 |
Owns Two Homes |
| |
 |
What kind of tax penalties would I have when I own two homes and I live a both throught out the year. One is in one state and the other is in North Carolina. The home I plan to sell and live in most of the time but I have not established residency yet in north Carolina. |
| |
| |
 |
To use the homesellers exclusion from $250,000/$500,000 federal capital gains tax when you sell, the place must have been your main residence, where you live most of the time, for at least two of the five years before you sell. If you are ever audited or a dispute arises, the IRS pays attention to things like the address on your driver's license and your voting registration. Utility bills can sometimes make a difference. |
| |
|
Edith
Originally published on October 28, 2007 |
| |
| |
|
Back to Summary
|
< Previous | Next > |
| |
|
|
