paying capital gains on a home when we had 50K invested?
Posted by admin on 27 Jun 2010 3:26 pm. Filed under Renting & Real Estate.
lkps
If i have lived in my home for less than a year, and I put 50K down when i bought it – Will I have to pay gains on the 50K if I do not put it into another real estate venture?
If i have lived in my home for less than a year, and I put 50K down when i bought it – Will I have to pay gains on the 50K if I do not put it into another real estate venture?
2 Comments to “paying capital gains on a home when we had 50K invested?”
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On June 30th, 2010 at 9:06 pm
No. you take the sales price today minus the sales price when you purchased (-) and closing costs, fees on both sales and minus any improvements = the amount that you pay tax on.
On June 30th, 2010 at 10:07 pm
Yes….b/c you have lived in the house less than 2 years.