Rent vs Buy in Rutland>Question Details

Victoriavt, Both Buyer and Seller in Rutland, VT

We are trying to sell our house and looking to relocate to find jobs. We are thinking of renting next but are unsure about Capital Gains Tax

Asked by Victoriavt, Rutland, VT Sun Mar 28, 2010

Any advice on this? We may not have enough money to buy anyway as we will probably have to reduce our house price in order to sell faster.

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Answers

4
Eva-Maria von Bronk’s answer
If this was your primary home and you lived in it for the last 3 years and you profit does not exceed $500K (for a couple), I don't believe that you need to worry about capital gains taxes. However, you should consult with your tax advisor. If the previous rule does not apply to you, you can buy an investment property anywhere in the United States and do a 1031 tax exchange ... Again, please contact a Realty Exchange company to get more information on this.
1 vote Thank Flag Link Tue Mar 30, 2010
Hello Victoria, we work in South Burlington, though we also have an address in Rutland and woud be happy to help you with your home sale as well as referring you to a top agent in a new area for your home purchase. I would be happy to assist you with your capital gains questions as I also have a brother who is an accountant, however I would need more information in order to answer your specific questions. Please send a private email to Mark@CatamountRealtyGroup.com or Lisa@CatamountRealtyGroup.com

Thank you,
Mark Montross & Lisa Friedman
Catamount Realty Group
(802) 825-1353
1 vote Thank Flag Link Sun Mar 28, 2010
Hi Victoriavt,

I agree with Eva-maria, unless your profits exceed $500k you should be fine. That said, always consult your tax professional.

I hope this helps!

Tim
0 votes Thank Flag Link Fri Apr 2, 2010
For accurate information regarding any tax issues and how they may apply to you, you need to consult with your tax professional, he/she is your best source of information.
0 votes Thank Flag Link Sun Mar 28, 2010
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