Home Selling in Portland>Question Details

Pat, Home Buyer in Las Vegas, NV

Does anyone know about the capital gains one time exemption?

Asked by Pat, Las Vegas, NV Wed Sep 3, 2008

I moved from Oregon last year and rented my home out. At tax time I included rental income and changed the home to a rental with insurance as well and filed as a parttime oregon residence. This year I will be filing as a Nevada residence. I have not bought a new home yet. I am now selling my home (have it sold) and I am in closing. Can I still take the one time exemption on capital gains on this property? If so do I delare that now or at taxe time? Oregon has some new law and want to take taxes out at closing but I was wanting to declare this as my one time captial gain exemption. Is there anyone that can help me or can refer me to a good tax advisor on capital gains?

Help the community by answering this question:

Answers

7
Pat
A word to those reading this post. The time to talk with a CPA is BEFORE you act.

Pat, you need to talk with a CPA follow his advice. We do NOT know your financial situation, there are many variables.
Good luck.
Keith
1 vote Thank Flag Link Wed Sep 3, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
That is a question better served by a tax accountant please don't take advice from this site you might get the right advice not saying you want just ask a professional in that field heaven help you follow the wrong advice
1 vote Thank Flag Link Wed Sep 3, 2008
Pat,

It sounds like you need the expertise of a tax accountant.
Good luck,

The "Eckler Team"
0 votes Thank Flag Link Thu Sep 4, 2008
Oregon has a new law. if you sold property in Oregon and are a resident of another State and do not plan to return to Oregon they can hit you for up to 10% of the Net Profit. You unfortunately converted this home to a rental and now you will need to do a Section 1031 exchange to get around the taxes.

This got tricky when you rented it. If you have equity maybe buy a rental in Vegas.....I hear there are great deals. BUt there are a number of issues here so get some Good Tax Advice. Terrie Boyd of Fidelity Title at 503-690-3327 can give you a copy of the new laws and the New Oregon Tax.

Best wishes Pat!

Regards;

Dirk Knudsen
#1 rated Re\Max Team in Oregon
Web Reference: http://www.nwhomecenter.com
0 votes Thank Flag Link Wed Sep 3, 2008
Are you thinking of the capital gains exemption on primary residences? (which used to be a one-time exemption) The Oregon law you're referring to is the tax withholding on sales of oregon properties if owned by a non-resident.

Barry's post is great advice; it sounds like you're dealing with a primary residence that has been converted to an income property and there are two states involved - one with state income tax and one without state income tax.

I lived in Las Vegas for over 20 years and I highly recommend Glenn Goodnough. He's a CPA with Stewart, Archibald & Barney out on W. Charleston. 702-579-7000 He should be able to help you out or point you in the right direction. Tell him I said hi.

Best of luck!
0 votes Thank Flag Link Wed Sep 3, 2008
Only your accountant would know all of your financials however the basic rule is you would have had to live there 2 of the last 5 years and will have to deduct any depreciation you took on it as a rental and would be responsible fo rthat share. Good luck
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Wed Sep 3, 2008
Pat, I suggest you talk to an accountant, but if you have lived in the house for 2 of the last 5 years, you should not have to pay capitol gains taxes. (but putting the house into a rental catagory may change this---So you HAVE to talk to an acccountant.)

There is no one time capital gain exemption anymore. You might look up Steve Amundson, a Realtor in Las Vegas, tell him I sent you to him and he could help you with info about tax advisor in that area. Steve's with ReMax, his number is 702-234-9919 Good Luck.

Jean Pritchard
Principal Broker
John L Scott PTL
http://www.jeansellsportland.com
503-680-4449
0 votes Thank Flag Link Wed Sep 3, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer