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Old House Vacant |
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I bought a new house that cost more than the old house I had and the old one is empty and been on the market for over 6 months - do i have to have it sold within 2 years to prevent a capital gains tax? |
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THe IRS doesn't care whetheryou bought a replacement residence or not. As for the old house, you must have owned and occupied it for at least two years out of the five before the sale, in order to use the homesellers exclusion from capital gains tax. That means you could have been out of it for up to three years before the sale and still qualify. |
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Edith
Originally published on April 21, 2008 |
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