22:42:03
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think about renting the condo and living in the house for 2 years, but only if you want to then sell both the condo and house. I believe that 2 years gets you no capital gains tax, BUT you have to apply the proceeds of the house (and condo) to another house within a certain time frame. (I think the current rules are no capital gains tax if you've lived a total time of 2 years within 5 years; so, you'd get no capital gains for either the house or the condo if you lived in the house 2 years and sold them both during the third year.) The irs website has all kinds of stuff about this. See http://www.irs.gov.
posted by 64.252.25...
Posts in this Thread:
- OT: Real Estate Question - Buying in a new development, Randy Thatcher , Thu, 11 Nov 2004 22:42:03
- You are betting that mortgage rates will stay low,, Rafe, Sun, 14 Nov 2004 06:52:35
- Salbale contracts..., egsAero, Fri, 12 Nov 2004 12:25:13
- foreclosers, ckpaden, Fri, 12 Nov 2004 11:40:07
- Good strategy...., Mike Lynch , Fri, 12 Nov 2004 11:35:32
- If its stictly an investment property..., KB900psi, Fri, 12 Nov 2004 10:31:04
- Re: OT: Real Estate Question - Buying in a new development, Bob M, Fri, 12 Nov 2004 08:11:13 <-- Viewing This Message
- capital gains, markP, Fri, 12 Nov 2004 04:40:36
- How much can you afford to lose?, MI-Roger , Fri, 12 Nov 2004 04:12:31
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