Posted by Tim on October 30, 2009 at 12:14:52:
In Reply to: New Capital Gains for primary residences 2009 posted by Kristine-CA on October 29, 2009 at 19:56:53:
I think your best bet will be to do a google search. Back in the day you could roll over the proceeds from one primary residence into another, with a once in a lifetime exclusion of $125K. In 1997 they changed the law allowing individuals to take $250k($500K/couples) in profit without paying any tax as long as they lived in the home for 2 of the last 5 years. This could be repeated as many times as you wanted as long as you met the 2 out of 5 rule.
I have not fully investigated the new change to the rules. It appears that there is now a tax liability if you have used your primary residence as a rental, vacation home, etc, anytime during your ownership. The rules appear to only apply to this type use after 01/01/09. I'd talk to a tax pro that keeps up with all the changes.
- Re: New Capital Gains for primary residences 2009 Kristine-CA 12:29:21 10/30/09 (1)
- Re: New Capital Gains for primary residences 2009 Tim 08:55:13 10/31/09 (0)