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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Capt who wrote (15382)12/8/2003 12:38:35 PM
From: TradeliteRead Replies (1) | Respond to of 306849
 
Capt...as I understand the IRS rule, you can only claim the $250K or $500K (for couples) tax exemption from capital gains on the sale of a home once every two years.

In order to claim the exemption, you have to live in the house for two out of the past five years. This need not be a consecutive 24 months, however. BUT I COULD BE WRONG.

There are also exclusions, exemptions and all the other garbage IRS dreams up, so your friend needs to get better advice than this.

I'd advise him to check IRS.gov website and look for the brochure which deals with capital gains on the sale of a home.



To: Capt who wrote (15382)12/8/2003 2:16:47 PM
From: bentwayRespond to of 306849
 
If the Florida home is his primary residence and he keeps it two years, he can keep 250k (single) or 500k (married) of any capital gain on the sale tax free.


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