Still Valid???

[Mikeinsmd]

When you sell your primary residence, you can make up to $250,000 in profit if you're a single owner, twice that if you're married, and not owe any capital gains taxes.???

 

[MMDad]

www.irs.gov

Pub 523:

Maximum Exclusion
You can exclude up to $250,000 of the gain on the sale of your main home if all of the following are true.

You meet the ownership test.

You meet the use test.

During the 2-year period ending on the date of the sale, you did not exclude gain from the sale of another home.

If you and another person owned the home jointly but file separate returns, each of you can exclude up to $250,000 of gain from the sale of your interest in the home if each of you meets the three conditions just listed.

You can exclude up to $500,000 of the gain on the sale of your main home if all of the following are true.

You are married and file a joint return for the year.

Either you or your spouse meets the ownership test.

Both you and your spouse meet the use test.

During the 2-year period ending on the date of the sale, neither you nor your spouse excluded gain from the sale of another home.

 

[cattitude]

When you sell your primary residence, you can make up to $250,000 in profit if you're a single owner, twice that if you're married, and not owe any capital gains taxes.???

Oh-oh...a new puppy and now the M word.

 

[Mikeinsmd]

www.irs.gov

Pub 523:

I'm covered!!! Thanks Dad!!

 

[CMC122]

Oh-oh...a new puppy and now the M word.

 

[Mikeinsmd]

Oh-oh...a new puppy and now the M word.

I'm afraid I'll be accepting the "single" rules of the tax law....

 

[Mikeinsmd]

Down girls.....

 

[bresamil]

Leave him alone! You'll scare the he!! out of him and he'll ruin a good thing.

 

[Dupontster]

 

[bresamil]

Ooops Mikey! You left another one out of the loop.

 

[Dupontster]

Ooops Mikey! You left another one out of the loop.

Poor old me....

 

[Mikeinsmd]

Ooops Mikey! You left another one out of the loop.

Nope, I sent all family an email with the announcement.

In fact, Dup's #1 son said his Dad was gonna buy it for him....

 

[FancyBelle]

Nope, I sent all family an email with the announcement.

In fact, Dup's #1 son said his Dad was gonna buy it for him....

I didn't get anything! And I want to see this puppy you got. Tell me where it came from please. If you can't keep me in the loop, I'm going to put a curse on you.

 

[Mikeinsmd]

I didn't get anything! And I want to see this puppy you got. Tell me where it came from please. If you can't keep me in the loop, I'm going to put a curse on you.

Is your email werkin? Dianne responded & asked questions.

I think it was from the lady you PM'd me. I'll have to look at the paperwork tonight.

Should I accept a personal check from Dup for the house? He's buying it for Geoff yanno?

 

[Dupontster]

Is your email werkin? Dianne responded & asked questions.

I think it was from the lady you PM'd me. I'll have to look at the paperwork tonight.

Should I accept a personal check from Dup for the house? He's buying it for Geoff yanno?

 

[Dupontster]

Should I accept a personal check from Dup for the house? He's buying it for Geoff yanno?

He said that you were holding the mortgage for him.....

 

[greyhound]

www.irs.gov

Pub 523:

You meet the ownership test.

I'm gonna have to take a test when I sell my house. I was not aware of this. Is there a study guide available?