After selling my home, how much time do I have before I buy again or pay Capitol gains tax?

Asked by Gene Ferguson, Webster Groves, MO Sat Apr 6, 2013

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4
Barbara O'Co…, Agent, Yonkers, NY
Sat Apr 6, 2013
Gene,

Most answers on this site are by real estate professionals or mortgage professionals. Although most of us have some basic knowledge of the tax/real estate laws, it's best that you consult with a CPA/tax attorney or accountant to get the most up to date and accurate information. Your question, although real estate based, is really a question of tax law.

Barbara O'Connell
Licensed Real Estate Salesperson, NYS
Margot Bennett, Inc.
914-548-1628
1 vote
Anna M Brocco, Agent, Williston Park, NY
Sat Apr 6, 2013
For accurate tax information as it relates to you, it's really in your best interest to consult with your tax professional, and or tax attorney; don't simply rely on online information.....
1 vote
, ,
Sat Apr 6, 2013
Good morning Gene,

Truly the best person to answer this question for you is your Tax Professional. While I'm a Licensed Loan Originator, that doesn't qualify me to answer questions regarding a consumer's personal income tax situation. The same can be said about real estate agents/brokers.

If you don't have a great relationship with a Tax Pro, now's as good a time as any to get referrals to one.

Trevor Curran
NMLS #40140
1 vote
Gail Gladsto…, Agent, 11743, NY
Sat Apr 6, 2013
Gene,

Do check with your CPA on this, but it used to be that you had two years to purchase another property. Capital gains used to kick in $250k/pp over the purchase price.

Again, please contact a CPA.
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