Home Selling in Oakland>Question Details

Martha3, Home Seller in Oakland, CA

How much time after selling a house do you have to buy a house to avoid the tax penalty?

Asked by Martha3, Oakland, CA Mon May 6, 2013

Help the community by answering this question:


That's really an accountant question - it depends on how long you've owned the house, conditions surrounding the sale, whether or not you made a profit and so on. A good accountant will be able to sort it out for you.
1 vote Thank Flag Link Mon May 6, 2013
What tax penalty are you referring to?
Web Reference: http://www.archershomes.com
1 vote Thank Flag Link Mon May 6, 2013
Wondering what penalty you're thinking of

Are you looking at a 1031 exchange?
Are you thinking of capital gains tax?

Rules have changed....so whatever you knew many years ago is likely different today.

Regardless of your situation.....your CPA or tax advisor is in the best position to advise you on such matters.

Good luck.
0 votes Thank Flag Link Mon May 6, 2013
Your tax advisor is the best resource.

I think you may be referring to capital gains tax. That is going to depend on if you were owner occupied and how long you lived in it and when, or if it was rental. Plus what gains, if any you had.
Web Reference: http://www.TerriVellios.com
0 votes Thank Flag Link Mon May 6, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer