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If I take the exclusion of capital gain on the sale of my house this year, can I also take the exclusion again if I sell my new home in the future?

Asked by Trulia Brooklyn, Brooklyn, NY Thu Feb 28, 2013

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Michael Richman’s answer
The capital gains exclusion can be taken once every 2 years on the sale of a primary residence.

Michael Richman
Licensed Real Estate Associate Broker
KIAN Realty
450 7th Avenue Suite 1501
New York, NY 10123
212-757-8268 x220
917-991-2528
mrichman@kianrealtynyc.com
http://www.kianrealtynyc.com
0 votes Thank Flag Link Sat Mar 2, 2013
BEST ANSWER
If you are referring to the capital gains tax exemption for the sale if a primary residence, the way the tax laws are right now, a married couple gets a $500,000 exemption off capital gains if they are selling their primary residence. A single individual will get a $250,000 exemption. In order to qualify for the exemption, the property must have been your primary residence for at least 2 of the past five years. Based on that, you can claim the exemption every two years.

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Thu Feb 28, 2013
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