how does capital gains tax work?

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  • Mr Pheer
    So Fucking Banned
    • Dec 2002
    • 22083
    #1

    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?
    Tags: None
    • reynold
      Too lazy to set a custom title
      • Oct 2002
      • 51271
      #2
      I advice you to hold on to your house and wait for awhile.

        Comment

        • reynold
          Too lazy to set a custom title
          • Oct 2002
          • 51271
          #3
          I advice you to hold on to your house for awhile.

            Comment

            • Fred Quimby
              Confirmed User
              • Jul 2004
              • 5430
              #4
              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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                • detoxed
                  vip member
                  • Jan 2003
                  • 17798
                  #5
                  What a bunch of useless responses so far.

                  http://www.fool.com/taxes/2000/taxes000428.htm

                    Comment

                    • Mr Pheer
                      So Fucking Banned
                      • Dec 2002
                      • 22083
                      #6
                      detoxed to the rescue.....

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