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Non-Tech : Kirk's Market Thoughts -- Ignore unavailable to you. Want to Upgrade?

To: wilywilly who wrote (1109)4/29/2014 9:13:51 PM
From: robert b furman  Respond to of 26635
 
Wilywilly,

I'm not sure.

Every time I moved for GM I lost money on my home.

I have never hadf a again on a personal residence - you may be correct.

I'm married so that's where I get the 500,000 from.

I thought there was a 1 time gain you can make.

My neighbor was saying he wanted to avoid the taking of it as he was a corporate gypsy and didn't plan on being in the neighborhood that long.

When I worked for GM it was a move every 5-6 years and you did it for your career sake.

I hated that and blew it off when they wanted me to go back to Detroit - I'd been there twice before and thought it sucked.

So I went to the retail side and loved it.

I'm really not sure what the law is now - I've been in my current residence since 1995 and my wife will not leave - with or without me.LOL

Bob



To: wilywilly who wrote (1109)4/30/2014 12:57:03 AM
From: Brian Sullivan  Respond to of 26635
 
Now there is a $250k exclusion ($500k married filing jointly) applied to capital gains on personal residence sales, regardless of what you do with the proceeds. Am I remembering wrong?
You are correct this was passed into law around 1999 towards the end of the Clinton Presidency.


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