Ask The Taxgirl: Sale Of Primary Residence

Learn how to pay little to no capital gains tax after selling your primary home for big profits. Not only will you benefit from the $250,000 / $500,000 profit exclusion rule, you’ll also get to deduct all the costs associated with selling your home and all home renovation, remodeling, and constructions costs as well.

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I am planning to sell my primary residence. I would like to know at what date my primary residence would qualify for an exclusion of $250,000 in capital gain. Because this is a new construction.

Primary school. Unable to agree its sale or who should move out, the pair are now locked in a battle at Central London.

1. The property has to be your principal residence (you live in it). If it is an investment property, you will have to follow the normal capital gains rules. 2. You have to live in the residence for two of five years before selling it. (This is also a sneaky way of saying you can only sell a home once every two years at the minimum).

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Sale of decedent’s residence. If the estate is the legal owner of a decedent’s residence and the personal representative sells it in the course of administration, the tax treatment of gain or loss depends on how the estate holds or uses the former residence.

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Taxgirl says: A vacation (not rental) property is not a business, and is not used to produce income, which means that it’s not exempt and it is subject to the cap. The cap applies to the total of those state and local taxes claimed on a Schedule A – and that’s where you would report property taxes on vacation (not rental) property.

Prior to May 7, 1997, a taxpayer’s primary residence was considered a capital asset, and the sale of the home was considered a taxable event. Whether the taxpayer owned the home for more or less than a year determined whether the profit or loss was taxed at the long-term or short-term rate.

Primary Residence. Sale of principal residence questions. What taxes do I need to pay when I sell my house? Do I have to pay federal sales tax when I sell my house? Is a mortgage on our rental house tax deductible? Can I use a construction loan for the First-Time Homebuyer Credit?