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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: The Duke of URL© who wrote (3689)7/30/2002 1:02:15 PM
From: GraceZRead Replies (1) of 306849
 
You may want to check your tax law. I've helped quite a few people get through the forms they needed to file to declare capital gains on the sale of their house. Under the old law you had three years to reinvest the gain from a sale on your house, the house you rolled it into had to be more expensive then the previous sold. You rolled it up until, at the age of 65 you could then take a lifetime exclusion (I forget the limit but it was less than 500k). Any gains after the limit were taxed at your marginal rate. If you sold your house without rolling it into a new one, after three years you owed tax on the gain.

Here's an article which describes the old law and some strategies for getting around it.

washingtonpost.com
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