Question about capital gains … Is there a shelter?
My wife and I intend to sell our house within a year. we want to do some good money from the sale. Once we sell our house, we headed to Sarasota, Florida, and have to rent an apartment until that the work is and can find a home. The problem is that the apartments in the one-year contract, but if it is not reinvest their capital gains in another house in a year, the tax on the devil you. Is there such thing as capital gains temporary shelter? Housing would need money for a few months for our apartment after the contract expires and find a home. Any thoughts are appreciated.
To respond directly to your question, no, there is not. But if you lived at home for two of the last five years, the day when you sell, you and your spouse can exclude $ 500,000. gain at home. anything above that is taxed as capital gains. Thereafter, you can do whatever he wants with his money. All Old laws must put money into a house in new two-year old is no longer valid. the attached link and says there is a link to the IRS a bar 523, all next to the sale of your home.