Quote:
Originally Posted by MadDog
Who told you that ???
You can offset the capital gains on selling your primary residence IF you've lived in the house for 3 of the last 5 years. 250K for you, and if filing a joint return, 250K for your spouse.
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which covers 90% of the population in the U.S....at least me anyway. i will never clear $250k selling my house. hell i didn't even pay $250k for it...
so unless we have some of the billionaire boys club members on this board then it probably will cover most everyone on here.
and yes most people staying in their primary residence will stay longer then 3-5 years.
Quote:
Originally Posted by TurboFan
I'm not a tax guy, but I stayed at a Holiday Inn Express last night....
You're a little off on the house tax stuff. I buy and sell realestate on the side, and it's a little more...lot more...complicated than that.
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maybe you need to stay a few more nights.....because it ain't that complicated.