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Strategies & Market Trends : Heinz Blasnik- Views You Can Use -- Ignore unavailable to you. Want to Upgrade?

To: Robin Plunder who wrote (1026)	5/11/2003 6:43:38 PM
From: EL KABONG!!!	Respond to of 4905

robinplunder, There may be some tax implications for you on the sale of your old house if you don't get into a new house soon. The tax laws in this area of the IRS code have changed recently, and I no longer am familiar with them, but the old rule used to be that you had something like 2 years in which to plow the proceeds from your old house into a new house (of equal or greater value) in order to avoid paying taxes on any gains realized from the sale of the old house. And the old law allowed you to keep some of the proceeds from the sale of the old house, as long as the new house was of equal or greater value. But, as I said, the law has changed recently, and I'm no longer familiar with any changes, so you might want to talk with someone familiar with the current tax codes. KJC