My husband and I are planning to sell our home at retirement and do not plan to purchase another home for a couple of years. What are the tax?

Asked by Speteach, Mobile, AL Thu Jul 1, 2010

consequences?

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Jeri Creson, Agent, Studio City, CA
Thu Jul 1, 2010
Tax consequences should ALWAYS be discussed with professional tax advisor - so regardless of what you read here, please...please check out any conclusions with your tax professional. The tax code is rather complicated, and life tends to be messy, with mitigating financial circumstances that could alter the "rule of thumb" findings -

That being said, I would look at the information at IRS.gov regarding capital gains issues. It will depend upon how long you and your husband have owned your home, whether or not it has been your principal residence for that entire time, etc. to determine if you meet the capital gains exclusion on principal residence. It used to be that you would have to "roll your investment" into another home to avoid capital gains, but the laws have changed and now it is not necessary to reinvest your gains up to certain limits. It's possible that you will owe no tax at all, even if you never purchase another home.
0 votes
Graystone Re…, , Newport Beach, CA
Thu Jul 1, 2010
I find searching this site to be very helpful. It has answers to most of your general taxation questions. http://www.irs.gov/businesses/small/industries/content/0,,id=98947
0 votes
Graystone Re…, , Newport Beach, CA
Thu Jul 1, 2010
If find searching this site to be very helpful. I has answers to most of your general taxation questions. http://www.irs.gov/businesses/small/industries/content/0,,id=98947…
0 votes
Anna M Brocco, Agent, Williston Park, NY
Thu Jul 1, 2010
When it comes to any tax issues, your tax professional and or tax attorney can best advise as it relates to your personal situation--consider a consultation.
0 votes
John Mondello, Agent, Prairieville, LA
Thu Jul 1, 2010
You would be exempt from paying any capital gains up to $500,000 for a married couple, $250,000 for single, so long as this was your primary residence.


John J Mondello Jr, Realtor
Keller Williams
(225) 329-8119
"I find the house, you make it home."
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