I have not lived in the house for TWO years but want to sell. If I reinvest the equity, do I still need to pay capital gains tax?

Asked by shiloh1981, Larchmont, NY Wed May 15, 2013

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7
Carla Pennin…, Agent, Georgetown, TX
Tue Jun 4, 2013
This is a tax question that needs to be answered by a CPA or attorney rather than a Realtor. Please consult with your local resources!
1 vote
Rich Golio,…, Agent, White Plains, NY
Thu May 16, 2013
1st Step: Determine your Cost Basis.(Speak to your Accountant)
Once that has been established you can see what your Capital Gain exposure will be.

2nd: As stated below, there are 4 Seller Assurances you must approve on a 1099 that will exempt you from any gain tax.

Please consult Page 2 of a 1099 From to see what applies to your situation.

Feel free to call me with any questions.
(914) 304-4320
Best of Luck
0 votes
Derrick Monr…, Agent, Rockford, MN
Wed May 15, 2013
Yes - rule is 2 of last 5 years
0 votes
Eric Steuern…, Agent, Great Barrington, MA
Wed May 15, 2013
I would advise you to speak to a tax professional about this matter, however it is typical that you must reside in a residence for 2 consecutive years in the last five to take advantage of the capital gains tax exemption
0 votes
AnneMarie En…, Agent, Thornwood, NY
Wed May 15, 2013
Hi Shiloh:

I believe you have two years to reinvest in the same like/kind property.

AnneMarie
Century 21 Schneider
914-774-2764
0 votes
Thomas Rober…, Agent, Rye, NY
Wed May 15, 2013
Your tax specialist should have the best answer for you.
0 votes
Christopher…, Agent, Tarrytown, NY
Wed May 15, 2013
Hi, you should really speak to your accountant for the most accurate info. You typically have a time frame within which you have to make the purchase. Have a great day!

Christopher
0 votes
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