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Strategies & Market Trends : Steve's Channelling Thread -- Ignore unavailable to you. Want to Upgrade?

To: Dale Baker who wrote (27971)9/19/2001 10:42:38 AM
From: Steve Lee  Respond to of 30051
 
Yes, here too normally, your house is not subject to capital gains if it is your sole residence for 12 months. But if you have moved around in the year, or have more than one home or use any part of your house for business purposes then it is likely subject to capital gains. In this case, you can have its worth "snapshotted" at a point in time where you have capital gains losses, to offset a portion of your gains on the property, so it can be worth knowing. I guess there are similar advantages in the US for those who bother and have a need to look up the rules.



To: Dale Baker who wrote (27971)9/19/2001 10:45:03 AM
From: Zakrosian  Respond to of 30051
 
much fo the gains from selling a house are exempt from tax if you buy another one (I think).

I think the rollover replacement rule (that you can postpone capital gains taxes by buying another residence)has been replaced by a flat exemption of 250,000, or 500,000 if married, in gains. Taxes are only owed if the gain is greater than that.


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