Selling house after less than 2 yrs

Question

Feb 2, 2006, 05:30 PM

snoozin

New Member

Join Date: Feb 2006

Posts: 1

Selling house after less than 2 yrs

I bought a house a year and a half ago and may need to move because of my job. What do I need to know regarding taxes on the sale? If I put all the money from the sale of my house into a new house, will I be exempt from taxes?

Answers

Feb 2, 2006, 08:01 PM	#2

AtlantaTaxExpert Tax Expert Join Date: Feb 2005 Location: Atlanta, Georgia Posts: 9,873	snoozin: You may not qualify for the full $250,00 exemption, but you should qualify for 75%, or $187,500. That should be enough to cover the profit on the sale of your house. Get a competent tax pro to prepare your return if you sell the house.

Answer this Question Ask about Taxes

« Previous Question | Next Question »

Question Tools	Search this Question
Show Printable Version Email this Page	Search this Question: Advanced Search
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

Similar Sponsors

Similar Questions
Question	Asker	Topic	Answers	Last Post
Selling my house during chapter 7	irishbutterfly1979	Bankruptcy & Debt	0	Jul 20, 2006 11:56 PM
Selling Automobiles	jrbms	Other Money & Services	7	Feb 27, 2006 09:02 AM
selling a house under a chapter 13	myhusbandsex	Bankruptcy & Debt	3	Feb 24, 2006 09:03 PM
filing taxes after selling a house	tpatten	Taxes	2	Feb 11, 2006 01:33 AM
selling a house after 2 years	richchen92	Taxes	0	Jan 5, 2003 12:55 AM



At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to: Get free answers from experts in any of our 300+ topics. Accept money for answers that you provide. Communicate privately with other members (PM). See fewer ads. Sign Up!