Home Selling in Bar Harbor>Question Details

Gail Soares, Home Buyer in 01535

I want to sell my home. I will have lived in the home 2 years come feb. If I sell and buy a home will I have

Asked by Gail Soares, 01535 Thu Aug 13, 2009

to pay capital gains? sell my home for 60,000 and buy a home for 65,000 I live in Maine and will buy in maine. And when would be a good time to put my home up for sale? I sold a home in Ma. 08 to move to maine,I did not pay capital gains as I lived in the home for over 13 years. ANY ADVICE would be appreciated.

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Phil Adams’ answer
You just have to live in your home 2 out of the last 5 years, or two consective years. There are currently no capital gains penalties in your price range($60,000-$65,000). Your house could go on the market at any time, with notice to the buyer, that closing can not take place until February or until the two year period has expired. Contact me if you have further questions.

adamsre@roadrunner.com
0 votes Thank Flag Link Thu Aug 13, 2009
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