Quote:
Originally posted by MrPheer
there wont be any capitol gains because i'm putting 100% of the profit into the next house
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That's an old tax law - new one says it doesn't matter what you do with the money, but you can deduct up to $250K ($500K if you're married) in capital gains but ONLY if you've lived there 2 out the past 5 years. If you live there less than 2 years I THINK it's amortized but I'm not sure. See your favorite tax advisor for more info so Uncle Sam doesn't soak you
