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    ginette5's Avatar
    ginette5 Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Feb 21, 2010, 07:35 AM
    Buying Home in SC before selling Prim in MA
    My husband & I have owned same home in MA for 13 yrs...he's retired and buying primary home in SC.......Our MA home will be sold in 2010......Will be owe Capital Gains Taxes......Prim in MA will likely sell for $100,000 more than home he bought in SC?

    Thanks
    Trishala Raj's Avatar
    Trishala Raj Posts: 95, Reputation: 1
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    #2

    Feb 21, 2010, 12:54 PM

    As far as I know, you do not pay taxes on the gain up to 500K if you are filing joint returns(MFJ) and you have both lived in that house for 2 out of the last 5 years.

    And if you buy your new home in SC before April 30th 2010 (closing by June 30th) you would be eligible for a $6500 credit.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #3

    Feb 22, 2010, 04:07 AM

    If you owned your main home for two years and lived for two years in past five years, then you can exclude gain of up to $250,000. If you are eligible to exclude the gain, you do not report it on the tax return. Your U.S. Tax Return: Profit From the Sale of Your Home
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