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Old 11-10-2004, 02:30 PM   #1
Mr Pheer
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how does capital gains tax work?

I got a few people warning me not to sell my house untill its been two years (which will be feb 05)

anybody know how capital gains tax works?
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Old 11-10-2004, 02:35 PM   #2
reynold
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I advice you to hold on to your house and wait for awhile.
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Old 11-10-2004, 02:38 PM   #3
reynold
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I advice you to hold on to your house for awhile.
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Old 11-10-2004, 03:09 PM   #4
Fred Quimby
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Quote:
Originally posted by MrPheer
I got a few people warning me not to sell my house untill its been two years (which will be feb 05)

anybody know how capital gains tax works?
As long as you roll it over into another primary residence your ok.

I think there might still be that 1 time deduction of $250,000 also.

Good thing my best friend is a Tax Attorney
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Old 11-10-2004, 03:10 PM   #5
detoxed
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What a bunch of useless responses so far.

http://www.fool.com/taxes/2000/taxes000428.htm
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Old 11-10-2004, 03:12 PM   #6
Mr Pheer
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detoxed to the rescue.....
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