I asked earlier about whether or not I could sell two homes
and use the proceeds for a DP on a new one...to be clearer...We've lived in one in the mountains near Boulder, CO for 4 years, the other I lived in for 5 years, but leased out (in Thiensville/Mequone, WI) for the last 4...owned for 9 yrs. It is my understanding that we can use all of the proceeds from the home we live in now (up to 500,000) and also use whatever is left after paying taxes on the other. Has anyone had any experience with this...any advice on ways to get the most bang for our buck? Thanks!
An accountant can answer this question the best. I do know that the capital gains tax for 2008 has changed. So check with an accountant. They will also let you know what expenses can be "deducted" out of your proceeds to lower what you could be taxed on.
This may be a better question for an accountant but from a Real Estate standpoint, you can sell two homes. You may have capital gain taxes due on the WI home on the gain after all costing costs and costs of sale. Check with your accountant on that. Sorry I don't have all the exact rules but H. & R. Block rep. told me you need to live there 2 of the last 5 years to claim as a residence to avoid any tax for gain.
Hope that is helpful. Good luck in your real estate endevours.
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